Policy Papers

Banco de España

• “Drivers of recent developments in euro area long-term interest rates” (with Alberto Fuertes) 

Banco de España Quarterly Report on the Spanish Economy for 2022Q1, Box 4.

• “La política monetaria del Banco Central Europeo frente a la crisis pandémica" (with Pablo Aguilar, Ana Arencibia, James Costain, Samuel Hurtado, Galo Nuño and Carlos Thomas) 

Papeles de Economía Española No. 173,  December 2022.

• “¿Son todos los shocks de oferta inflacionarios preludio de recesión? Un análisis macroeconométrico” (with Irma Alonso and Iván Kataryniuk). Revista ICE No. 929 - December 2022. 

• “The impact of supply and demand shocks on recent economic developments and prices” (with Irma Alonso and Iván Kataryniuk) 

Banco de España Quarterly Report on the Spanish Economy for 2021Q4, Box 3.

• “The ECB monetary policy response to the Covid-19 crisis”, (with  Pablo Aguilar, Óscar Arce, Samuel Hurtado, Galo Nuño and Carlos Thomas) Banco de España Occasional Papers No. 2026 - September 2020. 

• ”The use of BVARs in the analysis of Emerging Economies” (with Ángel Estrada, Luis Guirola and Iván Kataryniuk)

Banco de España Occasional Papers No. 2001 - April 2020. 

• ”Recent movements in the euro exchange rate and the impact on inflation in the Spanish economy” (with Danilo Leiva-Leon and Eva Ortega) Banco de España Analytical Article, Nº 4/2018.

• “Tendencias recientes en el análisis de la desigualdad” (with Ángel Estradaa and Iván Kataryniuk). 

Cuadernos de Información Económica, No. 251 - March 2016. 

• ”Modelling Export and Import Demand Functions: The Spanish Case” (with Coral García, Esther Gordo and Patry Tello)

Banco de España Occasional Paper No. 0905 - September 2009. 

• ”Modelling Spanish Exports and Imports Functions” (with Coral García and Esther Gordo ) 

Banco de España Economic Bulletin, 12, pp. 45-58 - December 2008. 

• ”Income structure and saving disponibility in Spain: A household data analysis” (with Teresa Sastre)

Banco de España Economic Bulletin, 4, pp. 89-106 - June 2006.

European Central Bank

• "A Strategic View on the Economic and Inflation Environment in the euro area"

ECB Occassional Paper Series N. 371 - Workstream 1:  Changing economic and inflation environment- ECB Monetary Policy Strategy Assessment 2025 - June 2025.

• "Report on Monetary Policy Tools, Strategy and Communication"

ECB Occassional Paper Series N. 372 - Workstream 2:  Monetary Policy Tools, Strategy and Communication - ECB Monetary Policy Strategy Assessment 2025 - June 2025. 

• "Understanding the 2018 growth moderation" (with Maarten Dossche)

ECB Econ Bulletin Issue 8/2018, Box 3.

• "Growth synchronization in euro area countries" (with Lorena Saiz and Grigor Stoevsky)

ECB Econ Bulletin Issue 5/2018, Box 2. 

• "Understanding the weakness in global trade: What is the new normal?" 

ECB Occasional Paper No 178, IRC Task Force on Global Trade - September 2016.