Banco de España Research

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

Next seminar: Aitor Erce (Navarra Public University) will be presenting “Sovereign Defaults at Home and Abroad” on Oct 22nd, 12h CET. www.bde.es/wbe/en/areas... #bdeResearch

Next seminar: Dominic Rohner (Geneva Graduate Institute) will be presenting “Who Wins Wars” on Oct 20th, 15h CET. www.bde.es/wbe/en/areas... #bdeResearch

Economic growth worldwide only began to take off in the early 19th century. This year’s winners of the Nobel Prize in Economics (Mokyr, Aghion and Howitt) show why innovation has snowballed since then, accelerating growth. Check out our blog 👉 www.bde.es/wbe/en/notic... #bdeBlog

We will host the 17th Workshop Banco de España-CEMFI on October 20. See the programme below ➡️ www.bde.es/wbe/es/notic... #bdeResearch

Do bank regulations spill over across borders? We uncover a trade transmission channel: Spain’s 2012 loan loss provisioning shock made partners’ total exports fall due to lower demand from importers tied to the most affected banks. ➡️ www.bde.es/wbe/es/publi... #BdeResearch

.@bde.es is hiring on the #EconJobMarket . We offer a unique environment in which to develop cutting-edge quality research with an impact on society. www.bde.es/wbe/en/sobre... #BdeResearch

Next seminar: Ignacio Arbués ( Ministerio de Economía) will be presenting “A Quasi-Structural Model for the Spanish Economy” on Oct 16th, 12h CET. www.bde.es/wbe/en/areas... #bdeResearch

Next seminar: @peterlevell.bsky.social (Institute for Fiscal Studies) joint work with Martin O'Connell and Kate Smith will be presenting "The welfare effects of price shocks and household relief packages: evidence from an energy crisis" on Oct 15, 12.00 CET. www.bde.es/wbe/en/areas... #bdeResearch

Next seminar: David Seim will be presenting “Private Health Insurance under Universal Coverage: Balancing Efficiency and Equity” on Oct 8th, 12h CET. www.bde.es/wbe/es/areas... #bdeResearch

Carbon taxes raise inflation and reduce output. Subsidies to green firms ease recessions, while transfers to constrained households lift consumption but do not speed the green transition. Global coordination adds modest effects. ➡️ www.bde.es/wbe/es/publi... #bdeResearch

Do robots matter for inflation? This new paper shows that automation flattens the Phillips Curve by reducing workers’ effective bargaining power: wages respond less to unemployment when firms can switch to robots. @omarrachedi.bsky.social www.bde.es/wbe/es/publi... #bdeResearch

This paper by Nicolás Forteza and Sergio Puente develops a machine learning method to retrieve a continuous probability distribution of individual labor market attachment, contrasting the usual binary distinction. It improves links to employment flows and GDP. www.bde.es/wbe/es/publi...

Political polarization in Europe is rising, but its impact on legislative gridlock depends on each country’s institutions. New indices reveal key differences across France, Germany, Spain and Italy. #bdeResearch 👉 www.bde.es/wbe/es/publi...

Does it matter how the government finances its spending? We show that fiscal multipliers are larger when government spending is financed with short-term debt. The difference arises mainly from private consumption responses. www.bde.es/wbe/es/publi... #bdeResearch

Next seminar: Matthias Doepke (#LSEE) will be presenting “Protection for Whom? The Political Economy of Protective Labor Laws for Women” joint work with Hanno Foerster, Anne Hannusch, and Michèle Tertilt on Sep 25, 12h CET. www.bde.es/wbe/es/areas... #bdeResearch

In Spain, the number of regulations has quadrupled since the transition to democracy. But more doesn’t always mean better, as we discuss in the #BdeBlog. A clear and consistent regulatory landscape can drive investment, innovation and entrepreneurship www.bde.es/wbe/en/notic...

Next research seminar: Luigi Durand (Banco Central de Chile) will present "Trade, Innovation, and Natural Capital: Growth Dynamics Near Ecological Thresholds" on September 15, 12:00 CET. ➡️ www.bde.es/wbe/en/areas...

Next research seminar: Dario Caldara (@fedresearch.federalreserve.gov) will present "Measuring Shortages Since 1900" on September 10th at 11:00 CET. He will present joint work with Matteo Iacoviello and David Yu. www.bde.es/wbe/en/areas...

Desertification and wildfires in Spain. The impact of climate change on bank lending Banco de España Blog

Spain is highly vulnerable to climate risk. Desertification is spreading: in 2022 Spain accounted for 40% of all hectares burned in the EU. The financial sector is also feeling the effects, which we at the Banco de España are studying closely. More insights on the #BdeBlog www.bde.es/wbe/en/notic...

🏖️ @bde-research.bsky.social is taking a summer break. We will back in September 🤓. Thanks a lot for following us. We wish you all a nice summer 👋 #bdeResearch

📢 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