Working Papers

From Banco de España
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1717: Exchange rate regime and external adjustment: an empirical investigation for the U.S

Alberto Fuertes

1716: Immigration and the macroeconomy: some new empirical evidence

Francesco Furlanetto and Ørjan Robstad

1715: "Keeping it personal" or "getting real"? On the drivers and effectiveness of personal versus real loan guarantees

Sergio Mayordomo, Antonio Moreno, Steven Ongena and Maria Rodriguez-Moreno

1714: The impact of firms’ financial position on fixed investment and employment. An analysis for Spain

Fátima Herranz González and Carmen Martínez-Carrascal

1713: Has the Fed responded to house and stock prices? A time-varying analysis

Knut Are Aastveit, Francesco Furlanetto and Francesca Loria

1712: Top-down vs.Bottom-up? Reconciling the effects of tax and transfer shocks on output

Sebastian Gechert, Christoph Paetz and Paloma Villanueva

1711: TFP growth and commodity prices in emerging economies

Iván Kataryniuk and Jaime Martinez-Martin

1710: Fiscal delegation in a monetary union: instrument assignment and stabilization properties

Henrique Basso and James Costain

1709: Direct democracy and government size: evidence from Spain

Carlos Sanz

1708: Dissecting US recoveries

María Gadea, Ana Gómez-Loscos and Gabriel Pérez-Quirós

1707: Service regulations, input prices and export volumes: evidence from a panel of manufacturing firms

Monica Correa-Lopez and Rafael Doménech

1706: The crucial role of social welfare criteria for optimal inheritance taxation

Esteban Garcia-Miralles

1705: The evolution of regional economic interlinkages in Europe

María Gadea, Ana Gómez-Loscos and Danilo Leiva-Leon

1704: Creating associations as a substitute for direct bank credit. Evidence from Belgium

Mikel Bedayo

1703: Dynamic panel data modelling using maximum likelihood: an alternative to Arellano-Bond

Enrique Moral-Benito, Paul Allison and Richard Williams

1702: Business cycle estimation with high-pass and band-pass local polynomial regression

Luis Alvarez

1701: Implicit public debt thresholds: an empirical exercise for the case of Spain

Javier Andrés, Javier Pérez and Juan Rojas

1635: Education, labour market experience and cognitive skills: evidence from PIAAC

Juan F Jimeno, Aitor Lacuesta, Marta Martínez-Matute and Ernesto Villanueva

1634: The variation of export prices across and within firms

Juan de Lucio, Raúl Mínguez, Asier Minondo and Francisco Requena Silvente

1633: Portfolio rebalancing and asset pricing with heterogeneous inattention

Omar Rachedi

1632: On the determinants of fiscal non-compliance: an empirical analysis of spain’s regions

Mar Delgado-Téllez, Víctor D. Lledó and Javier Pérez

1631: Uncovering the heterogeneous effects of ecb unconventional monetary policies across euro area countries

Pablo Burriel and Alessandro Galesi

1630: Credit, crisis and contract enforcement: evidence from the Spanish loan market

Juan Mora-Sanguinetti, Marta Martínez-Matute and Miguel Garcia-Posada

1629: The aggregate effects of government income transfer shocks - EU evidence

Susana Parraga Rodriguez

1628: The dynamic effect of public expenditure shocks in the United States

Susana Parraga Rodriguez

1627: The evolution of inflation expectations in euro area markets

Ricardo Gimeno and Eva Ortega

1626: Stock market cycles and supply side dynamics: two worlds, one vision?

Paul De Grauwe and Eddie Gerba

1625: Oil price and economic growth: a long story?

María Gadea, Ana Gómez-Loscos and Antonio Montañés

1624: Optimal monetary policy with heterogeneous agents (Updated September 2019)

Galo Nuño Barrau and Carlos Thomas

1623: The effect of electoral systems on voter turnout: evidence from a natural experiment

Carlos Sanz

1622: When fiscal consolidation meets private deleveraging

Javier Andrés, Oscar Arce and Carlos Thomas

1621: The determinants of long-term debt issuance by European banks: evidence of two crises

Adrian Rixtel, Luna Azahara Romo Gonzalez and Jing Yang

1620: Spanish public finances through the financial crisis

Francisco Martí and Javier Pérez

1619: A spectral EM algorithm for dynamic factor models

Gabriele Fiorentini, Alessandro Galesi and Enrique Sentana

1618: Fiscal multipliers across the credit cycle

Mihály Borsi

1617: Credit contractions and unemployment

Mihály Borsi

1616: Do banks extract informational rents through collateral?

Bing Xu, Adrian Rixtel and Honglin Wang

1615: Structural transformation, services deepening, and the transmission of monetary policy

Alessandro Galesi and Omar Rachedi

1614: Breaking down world trade elasticities: a panel ECM approach

Jaime Martinez-Martin

1613: Growing by learning: firm-level evidence on the size-productivity nexus

Enrique Moral-Benito

1612: Modelling interest payments for macroeconomic assessment

Celestino Girón, Marta Morano, Enrique M. Quilis, Daniel Santabárbara and Carlos Torregrosa

1611: The drivers of European banks’ US dollar debt issuance: opportunistic funding in times of crisis?

Luna Azahara Romo Gonzalez

1610: Las reformas de la Ley Concursal durante la Gran Recesión

Miguel Garcia-Posada and Raquel Vegas

1609: Growing like Spain: 1995-2007

Manuel Garcia-Santana, Josep Pijoan-Mas, Enrique Moral-Benito and Roberto Ramos

1608: Measuring market liquidity in us fixed income markets: a new synthetic indicator

Carmen Broto and Matías Lamas

1607: Do the rich (really) consume higher-quality goods? Evidence from international trade data

Vincenzo Merella and Daniel Santabárbara

1606: The effects of us unconventional monetary policies in Latin America

Fructuoso Borrallo, Ignacio Hernando and Javier Valles

1605: Does slack influence public and private labour market interactions?

Ana Lamo, Enrique Moral-Benito and Javier Pérez

1604: Fiscal policy and the cycle in Latin America: the role of financing conditions and fiscal rules

Enrique Alberola, Iván Kataryniuk, Angel Melguizo and René Orozco

1603: How firms borrow in international bond markets: securities regulation and market segmentation

Alberto Fuertes and Jose Maria Serena Garralda