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Documentos de Trabajo 2025

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Macroeconomic effects of carbon-intensive energy price changes: A model comparison
Macroeconomic effects of carbon-intensive energy price changes: A model comparison
Burgert, Matthias; Pariès, Matthieu Darracq; Central, Luigi Durand; González, Mario; Priftis, Romanos; Röhe, Oke; Rottner, Matthias; Silgado-Gómez, Edgar; Stähler, Nikolai; Varga, Janos
10-Dec-2025
Cambio climático; Política monetaria; Modelos multisectoriales; Comparación de modelos; Modelos DSGE; Climate change; Monetary policy; Multi-sector models; Model comparison; DSGE models
How economic policy uncertainty spreads across borders: the case of Latin America
How economic policy uncertainty spreads across borders: the case of Latin America
Andres-Escayola, Erik; Molina, Luis; Pérez, Javier J.; Vidal, Elena
9-Dec-2025
Incertidumbre de la política económica; Análisis textual; América Latina; Efecto contagio; Economic policy uncertainty; Textual analysis; Latin America; Spillovers
Demand drivers of central bank liquidity: a time-to-exit TLTRO analysis
Demand drivers of central bank liquidity: a time-to-exit TLTRO analysis
Fudulache, Adina-Elena; Castillo Lozoya, María del Carmen
2-Dec-2025
Política monetaria; Liquidez; Refinanciaciones; Bancos centrales y otras autoridades monetarias; Normalización política monetaria; TLTRO; Marcos operativos basados en la demanda; Modelos de riesgo en tiempo discreto; Monetary policy normalisation; Demand-driven operational frameworks; Discrete-time hazard models
Family-friendly policies and fertility: what firms have to do with it?
Family-friendly policies and fertility: what firms have to do with it?
Bover, Olympia; Guner, Nezih; Kulikova, Yuliya; Ruggieri, Alessandro; Sanz, Carlos
1-Dec-2025
Política familiar; Diferencias de género; Mercado de trabajo; Políticas de apoyo a la familia; Fecundidad; Flexibilidad; Búsqueda y emparejamiento; Acumulación de capital humano; Brechas de género; Bienestar; Family-friendly policies; Fertility; Flexibility; Search and matching; Human capital accumulation; Gender gaps; Welfare; España
Investment irreversibility in a granular world
Investment irreversibility in a granular world
Senga, Tatsuro; Varotto, Iacopo
26-Nov-2025
Inversión; Shocks; Fluctuaciones y ciclos económicos; Irreversibilidad de la inversión; Ciclos económicos; Shocks idiosincráticos; Mala asignación de capital; Investment irreversibility; Business cycles; Idiosyncratic shocks; Capital misallocation
Fiscal drag in theory and in practice: A European perspective
Fiscal drag in theory and in practice: A European perspective
García Miralles, Esteban; Freier, Maximilian; Riscado, Sara; Leventi, Chrysa; Mazzon, Alberto; Abela, Glenn; Boyd, Laura; Brusbarder, Baiba; Cochard, Marion; Cornille, David; Dicarlo, Emanuele; Debattista, Ian; Delgado-Téllez, Mar; Dolls, Mathias; Fadejeva, Ludmila; Flevotomou, Maria; Henne, Florian; Harrer-Bachleitner, Alena; Jaszberenyi-Kiraly, Viktor; Lay, Max; Lehtonen, Laura; Mastrogiacom, Mauro; McIndoe-Calder, Tara; Moser, Mathias; Nevicky, Martin; Peichl, Andreas; Pidkuyko, Myroslav; Roter, Mojca; Savignac, Frédérique; Kastelec, Andreja Strojan; Tuzikas, Vaidotas; Ventouris, Nikos; Wemans, Lara
25-Nov-2025
Política fiscal; Impuesto sobre la renta de las personas físicas (IRPF); Inflación; Indexación; Personal income tax; Inflation; Indexation; Bracket creep; Países de la UE
From risk to buffer: calibrating the positive neutral CCyB rate
From risk to buffer: calibrating the positive neutral CCyB rate
Herrera, Luis; Pirovano, Mara; Scalone, Valerio
24-Nov-2025
Colchones de capital; Regulación y supervisión de instituciones financieras; Estabilidad financiera; Política macroprudencial; Requerimiento de capital; Colchón de capital anticíclico; Financial stability; Macroprudential policy; Capital requirements; Countercyclical capital buffer; Zona euro
Fiscal announcements and households’ beliefs: evidence from the euro area
Fiscal announcements and households’ beliefs: evidence from the euro area
Gallegos, José Elías; García Miralles, Esteban; Kataryniuk, Iván; Párraga Rodríguez, Susana
20-Nov-2025
Política fiscal; Formación de expectativas; Hogares; Información e incertidumbre; Políticas de estabilización fiscal; Incertidumbre macroeconómica; Expectativas de inflación; Expectativas de los hogares; Zona del euro; Fiscal stabilization policies; Macroeconomic uncertainty; Inflation expectations; Household expectations; Euro area
Natural disasters, economic activity, and property insurance: evidence from weekly U.S. state-level data
Natural disasters, economic activity, and property insurance: evidence from weekly U.S. state-level data
Fernández-Gallardo, Álvaro
19-Nov-2025
Cambio climático; Desastres naturales; Proyecciones locales; Actividad económica; alta frecuencia; Climate change; Natural disasters; Local projections; Economic activity; High-frequency data
The Origins of Top Firms
The Origins of Top Firms
Guntin, Rafael; Kochen, Federico
4-Nov-2025
1 por ciento superior; Distribución del tamaño de las empresas; Dinámicas empresariales; Fricciones financieras; Top 1 percent; Firm size distribution; Firm dynamics; Financial frictions
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