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

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 

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 

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

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... 

Armed conflicts reveal our vulnerability, also in commercial terms. Relying on a limited number of suppliers for imports is not a good trade strategy. Moreover, prices tend to be higher. Diversify or pay more: this is the the EU's undertanding within its internal market. youtu.be/4v3Nd7d896g

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

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...

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...

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...

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...

📢 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

🚨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...

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

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

🚨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

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