Banco de España Research
@bde-research.bsky.social
Publications, conferences, and other news from @bde.es researchers. Authors’ views are their own and not necessarily those of the Banco de España.
Banco de España organizes the 1st Workshop on Financial Intermediation on 7 May 2026. Each accepted paper will have a discussant and Prof. Rajkamal Iyer will deliver a keynote speech. Deadline for submission: 2 February 2026. Call for papers: www.bde.es/f/webbe/INF/... #bdeResearch
December 17, 2025 at 12:28 PM
Banco de España organizes the 1st Workshop on Financial Intermediation on 7 May 2026. Each accepted paper will have a discussant and Prof. Rajkamal Iyer will deliver a keynote speech. Deadline for submission: 2 February 2026. Call for papers: www.bde.es/f/webbe/INF/... #bdeResearch
A model comparison shows that energy price shocks—temporary and permanent—are inflationary, though the impact of permanent shocks depends on the model assumptions and monetary policy response, with differences across the US and euro area. www.bde.es/wbe/en/publi... #bdeResearch
December 10, 2025 at 10:38 AM
A model comparison shows that energy price shocks—temporary and permanent—are inflationary, though the impact of permanent shocks depends on the model assumptions and monetary policy response, with differences across the US and euro area. www.bde.es/wbe/en/publi... #bdeResearch
Next research seminar: Álvaro Ortiz (BBVA Research) will be presenting “Geopolitics, Geoeconomics and Risk: A Machine Learning Approach” www.bde.es/wbe/en/areas... on December 11, 12:00 CET. #bdeResearch
December 10, 2025 at 10:00 AM
Next research seminar: Álvaro Ortiz (BBVA Research) will be presenting “Geopolitics, Geoeconomics and Risk: A Machine Learning Approach” www.bde.es/wbe/en/areas... on December 11, 12:00 CET. #bdeResearch
Uncertainty spreads across borders: using EPU we show that uncertainty in Latin America significantly affects key variables of its main trade and financial partners. www.bde.es/wbe/en/publi... #BdeResearch
December 9, 2025 at 11:08 AM
Uncertainty spreads across borders: using EPU we show that uncertainty in Latin America significantly affects key variables of its main trade and financial partners. www.bde.es/wbe/en/publi... #BdeResearch
Next research seminar: Stefan Gissler (Board of Governors of the Federal Reserve System) will be presenting “Intraday liquidity management and the value of flexibility” on December 10, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
December 9, 2025 at 10:00 AM
Next research seminar: Stefan Gissler (Board of Governors of the Federal Reserve System) will be presenting “Intraday liquidity management and the value of flexibility” on December 10, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
Next research seminar: Lukas Hack (ETH Zurich and University of Mannheim) will be presenting “Progressive Income Taxation and Inflation: The Macroeconomic Effects of Bracket Creep” on December 9, 10:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
December 5, 2025 at 10:30 AM
Next research seminar: Lukas Hack (ETH Zurich and University of Mannheim) will be presenting “Progressive Income Taxation and Inflation: The Macroeconomic Effects of Bracket Creep” on December 9, 10:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
Using a hazard model of TLTRO early exit, we find that maturity, pricing, collateral, leverage ratio and our proposed measures of bank liquidity drive demand for long-term central bank operations, linking reserve demand to liquidity regulation. www.bde.es/wbe/en/publi... #BdeResearch
December 4, 2025 at 12:00 PM
Using a hazard model of TLTRO early exit, we find that maturity, pricing, collateral, leverage ratio and our proposed measures of bank liquidity drive demand for long-term central bank operations, linking reserve demand to liquidity regulation. www.bde.es/wbe/en/publi... #BdeResearch
A search-and-matching model shows a core trade-off in family policies: those that raise earnings lower fertility, and those that raise fertility lower earnings. Only promotion subsidies improve both 👉 www.bde.es/wbe/es/publi... #BdeResearch @ruggieriale.bsky.social
December 1, 2025 at 11:23 AM
A search-and-matching model shows a core trade-off in family policies: those that raise earnings lower fertility, and those that raise fertility lower earnings. Only promotion subsidies improve both 👉 www.bde.es/wbe/es/publi... #BdeResearch @ruggieriale.bsky.social
Next research seminar: Pamela Giustinelli (Bocconi University) will be presenting “Outcomes, Counterfactuals, and Elicited Beliefs: Evidence from Higher Education Admissions” on December 3, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
December 1, 2025 at 10:30 AM
Next research seminar: Pamela Giustinelli (Bocconi University) will be presenting “Outcomes, Counterfactuals, and Elicited Beliefs: Evidence from Higher Education Admissions” on December 3, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
Next research seminar: Andreas Fuster (EPFL, Swiss Finance Institute, and CEPR) will be presenting “The Response of Debtors to Rate Changes” on December 2, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
November 28, 2025 at 10:00 AM
Next research seminar: Andreas Fuster (EPFL, Swiss Finance Institute, and CEPR) will be presenting “The Response of Debtors to Rate Changes” on December 2, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
When euro-area governments announce price-related (expansionary) fiscal measures, households perceive higher inflation but an improved labour market outlook. www.bde.es/wbe/es/publi... #bdeResearch
November 27, 2025 at 10:26 AM
When euro-area governments announce price-related (expansionary) fiscal measures, households perceive higher inflation but an improved labour market outlook. www.bde.es/wbe/es/publi... #bdeResearch
This paper offers a comprehensive characterization of fiscal drag in Europe in recent years and finds very heterogeneous impacts across countries, with implications for revenue collection, redistribution, and macroeconomic stability. ➡️ www.bde.es/wbe/es/publi... #bderesearch
November 25, 2025 at 11:28 AM
This paper offers a comprehensive characterization of fiscal drag in Europe in recent years and finds very heterogeneous impacts across countries, with implications for revenue collection, redistribution, and macroeconomic stability. ➡️ www.bde.es/wbe/es/publi... #bderesearch
Next research seminar: Davide Brignone (Bank of England) will be presenting “Structural forecast analysis” on November 27, 12:00 CET www.bde.es/wbe/en/areas... #bdeResearch
November 24, 2025 at 11:30 PM
Next research seminar: Davide Brignone (Bank of England) will be presenting “Structural forecast analysis” on November 27, 12:00 CET www.bde.es/wbe/en/areas... #bdeResearch
Next research seminar: @fpj-portier.bsky.social ( University College London) will be presenting “Escaping Taylor-Rule Biases: An Agnostic Approach to Monetary Policy-Rule Modelling” on November 26, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
November 24, 2025 at 10:00 AM
Next research seminar: @fpj-portier.bsky.social ( University College London) will be presenting “Escaping Taylor-Rule Biases: An Agnostic Approach to Monetary Policy-Rule Modelling” on November 26, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
Next research seminar: Juan F. Rubio-Ramírez (Emory University) will be presenting “Are Fiscal Transfers Inflationary?” on November 19, 11:30 CET. www.bde.es/wbe/en/areas... #bdeResearch
November 18, 2025 at 9:00 AM
Next research seminar: Juan F. Rubio-Ramírez (Emory University) will be presenting “Are Fiscal Transfers Inflationary?” on November 19, 11:30 CET. www.bde.es/wbe/en/areas... #bdeResearch
Next research seminar: Franco Fiordelisi will be presenting “Supervisory-Driven Credit Reallocation” on November 18, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
November 17, 2025 at 10:00 AM
Next research seminar: Franco Fiordelisi will be presenting “Supervisory-Driven Credit Reallocation” on November 18, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
What are the origins of top firms? This paper presents new facts about the first 20 years of firms that reach the top 1%. A model with ex-ante types, non-homotheticities, and financial frictions can account for top and bottom firm dynamics. ➡️ www.bde.es/wbe/en/publi... @fkocheng.bsky.social
November 14, 2025 at 10:00 AM
What are the origins of top firms? This paper presents new facts about the first 20 years of firms that reach the top 1%. A model with ex-ante types, non-homotheticities, and financial frictions can account for top and bottom firm dynamics. ➡️ www.bde.es/wbe/en/publi... @fkocheng.bsky.social
Our Annual Research conference will focus on the Economics of Artificial Intelligence. You can see the full program here: www.bde.es/wbe/es/notic... #bdeResearch
November 13, 2025 at 10:47 AM
Our Annual Research conference will focus on the Economics of Artificial Intelligence. You can see the full program here: www.bde.es/wbe/es/notic... #bdeResearch
Next research seminar (in spanish): Antonio Cabrales (Universidad Carlos III) will be presenting “Economía de la educación: Una introducción con énfasis en España” on November 12, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
November 12, 2025 at 9:00 AM
Next research seminar (in spanish): Antonio Cabrales (Universidad Carlos III) will be presenting “Economía de la educación: Una introducción con énfasis en España” on November 12, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
The best way to mitigate the potential risks posed by the accumulation of sovereign debt in European banks is to create a common safe asset for the EU. Other alternatives, such as regulatory changes, could have undesirable consequences ➡️ www.bde.es/wbe/es/publi... #BdeResearch
November 11, 2025 at 10:00 AM
The best way to mitigate the potential risks posed by the accumulation of sovereign debt in European banks is to create a common safe asset for the EU. Other alternatives, such as regulatory changes, could have undesirable consequences ➡️ www.bde.es/wbe/es/publi... #BdeResearch
In Spain, 77% of firms have fewer than five employees, compared with 71% in the EU. They are also growing more slowly. Bridging this gap is key to achieving a more productive and innovative economy. We analyse the reasons in our #bdeBlog www.bde.es/wbe/en/notic...
November 11, 2025 at 9:45 AM
In Spain, 77% of firms have fewer than five employees, compared with 71% in the EU. They are also growing more slowly. Bridging this gap is key to achieving a more productive and innovative economy. We analyse the reasons in our #bdeBlog www.bde.es/wbe/en/notic...
Next research seminar: Giovanni Callegari (European Stability Mechanism) will be presenting “Fiscal Sustainability and Policy Interactions” on November 6, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
November 4, 2025 at 10:00 AM
Next research seminar: Giovanni Callegari (European Stability Mechanism) will be presenting “Fiscal Sustainability and Policy Interactions” on November 6, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
Next research seminar: Andreas Moxnes will be presenting “Follow FDI: Domestic and Global Production Networks” on November 5, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
November 3, 2025 at 10:00 AM
Next research seminar: Andreas Moxnes will be presenting “Follow FDI: Domestic and Global Production Networks” on November 5, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch
Database update! The EUROPROD-UA TFP growth database has been updated with data through 2025Q2 #bdeResearch #productivity ➡️ www.bde.es/wbe/en/areas...
October 28, 2025 at 10:00 AM
Database update! The EUROPROD-UA TFP growth database has been updated with data through 2025Q2 #bdeResearch #productivity ➡️ www.bde.es/wbe/en/areas...
Next research seminar: Tom Zohar (@cemfi.es ) will be presenting “Children of Immigrants: Intergenerational Mobility Across Countries” on October 29, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch#bdeResearch
October 27, 2025 at 10:00 AM
Next research seminar: Tom Zohar (@cemfi.es ) will be presenting “Children of Immigrants: Intergenerational Mobility Across Countries” on October 29, 12:00 CET. www.bde.es/wbe/en/areas... #bdeResearch#bdeResearch