Banco de España Research
@bde_Research
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Publications, conferences, and other news from @BancoDeEspana researchers. Authors’ views are their own and not necessarily those of the Banco de España.
Madrid, Spain
Joined May 2023
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📢 Hi, everyone 👋! This new account is run by
@BancoDeEspana
researchers. Please, follow us for information on publications, conferences, and other research news at the Banco de España
#bdeResearch
#EconTwitter
2
50
79
We use the Blanchard and Bernanke (2023) model as an analytical framework to analyze recent inflation dynamics in Spain. Key findings:
1. Energy and food prices and supply bottlenecks have played the main role in recent inflation developments
#bdeResearch
1/2
2
27
75
A study on the impact of Mar Menor' s ecological deterioration. It uncovers a staggering loss of over €4 billion in housing wealth, ten times bigger than the gains in agriculture
#bdeResearch
1/2
1
33
60
A research project in mind? Looking for microdata? The Banco de España data Laboratory
#BELab
provides on-site and remote access to high-quality microdata, in a controlled environment that ensures data confidentiality
#bdeResearch
0
26
60
The
@BancodeEspana
has published the external evaluation of its research activities carried out by
@R_Blundell_UCL
, Òscar Jordà and
@helene_rey
, three independent experts of recognized prestige in the field of
#EconomicResearch
#bdeResearch
More info at:
0
21
54
In Spain, except for the poorest households, emission intensity (kg of CO2 per euro spent) decreases with income. The differences are mainly driven by different compositions of goods in households' baskets
#bdeResearch
1/3
1
25
50
Why and how do couples retire together? This paper explores pathways and mechanisms that underlie joint retirement behavior. These have implications for policy design and for models of household behaviour.
#bdeResearch
0
5
43
Who wins and who loses from inflation? Though wages lose purchasing power in inflationary peaks, inflation redistributes wealth from savers to debtors and impacts people differently depending on their consumption baskets
#bdeResearch
1/2
1
18
41
Inflation is a form of partial default, more state-contingent than outright default. This reduces the government’s incentives to default outright and enlarges the repayment region, compared to a regime in which debt cannot be inflated away
#bdeResearch
1/2
1
4
39
We document lower returns to experience accumulated in fixed-term contracts compared to open-ended contracts for young workers in Spain
#bdeResearch
1/2
1
12
38
We study the impact of regional lottery winnings on consumer sentiment and durable purchases using the Spanish Christmas Lottery as a natural experiment. Lottery wins increase optimism which stimulates economic activity 👉
#bdeResearch
1/3
1
14
39
#Economicanalysis
and research are essential functions of the
@BancoDeEspana
to enhance its role as a national
#centralbank
and as a member of the
#Eurosystem
. We seek to hire economists for our headquarters in Madrid
#bdeResearch
1/3
1
22
37
📢 News for researchers! The combination of loan microdata from the
#CIR
#CIRBE
with economic indicators from the Central Balance Sheet Office (CIR-CBI) is now available in our
#BELab
data laboratory
#bdeResearch
0
9
35
📢 We are pleased to announce that Banco de España will host the 4th
#WE_ARE_IN
conference, co-organized with
@cepr_org
,
@BIS_org
and
@ecb
. We welcome applications from junior and senior women working in macro and finance. Apply!
#bdeResearch
#econtwitter
0
17
36
Our colleague Enrique Moral-Benito is the new Editor-in-Chief of SERIEs, the Journal of the Spanish Economic Association, an open access journal publishing high-quality scientific articles in all areas of economics
#bdeResearch
@AEEmedia
2
6
33
We develop a supply bottlenecks index (SBI) using newspaper data of 7 countries. Shocks in the SBI have important implications: an increase in the index increases prices and decreases industrial product and employment
#bdeResearch
0
14
30
Today Beatriz González (
@BancoDeEspana
) presents “Firm Heterogeneity, Capital Misallocation And Optimal Monetary Policy” joint with G. Nuño, D. Thaler and S. Albrizio, at the 3 rd WE_ARE_IN Macroeconomics and Finance Conference
@cepr_org
#WomenInEconomics
1
7
30
The SERIEs Special Issue containing 12 articles follows the celebration of the “Conference on Econometric Methods and Empirical Analysis of Micro Data” held in honor of
@manolo_arellano
in the
@BancodeEspana
in July 2022
#bdeResearch
0
12
33
New paper studies the nonlinear linkages between wealth inequality and financial leverage. The authors introduce a banking sector into a heterogeneous-agent model and analyze aggregate dynamics using neural networks
#bdeResearch
0
7
28
We are impressed with the sheer number of exceptional applicants we received. In the coming weeks, we will be hosting interviews and seminars. To all the candidates on this selection journey, the very best of luck!
#bdeResearch
0
5
27
We conducted a RCT where 3,000 9th graders received a financial education course at different points of the year. At endline, treated students obtained 18% of one standard deviation higher scores in financial tests.
#bdeResearch
#FinLit
#G53Network
1/3
1
11
27
The introduction of central bank digital currency (CBDC) could have important implications for the banking sector as well as for the operational framework of monetary policy
#bdeResearch
0
11
26
The EFF is an official survey conducted by the
@BancodeEspana
since 2002 every three years (two since 2020) to obtain information about
#Spanishhousehold
finances 📈
#bdeResearch
1/2
1
10
26
The
@BancoDeEspana
launches a new blog! In the first post, Governor
#bdeHdeCos
explains the importance of controlling
#inflation
, the firm
#monetarypolicy
response and what to expect from this going forward
#bdeResearch
#bdeBlog
1/3
2
9
23
Which labor markets are functioning better? A comparison of the consecuencies of job loss across European countries using a harmonized research design reveals earnings losses vary widely: North (10%) vs South (30%)
#bdeResearch
0
9
21
A delay in statutory retirement age led to increased savings in personal and employer retirement accounts. Inertia, the continuation of previous saving behaviors, would be a leading explanation
#bdeResearch
0
4
21
8 March: Why gender gaps still exist at work according to Claudia Goldin, the latest Nobel Prize in Economics
#bdeResearch
#bdeBlog
#8M
#IWM24
0
17
22
Consumption taxes are a powerful tool to provide redistribution efficiently. Optimal policy calls for raising all fiscal revenues from consumption, providing social insurance via a highly progressive wage tax
#bdeResearch
1/2
2
4
19
This paper uncovers an inverted U-shaped relationship between firm exit and total factor
#productivity
(TFP) growth, so that the positive effects of creative destruction only operate if firm destruction is moderate
#bdeResearch
#Covid19
#firms
1/3
1
2
19
We propose a new specification for the Spain-STING model—one of the quantitative tools used by the Bank of Spain for nowcasting the Spanish GDP—that clearly improves the predictive power of the model
#bdeResearch
1/2
5
5
18
BdE has just released a comprehensive analysis that assesses for all available waves (2002-2020) how the EFF micro data compare with magnitudes from other sources, such as the Financial Accounts and other surveys.
#bdeResearch
0
13
19
We document the presence of significant liquidity costs in Spanish sovereign debt auctions: the larger the auctioned amounts, the lower the issuance price relative to secondary-market prices
#bdeResearch
1/2
1
4
18
Our latest research explores the performance of machine learning algorithms in the active management of high-grade bond portfolios.
#bdeResearch
#LassoLogit
#MachineLearning
🔍 Key Findings:
(thread 🧵)
1/3
1
7
19
We inform you that the microdata for 2021 of the
@BancodeEspana
Survey of Financial Competences (ECF), harmonized with the OECD/INFE International Survey of Adult Financial Literacy Competencies have been published at
#bdeResearch
#bdeECF
1/2
1
8
17
Evidence of gender price gaps in the US car repair market using a correspondence study. Women receive higher quotes, but benefit from signaling low-search costs while men receive higher quotes if signaling higher income
#bdeResearch
0
3
18
Our colleagues Clodomiro Ferreira and Galo Nuño present today at the
@ASSAMeeting
in San Antonio, Texas
#bdeResearch
#ASSA2024
@AEAInformation
0
2
18
The Joint
@cepr_org
and
@BancoDeEspana
Economic History Seminar is starting today at 9:30 am CEST. You can find the agenda below 👇
Agenda:
Registration:
#bdeResearch
#CEPR
#EconomicHistory
#Conference
0
7
18
Conference Changing inequalities in Europe and North America at the
@BritishAcademy_
features presentations covering the
@TheIFS
Deaton Country Studies Project. The study led by Olympia Bover
@BancoDeEspana
offers rich understanding of the matter in Spain
Today we launch the IFS Deaton Country Studies project, a series of comprehensive reports on the evolution of inequalities in 17 countries in Europe and North America led by
@JCribbEcon
.
Find out more and read the reports here:
1
31
50
0
2
16
Next research seminar:
@KlodianaIstrefi
(
@banquedefrance
and
@cepr_org
) will present her work “Identification of Systematic Monetary Policy” on Wednesday February 21, 12.00 CET
#bdeResearch
1/2
1
4
16
After the
#pandemic
, sectoral reallocation following job separation increased by 4 percentage points in Italy, while in Spain there were no statistically significant differences
#bdeResearch
0
2
16
We study the implications of climate change and the associated mitigation measures for optimal monetary policy in a canonical New Keynesian model with climate externalities
#bdeResearch
1/3
1
6
16
Our colleague Júlia Martí Llobet obtained one of the three VI Undergraduate Thesis Award of the Spanish Economic Association for her Bachelor’s Thesis at UAB
#bdeResearch
,
@AEEmedia
Prize announcement:
Thesis:
0
5
14
Our colleagues Myroslav Pidkuyko and Ernesto Villanueva present today at the 48th Simposio de la
@AEEmedia
- Spanish Economic Association (SAEe), in Salamanca, Spain. Full programme:
#bdeResearch
0
3
14
Taxpayers can sometimes shift part of their tax burden on to others. The study of tax incidence provides insight into who ultimately bears the cost of tax.
#bdeBlog
#bdeResearch
#bdeBlog
#bdeResearch
1/2
1
6
15
Lower trade costs stimulate innovation. This increases the technological lead of global firms over their competitors, raising market concentration and markups on average
#bdeResearch
1/2
1
4
14
According to the Distributional Wealth Accounts, a new experimental statistics by the ESCB, 43% of total net wealth in the Euro Area in Q2-2023 was held by the 5% wealthiest households, while the estimate for Spain was 41%. Further details
#bdeResearch
👉
0
13
13
We have updated our analytical and research priorities to align them with the evolving economic environment. These are our lines of work for the coming quarters 🔎
#bdeResearch
#bdeEconomicAnalysis
0
5
13
Today and tomorrow the
@BancodeEspana
hosts its 6th Annual Research Conference that brings together academics and policy makers to discuss state-of-the-art work on economic and financial issues of policy relevance
#bdeResearch
1/2
1
3
15
This paper studies how household inequality shapes the effects of the nominal interest rate zero lower bound on aggregate dynamics. We consider a heterogeneous agent New Keynesian model with an occasionally binding ZLB
#bdeResearch
1/2
1
6
15
Next research seminar:
@CostasMeghir
(Yale) will present "Marriage, Labor Supply and the Dynamics of the Social Safety Net" joint work with
@hamishlow_econ
,
@PistaferriLuigi
, and
@AlessandraVoena
, on April 17, 12.30 CET
#bdeResearch
1/2
1
3
16
The video recordings of the BE-
@CEMFInews
Conference on Aging are already available at 📽️
#bdeResearch
On 17 November 2023, the
@BancodeEspana
hosted the BE-
@CEMFInews
Conference on Aging, an event that is part of the
@Georgetown
University Global Economic Challenges Network (GEC)
#bdeResearch
1/2
1
2
9
0
5
13
#BELab
offers access to the anonymized microdata from the Central Balance Sheet Data Office on hundreds of thousands of non-financial companies operating in Spain
#bdeResearch
0
3
14
We construct 3 alternative indexes of economic policy uncertainty (EPU) for Spain based on different newspaper coverages from January 1997 to the present. These 3 indexes will be regularly updated in this webpage
#bdeResearch
1/2
1
1
14
Using granular data from the Spanish interbank market and a model of financial contagion via the credit quality channel, we explore how uncertainty and non-linear lender reactions affect the spread of financial distress
#bdeResearch
2
4
12
Exploiting systematic information from television news, the author finds that one-month-ahead anticipations of tax cuts significantly stimulate economic activity while those of tax increases produce the opposite effects
#bdeResearch
0
6
13
New paper derives a
#MachineLearning
approach for the purpose of classifying survey data affected by severe errors and omissions in the revision phase
#bdeResearch
1/2
1
6
13
Emission intensity peaks for households whose head is middle-aged (around 40 years old) and is higher for households with more members
#bdeResearch
2/3
2
6
13
The document that describes the methods and the implementation of the EFF 2020 edition has just been released
#bdeResearch
📄 Occasional Document
💻 EFF website
0
6
13
Read the column on the impact of central bank digital currency in the operational framework of monetary policy on the
@cepr_org
website
#bdeResearch
@CBDC
The introduction of central bank digital currency (CBDC) could have important implications for the banking sector as well as for the operational framework of monetary policy
#bdeResearch
0
11
26
0
1
12
The Survey of Financial Competences measures the financial knowledge of the population, the products they know and own, and their economic vulnerability. You can view the results for 2016 and 2021 in the new interactive platform at
#bdeResearch
#bdeECF
1/3
1
5
13
The estimated long-run elasticity of total taxable income is substantial for all income groups but is the highest for the top 1 percent
#bdeResearch
1/3
1
4
12
📢 Call for Papers! Submit a paper proposal to attend the joint
@cepr_org
and Tenth
@BancoDeEspana
Economic History Seminar, which will take place on 30 September 2024 at our Madrid headquarters
#bdeResearch
1/2
1
5
12
Researcher access to public institutions’ micro data benefits everyone. The
@BancoDeEspana
BELab and the recent inter-institutional agreement are two welcome initiatives.
#bdeBlog
#bdeResearch
0
4
12
📣 Today we are hosting the 5th conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking, organized by the
@BancoDeEspana
,
@bankofcanada
,
@bankofengland
,
@federalreserve
and
@ECB
#bdeResearch
. Have a look to the agenda:
0
6
12
We use price micro data to understand how much of the inflationary spike observed in Spain in 2021-2023 was due to changes in the number of outlets adjusting prices rather than to changes in the size of price adjustments
#bdeResearch
1/3
1
7
12
Gender gaps in financial literacy are pervasive and persistent. They are partly explained because women choose “I do not know” more frequently than men. We test for the effectiveness of three interventions to shift this
#bdeResearch
#FinLit
#G53Network
1/3
1
4
12
Forecasting, especially in CBs, is increasingly based on a suite of models mainly based on structural (DSGE) and reduced form approaches. Which model – or combination – produce better forecasts in a changing environment?
#bdeResearch
1/2
1
2
12
Over a one-year horizon, a significant increase in energy prices increases core inflation by more (about twice as much) than an equally large decrease in energy prices reduces it.
#bdeResearch
1/3
1
3
11
The 5th conference on Diversity, Equity and Inclusion in Economics, Finance, and Central Banking will be held in Madrid in person on March 7-8, 2024. Please register by February 7 for the academic conference at:
#bdeResearch
1/2
1
7
12
The
@ecb
sets three interest rates. The deposit facility rate currently has the most direct impact on the cost of borrowing, but it’s not the one the media highlight
#bdeBlog
#bdeResearch
0
3
11
Using an agent-based housing market model with 2 calibrations, Spain & UK, we explore the main drivers behind the larger amplitude of the Spanish house price cycle & the scope for macroprudential policy to reduce it
#bdeResearch
3
3
11
📢 Are you a researcher? Apply to this
@BancodeEspana
call! It offers two grants for projects in economic history, focused on financial/banking domain or exploiting our archives. Don't miss out!
#bdeResearch
0
3
11
0
4
11
Submit your work for the
@BancodeEspana
2024 conferences! Next deadlines are approaching. Don't miss out!
#bdeResearch
4th WE_ARE_IN Macroeconomics and Finance Conference, Madrid, 16-17 September. Deadline: 30 April 1/2
1
7
11
📢 Next 19-20 October we are hosting the
#EconomicPolicy78
Meeting at our Madrid headquarters, co-organised with Economic Policy and
@cepr_org
. Register now and join us online to discuss China's growth 📝
Programme
#bdeResearch
0
4
11
Our colleagues Isabel Mico and Luis Guirola present today at the 48th Simposio de la
@AEEmedia
- Spanish Economic Association (SAEe), in Salamanca, Spain. Full programme:
#bdeResearch
0
3
11
What are the likely effects of the
#NGEU
medium-term investment stimulus policies? We show that they can significantly enhance economic activity by boosting aggregate productivity, investment and employment
#bdeResearch
1/3
1
4
11
The feedback loop between sovereign and financial sector insolvency (doom loop) has been identified as a key driver of the European debt crisis. Holdings of domestic sovereign debt by domestic banks are viewed critically
#bdeResearch
1/3
1
0
11
Day 2 of the 6th
@BancodeEspana
Annual Research Conference on “Monetary policy in a high-inflation environment” is about to start. See the agenda with yesterday's and today's presentations Attendance: by invitation only
0
3
10
In 2023,
@BancoDeEspana
hosted more than 30 external seminars and it organized more than 16 conferences, featuring top-tier researchers from all over the world.
#bdeResearch
0
4
10
2. Now that these supply shocks have been absorbed, labour market tightness is becoming more important as a determinant of wage growth and price inflation
#bdeResearch
2/2
1
0
10
We can learn lessons from the 2023 banking crises. Full implementation of
#BaselIII
is key to limiting the impact of this type of episode
#bdeResearch
#bdeBlog
0
2
10
ICARIS: a non-linear measure of underlying
#inflation
, capable of inferring abrupt changes and turning points. It is also useful for assessing asymmetric risks in the inflation outlook
#bdeResearch
0
5
10
A new
@BancoDeEspana
analysis shows that the Eurosystem’s asset purchase programmes had a strong positive impact on the health of Spain’s public finances between 2015 and 2022
#bdeResearch
1/2
1
1
9
Portfolio purchases by Government-Sponsored Enterprises in the US significantly increase the consumption of homeowners with mortgage debt, as well as of young and middle-aged households
#bdeResearch
1/2
1
6
10
Spanish households have resorted to credit and increased their labour supply (by taking a second job or working longer hours) to cushion the impact of rising prices on
#consumption
more than their euro area countgerpart
#bdeResearch
#inflation
1/3
1
3
10
Ours colleagues Morteza Ghomi and Laura Hospido present today at the 48th Simposio de la
@AEEmedia
- Spanish Economic Association (SAEe), in Salamanca, Spain. Full programme:
#bdeResearch
0
0
10
Aggregate and sectoral effects of public investment crucially depend on the interaction between the output elasticity to public capital and intermediate inputs
#bdeResearch
@restatjournal
0
3
10
What drives political polarization? Analyzing newspaper archives with machine learning, we uncover a stark rise in economic policy uncertainty in Spain preceding the
#CivilWar
of 1936
#bdeResearch
#EconomicHistory
#Uncertainty
1/3
1
9
9
Deadline for submissions to the Special Issue on Recent Global Shocks: Consequences and Policies extended to 15 November 2023. Guest Editors: M. García Santana,
@WorldBank
, UPF, CREi, BSE, CEPR, and E. Moral Benito,
@BancoDeEspana
Submissions:
#bdeResearch
0
4
9
📽️ The video recordings of the 5th Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking are already available at:
0
1
9
On 17 November 2023, the
@BancodeEspana
hosted the BE-
@CEMFInews
Conference on Aging, an event that is part of the
@Georgetown
University Global Economic Challenges Network (GEC)
#bdeResearch
1/2
1
2
9
What would happen if the world fragmented into trade blocs? We simulate a return of trade frictions to levels similar as those in the Cold War. Welfare losses would be largest for countries aligned with Russia
#bdeResearch
#InternationalTrade
#Geopolitics
0
2
9
📢Less than 1 week to submit your paper to the Conference on Diversity, Equity and Inclusion in Economics, Finance, and Central Banking, organized by
@BancoDeEspana
,
@bankofcanada
,
@bankofengland
, Board of Governors of
@federalreserve
and
@ecb
Info:
3
4
9
📢 We are hiring! We are looking for economists to join our team in Madrid.
⏰ DEADLINE: 19 November 2023
#bdeResearch
0
9
9
Have a look to the selection of
@BancoDeEspana
research papers on
#GenderEconomics
prepared by our Library on the occasion of the
#InternationalWomensDay24
#IWD24
#InternationalWomensDay
#bdeResearch
🔎
0
5
9
Using data from an extensive survey, this paper studies
#entrepreneurship
decisions during
#COVID
-19. The authors find that the drop in firm entry was entirely concentrated among low- and medium-income households
#inequality
#bdeResearch
1/3
1
4
8
Growth while lowering carbon emissions is possible. How? By reducing carbon intensity, through greater energy efficiency and greener energy. Progress has been made, but there is much left to do
#bdeBlog
#bdeResearch
0
2
9
How do tasks conducted on the job relate to measures of cognitive skills? For individuals with at most compulsory schooling, specialization in basic numerical tasks increases the relative numeracy score by 7-11% of 1 sd.
#bdeResearch
0
2
9