Banco de Espana Research Paper Series

The Banco de Espana (Bank of Spain) publishes several series reflecting its research role as Spain's central bank and as a member of the Eurosystem. Research at the Banco de Espana includes macroeconomic and financial monitoring, policy evaluation, and the compilation of statistics, for the Spanish, Euro-zone, and world economies. It also aims to advance economic knowledge in all areas relevant for central banking.

The Banco de Espana Working Papers (Documentos de Trabajo) series aims to contribute to economic analysis in general, and especially to promote knowledge of the Spanish economy and its international environment. Since 2003, all papers in this series have been anonymously refereed. The Banco de Espana Occasional Papers (Documentos Ocasionales) series seeks to disseminate research carried out at the Banco de Espana in support of its official duties, which may be of more general interest. Papers in these series reflect the views of the authors and do not necessarily coincide with those of the Banco de Espana or the Eurosystem.

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