During the last decade, the usage of fixed-rate mortgages has increased dramatically in Spain, from being marginal to become the prevailing type. This paper analyses the main factors behind this transformation. The results of several empirical analyses suggest that, in addition to regulatory changes, banks’ and borrowers’ characteristics and the ECB’s monetary policy stance may have played a major role in this evolution. #bdeResearch ➡️ bde.es/wbe/en/publicaciones/…

Banco de España is looking for researchers in Economics and Finance. You can find the application details and requirements here: bde.es/wbe/en/sobre-banco/tr… You can apply until 16 November 2026. #bdeResearch

Land concentration speeds up utility-scale solar deployment by easing land assembly, but it also channels rents to a few large landowners, potentially increasing rural inequality and fueling local opposition to the energy transition ➡️ bde.es/wbe/es/publicaciones/… #bdeResearch

Does inflation distort relative prices? Weekly online prices from 60,000+ restaurants and supermarkets in 18 countries show that 0 to 10% inflation comes with 46% more price dispersion in supermarkets, 73% in restaurants @SEAlvarezBlaser ➡️ bde.es/wbe/es/publicaciones/… #bdeResearch

Researching corporate financing? At #BELab, it is now possible to combine #AnaCredit loan-level microdata with companies' financial and economic information. Analyse credit, solvency, and the impact of financing conditions on business activity in greater depth: app.fabric.microsoft.com/vie…

Spanish non-financial firms experienced large peak-to-trough leverage declines in 2007–2024, especially among SMEs, younger firms and riskier companies. The adjustment led to stronger liquidity positions, consistent with greater financial flexibility. ➡️ bde.es/wbe/en/publicaciones/… #bdeResearch

We estimate the macroeconomic effects of defence expenditure using 30 years of Spanish defence procurement data. Effects take time to materialize due to implementation lags, become sizable, but are transitory. ➡️ bde.es/wbe/en/publicaciones/… #bdeResearch

How can climate risk be integrated into the analysis of public debt? The new metrics for sovereign issuers represent a significant step forward: they enable comparisons to be made, trends to be tracked and progress towards climate targets to be assessed. They are a tool, not a verdict. ➡️ bde.es/wbe/en/noticias-event… #BdEResearch #ClimateChange

How do mergers affect productivity and markups across the economy? Tracking 3,759 Spanish mergers from 1997 to 2022, we find average increases of 2% and 4%. Productivity gains are broad-based across industries; markup increases are concentrated in a few. ➡️ bde.es/wbe/en/publicaciones/… #bdeResearch

Why did the dollar weaken while long-term Treasury yields rose after the April 2025 U.S. tariff announcements? We show the episode reflected several distinct macro-financial shocks rather than a single tariff shock, identified using heteroskedasticity. ➡️ bde.es/wbe/en/publicaciones/… #bdeResearch

Occasional Papers: "Transparency and accountability as drivers of cultural change. A comparative analysis of central banks and national competent authorities". The independence of central banks depends on transparency, effective communication and accountability to sustain democratic legitimacy and public confidence ➡️ bde.es/wbe/en/inicio/noticia… #bdeResearch

Can we turn geopolitical narratives into economic forecasts? Our Bayesian toolkit links evolving scenario probabilities to oil supply disruptions and Brent price paths, and infers which geopolitical outcomes are embedded in market prices. bde.es/wbe/en/publicaciones/…

New research on 98 regions across Spain, Germany, France and Italy finds six distinct convergence clubs with different long-run income paths. Human capital, physical capital and regions’ ability to use them efficiently are key drivers of growth. #RegionalEconomics #Growth ➡️bde.es/wbe/en/publicaciones/…

Two years on, the #DraghiReport is shaping the #EU agenda. But implementation is uneven: progress comes where urgency is shared, not where reforms are necessarily the most transformative, feasible, or least costly. ➡️ bde.es/wbe/en/noticias-event… #bdeBlog

Since the aftermath of the Global Financial Crisis, Spain’s economic recovery has been characterized by simultaneous gains in employment and total factor productivity, driven largely by the expansion of digital activities and professional services. This marks a reversal of the pre-crisis pattern, when economic growth was accompanied by declining productivity. ➡️bde.es/wbe/en/publicaciones/…

How do oil supply news shocks propagate through the economy? This paper develops a flexible framework that lets nonlinear transmission emerge from the data. Main finding: adverse shocks have larger effects on activity and employment than favorable shocks bde.es/wbe/en/publicaciones/… #bdeResearch

How do household wealth surveys contribute to policymaking, research, and official statistics? And how can they continue to do so? Discussing more than 20 years of research based on the EFF, the Spanish Survey of Household Finances launched by Olympia Bover. 🚨The EFF: More than 20 Years of Research Experience and the Way Forward 👉 bde.es/wbe/es/noticias-event… #20YearsEFF #EFF

📢 Call for Papers | 7th Conference on Diversity, Equity & Inclusion in Economics, Finance and Central Banking | 22-23 March 2027 Banco de España joins @bancaditalia, @bankofcanada, @bankofengland, @banquedefrance and the @ecb in organising this conference in Rome on 22-23 March 2027. Researchers working on diversity, equity and inclusion in economics, finance and central banking are invited to submit their work by 30 October 2026. ℹ️ More info: bancaditalia.it/media/agenda… #bdeResearch

Does the average response of inflation to oil supply shocks mask a more fundamental risk to price stability? We show oil supply shocks persistently generate upside risks to inflation in the US, EA & UK. #bdeResearch ➡️ bde.es/wbe/en/publicaciones/…