WORKING PAPERS

Negative Monetary Policy Rates and Systemic Banks’ Risk-Taking: Evidence from the Euro Area Securities Register

by J. Bubeck, A. Maddaloni, José Luis Peydró

March 2019
revised March 2020

Journal of Money, Credit and Banking, accepted
Outreach: Speech by Isabel Schnabel, Member of the Executive Board of the ECB (2020) · VoxEU (2020) · Expansión (2020) · Summary featured in the ECB Research Bulletin (April 2020) · ECB Economic Bulletin no. 3 (2020) · cited in VoxEU posts 2020 and 2019 · Featured in a Medium.com post The Unbearable Lightness of Low Rates (2020) and in MacroHive’s Top Picks (2020)

Expansionary Yet Different: Credit Supply and Real Effects of Negative Interest Rate Policy

by M. Bottero, C. Minoiu, A. Presbitero, A. Polo, José Luis Peydró, E. Sette

February 2019
revised March 2020

Previously circulated as ‘Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data’.

Outreach: CentralBanking.com (2020) · Keynote speeches by Philip R. Lane (ECB Executive Board) Berlin and New York (2020) & Helsinki and London (2019) · ECB Economic Bulletin no. 3 (2020) · IMF Global Financial Stability Report: Markets in the Time of COVID-19 (2020) · IMF World Economic Outlook report (2020) · Danmarks Nationalbank, Analysis: Positive pass-through from negative rates no. 5 (2020) · CEPR book The Bank Business Model in the Post-Covid-19 World (2020) · VoxEU posts August and April 2020 · 2019 · Speech by Boštjan Vasle Governor of the Bank of Slovenia (2019)

The Rise of Shadow Banking: Evidence from Capital Regulation

by R. Irani, R. Iyer, R. Meisenzahl, José Luis Peydró

April 2018
revised February 2020

Accepted for publication in Review of Financial Studies,  September 2020. DOI
Outreach: Wall Street Journal (2020) · European Systemic Risk Board‘s Advisory Scientific Committee report no. 10 on The global dimensions of macroprudential policy (2020) · CEPR book The Bank Business Model in the Post-Covid-19 World (2020) · Bank Policy Institute’s Banking Perspectives (2019) · Nada es Gratis · VoxEU 2019 & 2018

Monetary Policy and Bank Profitability in a Low Interest Rate Environment

by C. Altavilla, M. Boucinha, José Luis Peydró

October 2017
revised March 2018

Economic Policy, 33 (96), 2018, 531-586. DOI. Repository 

Summary: Barcelona GSE: Focus
Regular publications and media: CaixaBank Research IM02 monthly report (2019) · Fed Board’s FEDS Notes (April & Nov. (2019) · Bank of Finland Bulletin no. 4 (2019) · VoxEU posts 2020 · 2019 and 2019 · Central Bank of Ireland Financial Stability Notes no. 10 (2018) · Brookings blog (2017) · Handelsblatt (2017)
Reports, studies et al.

Speeches, conference remarks, opening addresses etc

  • Isabel Schnabel, Member of the Executive Board of the ECB (2020)
  • Philip R. Lane, Member of the Executive Board of the ECB (2020) 
  • Luis de Guindos, Vice-President of the ECB (2019)  
  • C. Evans, President and Chief Executive Officer of the Federal Reserve Bank of Chicago (2018) 
  • Mario Draghi, President of the ECB, 1 and 2 (2017)
  • F. Villeroy de Galhau, Governor of the Bank of France (2020 and 2017)

Capital Flows and the International Credit Channel

by Yusuf Soner Baskaya, Julian di Giovanni, Sebnem Kalemli-Özcan, José Luis Peydró, Mehmet Fatih Uluk

January 2017

Published in Journal of International Economics, 108 (S1), 2017, 15-22. This article is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4-0 International (CC-BY-NC-ND 4.0) (https://creativecommons.org/licenses/by-nc-nd/4.0/)

Outreach: European Systemic Risk Board‘s Advisory Scientific Committee Report no. 10 The global dimensions of macroprudential policy (2020) · Speech by Ben Broadbent, Deputy Governor for Monetary Policy (Bank of England) (2018) · Brookings Institution report by Acharya, V. et al: Corporate Debt in Emerging Economies: A Threat to Financial Stability? (2015)

Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects

by C. Abuka, R. Alinda, C. Minoiu, José Luis Peydró, A. Presbitero

December 2015
revised March 2019

Journal of Development Economics, 139, 2019, 185-202
The Open Access published article ‘Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects’, Charles Abuka, Ronnie K. Alinda, Camelia Minoiu, José-Luis Peydró, Andrea Presbitero, Journal of Development Economics, June 2019, 139: 185-202 is available online at: https://doi.org/10.1016/j.jdeveco.2019.03.004. This article is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4-0 International (CC-BY-NC-ND 4.0) (https://creativecommons.org/licenses/by-nc-nd/4.0/)

Media: VoxEU · World Bank, Global Economic Prospects flagship report: Slow Growth, Policy Challenges (2020) · The Economist (2019) · World Bank study on inflation in emerging and developing economies (2019)

International Financial Integration, Crises and Monetary Policy: Evidence from the Euro Area Interbank Crises

by P. Abbassi, F. Bräuning, F. Fecht, José Luis Peydró

April 2015

revised November 2018
R & R Journal of International Economics
Outreach: VoxEU · Bank of Finland Bulletin (2018) · European System of Central Banks’ report of the Macroprudential Research (MaRs) Network (2014) · Deutsche Bundesbank Annual Report 2015

[Previously circulated as: “Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis”]

The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects

by B. Morais, José Luis Peydró, J. Roldán-Peña, C. Ruiz-Ortega

March 2015
revised October 2018

Journal of Finance, 74 (1), 2019, 55-90. DOI. Repository
Outreach: All about finance (World Bank) · World Bank, Global financial development report 2017-2018: Bankers without Borders ·  World Economic Forum (2015) · Cited in VoxEU in 2020, 2018 and 2017 · Fed Board’s IFDP Notes (2016)· Brookings blog (2015) 

 

Securities Trading by Banks and Credit Supply: Micro-Evidence from the Crisis

by P. Abbassi, R. Iyer, José Luis Peydró, F. Rodríguez-Tous

February 2015
revised October 2015

Published in Journal of Financial Economics, 121 (3), 2016, 569-594. DOI. Repository.

Outreach: VoxEU · Bank of England’s policy blog Bank Underground 2017 and 2016 · Bundesbank Research Brief · All about Finance · Nada es Gratis · Barcelona GSE Focus · Wall Street Journal (2016) · European Systemic Risk Board, joint ATC-ASC-FSC Task Force: Technical documentation section B. The impact of low interest rates and ongoing structural changes on the banking system: Assessment of vulnerabilities, systemic risks and implications for financial stability (2016) · Deutsche Bundesbank Monthly Report vol 68, no. 6 (2016) and Annual Report 2015

The Real Effects of the Bank Lending Channel

by G. Jiménez, A. Mian, José Luis Peydró, J. Saurina

November 2014
revised March 2019

Journal of Monetary Economics, 2019. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This article is licensed under a Creative Commons Attribution 4-0 International (CC-BY 4.0) (https://creativecommons.org/licenses/by/4.0/)

Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Shocks Abroad, Pain at Home? Bank-Firm Level Evidence on the International Transmission of Financial Shocks

by S. Ongena, José Luis Peydró, N. van Horen

May 2014

Published in IMF Economic Review 63 (4), 698-750. DOI. Repository.

Outreach:

Labor Market Heterogeneity and an Aggregate Matching Function

by Régis Barnichon, A. Figura

September 2013

Formally circulated under the title: "What drives Movements in Matching Efficiency, A Tale of Composition and Dispersion" FEDS Working Paper 2011-10)

Published in American Economic Journal: Macroeconomics, 7 (4), 2015, 222-249

Trusting the Bankers: Another Look at the Credit Channel of Monetary Policy

by M. Ciccarelli, A. Maddaloni, José Luis Peydró

July 2013

Published in Review of Economic Dynamics, 18 (1), 2015, 979-2002. DOI. Repository.
Isaac Kerstenetzky Award 2010 Honourable Mention

Outreach:

Speeches, conference remarks, opening addresses etc. 

  • Lorenzo Bini Smaghi, Executive Board Member of the ECB 2011 and 2010 
  • Christian Noyer, Governor of the Bank of France (2011)

Hazardous Times for Monetary Policy: What do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?

by G. Jiménez, S. Ongena, José Luis Peydró, J. Saurina

May 2013

Published in Econometrica, 82 (2), 2014, 463-505. DOI. Repository.
The copyright to this article is held by the Econometric Society, http://www.econometricsociety.org/. It may be downloaded, printed and reproduced only for personal or classroom use. Absolutely no downloading or copying may be done for, or on behalf of, any for-profit commercial firm or for other commercial purpose without the explicit permission of the Econometric Society.

Regular publications and media

Reports, studies et al.

Speeches, conference remarks, opening addresses etc

  • Yves Mersch, Member of the ECB Executive Board/Vice-Chair of the Supervisory Board (2020) 
  • Geoff Bascand, Deputy Governor of the Reserve Bank of New Zealand and General Manager of Financial Stability (2019) 
  • Sabine Lautenschläger, Member of the ECB Executive Board and Vice-Chair of the Supervisory Board (2018) 
  • Jens Weidmann, President of the Deutsche Bundesbank (2018) 
  • Mario Draghi, President of the ECB (Frankfurt) (Madrid) (2017)
  • Benoît Cœuré, Member of the Executive Board of the ECB (2016) · i & ii (2014) · (2012)
  • Fabio Panetta, Deputy Governor of the Bank of Italy (2016) 
  • Loretta J. Mester, President of the Cleveland Fed. Res. Bank (2018) (2016)
  • Ignazio Angeloni, Member of the Supervisory Board of the ECB (2015) 
  • John Simon, Head of Economic Research (Reserve Bank of Australia) (2015) 
  • Mark Carney Governor of the Bank of England/Chairman of the Financial Stability Bd. (2014) 
  • Jeremy C Stein, Member of the Board of Governors of the Federal Reserve System (2013)  
  • J.M. González Páramo, Member of the ECB Executive Board (2011) 
  • Lorenzo Bini Smaghi, Member of the ECB Executive Board (i & ii 2010) · (i & ii 2008) 
  • Lucas Papademos, Vice President of the ECB (2010) (2009)
  • Lars Nyberg, Deputy Governor of the Sveriges Riksbank (2010) 
  • Axel A Weber, President of the Deutsche Bundesbank (2009) 
  • Mario Draghi, Governor of the Bank of Italy/Chairman of the Financial Stability Forum (2008) 
  • Keynote address by Jean-Claude Trichet, President of the ECB, at the Policy Discussion “Global Economic Policy Forum 2008”

The Real Estate and Credit Bubble: Evidence from Spain

by O. Akin, J. Garcia-Montalvo, J. Garcia-Villar, José Luis Peydró

May 2013

Published in SERIEs, 5 (2), 2014, 223-243. Open Access. DOI
Winner of the 2nd edition of the SERIEs award
Outreach: El País · L’Economista · Nada es Gratis · Nada es Gratis (by S. Bentolila) · European Parliament Think Tank study The role of macro-prudential policies in prevention and correction of asset imbalances in the Euro Area (2017) · European Commission, Evaluation of the financial sector assistance programme. Spain 2012-2014, report to the Council of the EU and the European Parliament (2016)

This article is published under license to BioMed Central Ltd. Open Access. This article is distributed under the terms of the Creative Commons Attribution License which permits any use, distribution, and reproduction in any medium, provided the original author(s) and the source are credited.

Growth in Regions

by Nicola Gennaioli, Rafael La Porta, Florencio Lopez De Silanes, Andrei Shleifer

March 2013

Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments

by G. Jiménez, S. Ongena, José Luis Peydró, J. Saurina

May 2012
revised August 2016

Published in Journal of Political Economy, 125 (6), 2017, 2126-2177. DOI. Repository.

Regular publications and media

Reports, studies et al.

Speeches, conference remarks, opening addresses etc. 

  • P. Hernández de Cos, Governor of the Bank of Spain (2019 and 2018
  • V. Constâncio, Vice-President of the ECB 1 and 2 (2015) (2013
  • Distinguished Vifredo Pareto Lecture by Jean Charles Rochet (2015): text and video (5:18) 
  • Janet Yellen, Federal Reserve Board’s Vice Chair (2011)

Forecasting in Macroeconomics

by R. Giacomini, Barbara Rossi

December 2011

Published in N. Hashimzade and M. Thornton (eds.) Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham, UK: Edward Elgar Publishing Ltd., 2013, 618-658

Recursive Contracts

by Albert Marcet, R. Marimon

March 2011
revised March 2017

Published in Econometrica, 87 (5), 2019, 1589-1632

Structural Development Accounting

by Gino Gancia, A. Müller, F. Zilibotti

July 2010

revised February 2011
Published in Advances in Economics and Econometrics: Theory and Applications, D. Acemoglu, M. Arellano and E. Dekel (eds.), Tenth World Congress of the Econometric Society (Econometric Society Monographs), vol. II, 2013, NY/Cambridge: Cambridge University Press, ISBN: 9781107638105.

Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications

by G. Jiménez, S. Ongena, José Luis Peydró, J. Saurina

February 2010
revised December 2011

Published in American Economic Review, 102 (5), 2012, 2301-2326. DOI. Repository

Regular publications and media

Reports, studies et al.

Speeches, conference remarks, opening addresses etc

What Comes to Mind

by Nicola Gennaioli, A. Shleifer

November 2009

revised June 2010

Published in Quarterly Journal of Economics, 125 (4), 2010, 1399-1433

Monetary Policy, Risk-Taking and Pricing: Evidence from a Quasi-Natural Experiment

by V. Ioannidou, José Luis Peydró, S. Ongena

October 2008
revised June 2014

Review of Finance, 19(1), 2015, 95-144. DOI. Repository.

Regular publications and media

Reports, studies et al.

Speeches, conference remarks, opening addresses etc.

  • Benoît Cœuré, member of the Executive Board of the ECB (2016) 
  • Raghuram Rajan, Governor of the Reserve Bank of India (2014) 
  • Andrew Crockett Memorial Lecture by Raghuram Rajan (2013) 
  • Christian Noyer, Governor of the Bank of France (2011) 
  • Lorenzo Bini Smaghi , Member of the Executive Board of the ECB (Sep. and Jan. 2010) 
  • Lars Nyberg, Deputy Governor of the Sveriges Riksbank (2010) 
  • Axel A Weber, President of the Deutsche Bundesbank (2009)

Red Tape and Delayed Entry

by Antonio Ciccone, E. Papaioannou

November 2006

Published in Journal of the European Economic Association, Papers and Proceedings, 5 (2-3), 2007, 444-458

 

A Century of Global Equity Market Correlations

by D. Quinn, Hans-Joachim Voth

January 2006

revised September 2007
Published in American Economic Review: Papers and Proceedings, 98 (2), 2008, 535-540
Published as "Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001" in NBER Book Series, NBER International Seminar on Macroeconomics (ISOM), 20, Chicago: University of Chicago Press, 2010

Dynamic Pricing and Imperfect Common Knowledge

by Kristoffer Nimark

April 2005

ECB Working Paper Series # 474 (as "Calvo Pricing and Imperfect Common Knowledge. A Forward-looking Model of Rational Inflation Inertia")
revised November 2007
Published in Journal of Monetary Economics, 55 (2), 2008, 365-382

Monetary Policy and Exchange Rate Volatility in Small Open Economy

by Jordi Gali, T. Monacelli

March 2002

Published in Review of Economic Studies, 72, 2005, 707-734. "This is an electronic version of an article published in the Review of Economic Studies : complete citation information for the final version of the paper, as published in the print edition of the Review of Economic Studies, is available on the Blackwell Synergy online delivery service, accessible via the journal’s website at http://www.blackwell-synergy.com."

 

Trade and Productivity

by Antonio Ciccone, F. Alcalá

December 2001

Revised November 2003

Published in The Quarterly Journal of Economics, CXXI (2), 2004, 613-646

Country Portfolios

by Jaume Ventura, A. Kraay, N. Loayza, L. Servén

July 2000

revised October 2004

Published in Journal of the European Economic Association, 3 (4), 2005, 914-945

Time Use in Eighteenth-Century London: Some Evidence from the Old Bailey

by Hans-Joachim Voth

June 1996

Oxford University. Nuffield College. Economic and Social History Working Paper 8 (as "Why Did Working Hours Increase in Eighteenth Century London? Labour Supply Decisions and Consumer Durables During the Industrial Revolution")
Published in Journal of Economic History, 57 (2), 1997, 497-499