Banco de España Research

📢 News alert for researchers! Would you like to analyze the evolution of interest rates and the balance sheet structure of Spanish Monetary Financial Institutions? You can now carry out your research project at the #BELab 👉 www.bde.es/wbe/en/para-... #bdeResearch

Fintechs can expand access to financing for SMEs, boosting economic growth. But how might this reshape SMEs’ access to traditional bank lending? The key lies in competition: fintechs must position themselves in new market segments #bdeBlog #bdeResearch #bdeVideoBlog www.bde.es/wbe/en/notic...

👉 Why? Small firms are more likely to default on peso debt --> larger peso rates
👉 Takeaway: (-) spillovers from US monetary tightening not only affect aggregate fin. conditions but distort the cost of capital across firms. 3/3

📈 When the Fed raises rates:

🪙 Banks pay more to borrow dollars.
🔩That cost is passed to firms, but small firms face higher local-currency loan rates, while large ones don’t.💵 Dollar loan rates rise equally for all. 2/3

How do U.S. monetary policy spillovers to EMEs? Our new paper studies the transmission to UIP deviations, using loan level data of the universe of Chilean firms. Main finding: small firms get hit harder than large ones #bdeResearch 👉 www.bde.es/wbe/es/publi... 🧵

📢 Update for Researchers: Are you interested in analyzing the use of various payment methods, with a particular focus on card payments? You can now conduct your research project at #BELab using the Payment Transactions (PAY) dataset. #bdeResearch #PaymentData app.powerbi.com/view?r=eyJrI...

#JoanMonras , professor of Economics at Universitat Pompeu Fabra, will talk about the effect of immigration on native labor-market outcomes when considering the impact on jobs that are more exposed to their consumption #bdeResearch www.bde.es/f/webbe/INF/... 3/3

Esteban Hansberg Rossi from University of Chicago, will talk about Green Development seeking to understand whether the geography and transportation costs of renewable energy create a new geography of the global economy #bdeResearch www.bde.es/f/webbe/INF/... 2/3

Over the next two days, the Banco de España hosts the 2nd European Workshop on the Macroeconomic Implications of Migration. The workshop explores many dimensions of the macroeconomic consequences of migration www.bde.es/f/webbe/INF/... #bdeResearch 1/3

🥇Roberto Serrano, professor at
#BrownUniversity received in March the King of Spain Prize in Economics 2024. The award recognises Serrano’s contributions to game theory and his inspiring personal journey, which we explore in #bdeBlog #bdeResearch www.bde.es/wbe/en/notic...

The seminar will be onsite only. If you wish to join us, please confirm your attendance today via email at: seminarios@bde.es so as we can authorize your entry into the Banco de España

📢 Next research seminar: Ana Costa-Ramón
@anacostaramon.bsky.social
(University of Zurich ) will present "(Not) Thinking about the Future: Inattention and Maternal Labor Supply" on June 25, 12.00 CET #bdeResearch www.bde.es/wbe/es/areas... 1/2

The seminar will be onsite only. If you wish to join us, please confirm your attendance today via email at: seminarios@bde.es so as we can authorize your entry into the
@bde.es
3/3

He will present joint work with G. Buda, V.M. Carvalho, G. Corsetti, J. Duarte, S. Hansen, A. Moura, T. Rodrigo, J. Rodriguez-Mora and G.Alves da Silva 2/3

🚨Next research seminar: Álvaro Ortiz (
#BBVAResearch & CRIW) will present "The Short Lags of Monetary Policy" on June 19th at 12:00 CET #bdeResearch 👉 www.bde.es/wbe/en/areas... 1/3

Strategic food security and autonomy are based on domestic production and commercial integration. Spain's diversified production and the single European market place our country in a relatively favorable position #bdeBlog #bdeResearch www.bde.es/wbe/en/notic...

Álvaro Fernández-Gallardo has received the second prize for his PhD thesis titled “Essays on Macroprudential Policy, Tail Risks and Financial Stability” in the 2023–2024 Enrique Fuentes Quintana Awards. Congratulations! 🎉 #bdeResearch #PhDAward

The National Statistical Institute (
@es-ine.bsky.social ) and @bde.es
publish a Business Multilocalization Viewer (ViME). This experimental statistic illustrates the distribution of companies with multiple locations in Spain #bdeResearch www.bde.es/wbe/en/notic...

Public debt burden and crisis severity Public debt burden and crisis severity

🚨 New Working Paper🚨 DT2527: "Public Debt Burden and Crisis Severity" by Álvaro Fernández-Gallardo and Iván Payá #bdeResearch www.bde.es/wbe/en/publi...

The seminar will be onsite only. If you wish to join us, please confirm your attendance today via email at: seminarios@bde.es so as we can authorize your entry into the
Banco De Espana 2/2

Next research seminar: Geert Mesters (
@upf.edu
) will present ""Innovations meet Narratives –improving the power-credibility trade-off in macro–"on June 11th at 12:00 CET #bdeResearch www.bde.es/investigador... He will present joint work with Regis Barnichon 1/2

Revisiting Productivity Dynamics in Europe: A New Measure of Utilization-Adjusted TFP Growth Abstract. We compute new estimates of total factor productivity (TFP) growth in the five largest European economies. Our estimates account for positive pro

Further details on the methodology are available in a recent publication by Comin, Quintana, Schmitz and Trigari (2025) in the Journal of the European Economic Association academic.oup.com/jeea/advance... 3/3

European Utilization-Adjusted Productivity Growth (EUROPROD-UA) European Utilization-Adjusted Productivity Growth (EUROPROD-UA)

Quarterly series are available at the aggregate level; annual series, at both the sectoral and aggregate levels. Updated series are available on the website www.bde.es/wbe/en/areas... 2/3

🚨New data on European productivity! EUROPROD-UA contains TFP growth rates for the Euro Area and its five largest economies, adjusted for changes in factor utilization and non-zero profits #bdeResearch #productivity
📄 doi.org/10.1093/jeea...
📈 bde.es/wbe/en/areas...
🧵1/3

Fixed Effects and Beyond. Bias Reduction, Groups, Shrinkage and Factors in Panel Data Fixed Effects and Beyond. Bias Reduction, Groups, Shrinkage and Factors in Panel Data

www.bde.es/wbe/en/publi...

🚨New Working Paper🚨 DT2526: "Fixed Effects and Beyond. Bias Reduction, Groups, Shrinkage and Factors in Panel Data" by Stéphane Bonhomme and Angela Denis #bdeResearch 👉

The seminar will be onsite only. If you wish to join us, please confirm your attendance today via email at: seminarios@bde.es so as we can authorize your entry into the
@bde.es

The seminar will be onsite only. If you wish to join us, please confirm your attendance today via email at: seminarios@bde.es so as we can authorize your entry into the Banco de España 2/2

📢 Next research seminar: Manudeep Bhuller (University of Oslo) will present "Collective Bargaining, Worker Compensation and Firm Performance" joint work with Katarzyna Segiet and Ola Vestad on June 4, 12.00 CET #bdeResearch bde.es/investigador... 1/2

The seminar will be onsite only. If you wish to join us, please confirm your attendance today via email at: seminarios@bde.es so as we can authorize your entry into the
@bde.es