WORK IN PROGRESS

• Inspecting the macroeconomic effects of fiscal policies in the EU through a new dataset of narrative measures (joint with F. Berardini, J. Cimadomo, N. Dunne, J. Kuckuck, R. Perotti y L. Sala).

WORKING PAPERS

• The Macroeconomic Effects of Defence Expenditure: Evidence from Spain (joint with P. Durá, R. Domínguez-Díaz and I. Varotto).

PUBLICATIONS

• The effect of the European Central Bank’s asset purchase programmes on Spain’s public finances (2025). Joint with P. Aguilar, J. Costain, S. Hurtado and J. Martínez-Martín. International Journal of Central Banking (forthcoming). 

• Dynamic Effects of Persistent Shocks (2025). Journal of Applied Econometrics. Joint with J. Gonzalo and C. Sanz.  Banco de España Working Paper Nº1944.

• Is Fiscal Policy More Effective During Recessions? (2022). International Economic Review. This paper was previously part of a wider project Is Fiscal Policy More Effective in Uncertain Times or During Recessions?. Centre for Macroeconomics Working Paper CFM-DP2016-31. Banco de España Working Paper Nº1730.

• Jobs Multipliers: Evidence from a Large Fiscal Stimulus in Spain (2021). Scandinavian Journal of Economics. Joint with C. Sanz. Banco de España Working Paper Nº1922.  

• The Impact of Taxes on Income Mobility (2020). International Tax and Public Finance. Coverage in Marginal Revolution. Centre for Macroeconomics Working Paper CFM-DP2016-32. Banco de España Working Paper Nº1725.

• Implicit Public Debt Thresholds: An Operational Proposal (2020). Journal of Policy Modeling. Joint with J. Andrés, J. Pérez and J. Rojas. 

• Fiscal Policies in the Euro Area: Revisiting the Size of Spillovers (2019). Journal of Macroeconomics. Joint with P. Burriel and J. Pérez. Banco de España Working Paper Nº1820.

OTHER RESEARCH

• Diagnóstico y consecuencias económicas del grado de competencia en las licitaciones públicas (2025). Joint with  M. E. Cristóbal Rodríguez, J. García-Royo Díaz, B. González, A. Martín del Campo Sola, A. Martín Ugarte, and E. Moral-Benito. Occasional Papers, Banco de España, Nº2523.

• Public debt dynamics: a stochastic approach applied to Spain (2024). Joint with J. Martínez, J. Rojas and I. Varotto. Occasional Papers, Banco de España, Nº2420. Also available in Spanish.

• The effect of the European Central Bank’s asset purchase programmes on Spain’s public finances (2024). Joint with P. Aguilar, J. Costain, S. Hurtado and J. Martínez-Martín. Occasional Papers, Banco de España, Nº2409. Also available in Spanish.

• Una primera caracterización de las empresas receptoras de fondos NGEU en España (2023). Joint with E. Aguilar, T. de la Mata, E. Moral-Benito, I. Portillo-Pampin y D. Sarasa-Flores. Occasional Papers, Banco de España, Nº2321.

• Towards a normalisation of fiscal policy (2023). Joint with A. Gavilán. The Euro in 2023 (Ed. F. Fernández), Fundación ICO.

• Government spending in Spain from a European perspective (2022). Joint with J. Brunet, V. Forte-Campos, E. Moral-Benito and J. Pérez. Occasional Papers, Banco de España, Nº2217. Also available in Spanish.

• The response of private investment to an increase in public investment (2021). Joint with D. Leiva-León and A. Urtasun. Analytical Articles, Banco de España, 2/2022. Also available in Spanish.

• Monetary-fiscal policy interactions in the euro area (2021). Contributing author. ECB Occasional Paper Nº273 / September 2021.

• Access to services in rural Spain (2021). Joint with V. González, E. Moral-Benito and P. Tello. Occasional Papers, Banco de España, Nº2122. Also available in Spanish. Media Coverage in El País and La Razón.

•  The reform of the European Union’s fiscal governance framework in a new macroeconomic environment (2021). Joint with J. Andrés, P. Burriel, I. Kataryniuk, J. Pérez and J. L. Vega. Documentos Ocasionales, Banco de España, Nº2121. Also available in Spanish. Media Coverage in Cinco Días, Expansión, Expansión (Editorial) and El País. Abridged version of the paper in  SUERF.

• Fiscal expenditure spillovers in the euro area: an empirical and model-based assessment (2020). Joint with M. Ferdinandusse, P. Jacquinot, and K. Schmidt. ECB Ocasional Paper Nº240 / April 2020. Also available as Documento Ocasional, Banco de España Nº2012. 

• La salida de las comunidades autónomas al mercado de deuda: una mirada desde el debate europeo (2019). Joint with M. Delgado-Téllez and J. Pérez. Cuadernos de Información Económica, Nº271 (julio/agosto 2019) pp. 59-67, FUNCAS. Also published as "Regional governments’ market access: Takeaways from the European debate" Spanish and International Economic & Financial Outlook (SEFO) Volume 8, number 4, July 2019.

• La mejora de la situación de las finanzas públicas de las Corporaciones Locales en la última década (2019). Joint with P. Burriel. Documentos Ocasionales, Banco de España, Nº1915.

•  Developments in Spanish public debt in 2018 (2019). Joint with M. Delgado-Téllez, B. García-Moral and V. González-Díez. Economic Notes, Economic Bulletin, Banco de España, 3/2019. Spanish version.

• Fiscal spillovers in a monetary union (2019). Joint with B. Cozmanca, M. Ferdinandusse and P. Jacquinot. ECB Economic Bulletin, Issue 1/2019.

• Fiscal Policy in the Euro Area (2017). Joint with J. Pérez and P. Burriel. In Banco de España Annual Report 2016, Chapter 4, Box 4.1.

• Diferencias de Género en la Formación Científica. Evidencia Empírica (2011). Joint with B. Anghel and S. de la Rica. Chapter in “Libro Blanco. Situación de las Mujeres en la Ciencia Española”.

• Una Propuesta para el Seguimiento Puntual de la Coyuntura de la Economía de Madrid (2010). Joint with Jesús Fernández-Villaverde. Economic Reports. 07-2010, FEDEA.

• ¿Seguirán llegando inmigrantes a España? (2010). Joint with Brindusa Anghel and Pablo Vázquez. Chapter in “La inmigración en tiempos de crisis; Anuario de la inmigración en España, edición 2009”. Pages 111-127. CIDOB (January 2010).

• Convergence in consumption habits: what goods and services are more likely to experience growth in Spain in the future? (2010). Joint with Juan Ramón García. BBVA Sectorial Observatory. Link to Spanish version.

• Consumption patterns in developed countries (2009). Short article in BBVA Consumption Watch, second half 2009. Pages 36-41. Link to Spanish version.

• Impact of the rise in immigrant unemployment on public finances (2009). Joint with Pablo Vázquez, Raquel Vegas & Stefano Bertozzi. FEDEA Working Papers 2009-15,