WORKING PAPERS

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) · Cited in 2019 keynote speeches by Philip R. Lane (ECB Executive Board) in Helsinki and London & 2020 · Cited in the ECB Economic Bulletin no. 3 (2020) · Cited in VoxEU (2019)

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 

Outreach: Barcelona GSE: Focus · Citations in: Bruegel report The Euro in 2020 · F. Smets et al in the Bank of Chile Central Banking, Analysis, and Economic Policies Book Series # 26 (2019) · VoxEU 2019 and 2019 ·  22nd Geneva Report on the World Economy (2019) · CaixaBank Research IM02 monthly report (2019) · Fed Board’s FEDS Notes (April & Nov. 2019) · Handelsblatt (2017) · BBVA’s Banking Outlook report (2019) · OECD Economic Surveys: Euro Area (2018) · 2017 ECB conference remarks by Mario Draghi: 1 and 2 ·  Speech by Luis de Guindos, Vice-President of the ECB (2019)  · Brookings blog (2017) · Conference speech by C. Evans (President and Chief Executive Officer of the Chicago Fed) (2018)

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: Cited in the European Systemic Risk Board‘s Advisory Scientific Committee Report no. 10 The global dimensions of macroprudential policy (2020)

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: The Economist · VoxEU

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/)

Cited in VoxEU 2018 and 2018 · Cited in a speech by J.M. González Páramo, Executive Board Member of the ECB (2011)

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: Citations in BIS Papers Macroprudential policy frameworks, implementation and relationships with other policies, no. 94 (2017) · Monetary Policy & the Economy, Austrian Central Bank, issue 2 (2012) · VoxEU (2012) · Speeches by Lorenzo Bini Smaghi, Executive Board Member of the ECB 2011 and 2010 · European Parliament Think Tank In-Depth Analysis report ‘Low and Negative Interest Rates’ (2016)

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.

Outreach: VoxEU ·  Cited in the European Systemic Risk Board‘s Advisory Scientific Committee Report no. 10 on The global dimensions of macroprudential policy (2020) · Citations in Dell’Ariccia et al in the Bank of Chile Central Banking, Analysis, and Economic Policies Book Series # 24 (2016) · BIS Papers What do new forms of finance mean for EM policy?, vol. 83 (2015) · Banco de Portugal Financial Stability Report (May 2013) · European Systemic Risk Board’s Advisory Scientific Committee report # 4 (2014) · VoxEU 2019, 2018, 2016 / 2016, 2015, 2014  / 2014 and 2012 ·  ECB Financial Stability Review (May 2014) · ECB report Financial Integration in Europe (May 2017)  · World Economic Forum (2015) · CEPR Geneva Report on the World Economy # 15 (2013) · CEPR Geneva Report on the World Economy # 10 (2009) · CEPR e-book Banking Union for Europe – Risks and Challenges (2012) · CEPR report Cross-Border Banking in Europe (2011)

ECB staff interventions: 2017 ECB conference remarks by Mario Draghi (Frankfurt) (Madrid) · Speech by J.M. González Páramo, Executive Board Member (2011) · Speech by Sabine Lautenschläger, Member of the Executive Board and Vice-Chair of the Supervisory Board (2018) · Keynote speech by Yves Mersch, Member of the Executive Board and Vice-Chair of the Supervisory Board (2020) · Speeches by Lorenzo Bini Smaghi, Member of the Executive Board (2010: 1 and 2 and 2008) · Speech by Lucas Papademos, Vice President (2009) · Speeches (1 and 2) by Benoît Cœuré, Member of the Executive Board (2014) · Intervention by Benoît Cœuré, Member of the Executive Board (2012) · Speech by Lucas Papademos, Vice President (2010)

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)

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.

Outreach: Presentation at the Becker Friedman Institute (U. Chicago) on May 2014 (Youtube) ·  CEPR-IESE report on financial regulation (2019) · Bloomsberg (2019) · World Bank Report: A Decade After the Global Recession (2019) · CEPR-IESE report on the future of banking (2019) · World Bank study on emerging and developing economies (ch. 5, 2019) · European Systemic Risk Board‘s Advisory Scientific Committee report no. 7 (2018) · BIS Papers Macroprudential policy frameworks, implementation and relationships with other policies, no. 94 (2017) · Bruges European Economic Policy Briefings no. 36 (2015) · ReplicationWiki · Cited in VoxEU 2017 and 2012 · US Congress think tank report 2014 · BBVA’s Banking Outlook report (2019) · ECB Financial Stability Review (May 2013) · El País, Agenda Pública (2020) · European Banking Authority report SMEs and SME Supporting Factor (2016) · CEPR e-book Banking Union for Europe – Risks and Challenges (2012) · CEPR Policy Insight no. 58 (2011)

Speeches: Opening address by P. Hernández de Cos, Governor of the Bank of Spain, at the Second Financial Stability Conference (2019) and welcome address (2018) · Keynote speech by Vítor Constâncio, Vice-President of the ECB (2015) · Distinguished Vifredo Pareto Lecture on ‘The Bank Capital Controversy’ by Jean Charles Rochet (2015): text and video (5:18) · Conference speech by the Fed Board’s Vice Chair Janet Yellen (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

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

Outreach: F. Smets et al in the Bank of Chile Central Banking, Analysis, and Economic Policies Book Series # 26 (2019) · European Systemic Risk Board’s Advisory Scientific Committee report # 7 (2018) · Wikipedia mention under ReplicationWiki · Cited in VoxEU 2018, 2014 and 2012 / 2012 · CEPR-Assonime Green Paper Restarting European Long-Term Investment Finance (2015) ·  CEPS Policy Brief no. 286 (2012) · The Economist (2013) · OECD Economic Surveys: Spain (2014) · ECB report on the first two years of the Macro-prudential Research Network (2012) · Policy portal Lavoce.info (2012)
ECB staff interventions:
Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) · Speeches by Lorenzo Bini Smaghi, Executive Board Member of the ECB (2011) (2010) · Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB (2011) · Speech by Jean-Claude Trichet, President of the ECB (2010) · Dinner speech by Vítor Constâncio, Vice-President of the ECB (2012) 

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.

Outreach: Cited in the European Systemic Risk Board‘s Advisory Scientific Committee Report no. 10 The global dimensions of macroprudential policy (2020) · VoxEU 2007 and 2011 · Cited in speeches by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB (Sep. and Jan. 2010) · World Economic Forum (2015) · CEPR Geneva Report on the World Economy # 15 (2013) · CEPR e-book Banking Union for Europe – Risks and Challenges (2012) · CEPR report Cross-Border Banking in Europe (2011).

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