Content
2025
- e202501 A firm-level analysis of the labour share in Portugal
by Manuel Coutinho Pereira - e202502 How do financial markets view risks in the global banking sector? A heatmap with a novel thermometer
by Marcel Bräutigam & Martín Saldías & Martin Scheicher - e202503 Do all underlying inflation measures perform equally? (Re)assessment after an inflation shock
by Carlos Melo Gouveia & Sara Serra & João Quelhas - e202504 The ECB’s monetary policy strategy: from the 2021 review to the 2025 assessment
by Alexandre Carvalho & José Miguel Cardoso da Costa & Joana Garcia & Sandra Gomes & Pedro Pires Ribeiro
2024
- e202401 Transport modes in Portuguese international trade: Insights from firm-level data
by João Amador & Carlos Melo Gouveia & Ana Catarina Pimenta - e202402 Product market concentration dynamics over the COVID-19 pandemic period
by Ana Cristina Soares & Tiago Ferreiro & Inês Lindoso - e202403 Measuring inflation using price indices
by Fernando Martins - e202404 Robots in Portuguese Firms
by João Amador - e202405 Euro area inflation expectations: A focus on consumers’ expectations
by Sandra Gomes & Nuno Monteiro & Pedro Pires Ribeiro - e202406 Human Capital and Entrepreneurship
by Attila Gyetvai & Nasir Hossein Dad & Nicholas Kozeniauskas & Eugene Tan - e202407 Inflation expectations and household choices: the role of financial knowledge
by João Nuno Quelhas - e202408 An analysis of hospital efficiency in Portugal
by Cláudia Braz & Sónia Cabral & Leonor Cunha - e202409 The impact of Brexit on Portuguese-British trade
by Laszlo Tetenyi - e202410 Reaching out to the general public: a challenging journey for central banks
by Isabel Gameiro & Rita Duarte & Ildeberta Abreu - e202411 Deposit interest rates and monetary policy transmission
by Diana Bonfim & Leonor Queiró - e202412 The personal income tax in Portugal: from the sovereign debt crisis to the inflationary shock
by Sara Riscado & Sharmin Sazedj & Lara Wemans - e202413 Housing markets in Portugal and Spain: Fundamentals, overvaluation and shocks
by Rita Fradique Lourenço & Paulo M.M. Rodrigues & Afonso S. Moura
2023
- e202301 European structural funds and the performance of Portuguese firms
by Maria Manuel Campos & Sónia Cabral - e202302 Markup premium of Portuguese exporters
by Ana Cristina Soares & Rita Sousa - e202303 A novel decomposition of national central banks’ profits in the euro area: application to the case of Banco de Portugal
by José Miguel Cardoso da Costa & Nuno Silva - e202304 The M Model: a macroeconomic model for the Portuguese economy
by Cláudia Duarte & Gabriela Castro - e202305 The inflation process in Portugal: the role of price spillovers
by Sara Serra & João Quelhas - e202306 Monetary policy and the recent inflation surge
by Pedro Teles & Bruno Freitas - e202307 The euro area natural interest rate – Estimation and importance for monetary policy
by Alexandre Carvalho - e202308 Risk reallocation under Central Bank’s large-scale asset purchases
by Bernardino Adão & Alberto López Martín - e202309 On the forecasting power of corporate sales growth determinants
by Nuno Silva & Pedro Dias Moreira - e202310 From first to last: the National Accounts revisions
by António Rua & Carlos Melo Gouveia & Fátima Cardoso - e202311 A view on ICT and digitalization in Portuguese firms
by João Amador & Cátia Silva - e202312 A macro approach to the relative efficiency of the Portuguese health system
by Cláudia Braz & Sónia Cabral
2022
- e202201 Energy mix and intensity in Portugal: Portraits from aggregate and firm-level data
by João Amador - e202202 Characteristics of parties and duration of insolvency cases in Portugal
by Lara Wemans & Manuel Coutinho Pereira - e202203 A micro-level analysis of corporate income taxation in Portugal
by Cláudia Braz & Maria Manuel Campos & Sónia Cabral - e202204 Workforce skills and firm productivity
by Ana Catarina Pimenta & Marta Silva & Joana Cima - e202205 Financial literacy of 15 years-old in Portugal: Evidence from PISA 2018
by Hugo Reis & Lara Wemans - e202206 The competitiveness of the Portuguese economy: A view from a composite indicator
by João Amador & Ana Fernandes - e202207 An assessment of companies’ competitiveness in Portugal and in some European countries
by Fernando Martins & Hugo Reis & Manuel Coutinho Pereira & Mário Lourenço - e202208 Corporate insolvency and restructuring during COVID-19
by Gil Nogueira - e202209 On the aggregate and distributional effects of carbon taxation in Portugal
by Nuno Lourenço & Zeina Hasna - e202210 Pandemic shocks
by José R. Maria & Paulo Júlio - e202211 On the solvency and credibility of a central bank
by José Miguel Cardoso da Costa - e202212 The role of family social transfers in reducing child poverty in Portugal
by Lara Wemans & Sara Riscado & Edlira Narazani - e202213 A multidimensional poverty indicator for Portugal
by Nuno Alves - e202214 Firm lifecycles
by António Santos & Pedro Dias Moreira & Nicholas Kozeniauskas - e202215 A circular business cycle clock for Portugal
by António Rua & Nuno Lourenço
2021
- e202101 Indicators of monetary policy stance and financial conditions: an overview
by Carla Soares & Nikolay Iskrev & Rita Fradique Lourenço - e202102 On the measurement of Portuguese firms’ fixed operating costs
by Nuno Silva & Pedro Dias Moreira & Sónia Félix - e202103 Portuguese firms’ financial vulnerability and excess debt in the context of the COVID-19 shock
by Francisco Augusto - e202104 Lessons from a finitely-lived agents structural model
by José R. Maria & Paulo Júlio - e202105 Cyclical outputs and structural budget balances
by Cláudia Duarte & José R. Maria & Sharmin Sazedj - e202106 Bank pricing of corporate loans
by Márcio Mateus - e202107 Curb your enthusiasm: the aggregate short-run effects of a borrower-based measure
by Daniel Abreu - e202108 Challenges in measuring fiscal effects
by Cláudia Braz & Maria Manuel Campos - e202109 Unveiling the real contribution of final demand to GDP growth
by António Rua & Fátima Cardoso - e202110 Heterogeneity in loan pricing: the role of bank capital
by Diana Bonfim & Leonor Queiró & Luísa Farinha - e202111 Simple guidelines for the taxation of housing
by Pedro Teles - e202112 Euro area inflation expectations during the COVID-19 pandemic
by Nikolay Iskrev & Pedro Pires Ribeiro & Sandra Gomes - e202113 Consumption expenditure during the COVID-19 pandemic: an analysis based on Portuguese card transaction data
by Cristina Manteu & Sara Serra & Sónia Cabral & Cátia Silva - e202114 Household wealth in Portugal and the euro area
by Luís Martins & Luísa Farinha & Renata Mesquita & Sónia Costa - e202115 Revisiting Portuguese banks’ efficiency and productivity
by Nuno Ribeiro
2020
- e202001 A characterization of income and consumption inequality in Portugal
by Fátima Cardoso & Nuno Alves & Nuno Monteiro - e202002 Portuguese Household Finance and Consumption Survey: results for 2017 and comparison with the previous waves
by Luís Martins & Luísa Farinha & Renata Mesquita & Sónia Costa - e202003 Non-performing loans and bank lending: Evidence for Portugal
by Carla Marques - e202004 Exchange Rate Cooperation Agreement between Portugal and Cabo Verde: characterisation, developments and challenges after 20 years
by Ana Filipa Correia & José R. Maria & Vanda G. Cunha - e202005 The granularity of Portuguese firm-level exports
by Carlos Melo Gouveia & Cristina Manteu & Sónia Cabral - e202006 The measurement of labour market slack: An empirical analysis for Portugal
by Fernando Martins & Domingos Seward - e202007 The sources of wage variability in Portugal: a binge reading survey
by Pedro Portugal - e202008 The effect of corporate bond purchases by the ECB on firms’ borrowing costs
by Diana Bonfim & André Capela - e202009 The relation between PD and LGD: an application to a corporate loan portfolio
by António Santos - e202010 The capital surcharge on banks offering ‘superdeposits’: An early example of macroprudential policy measure in Portugal
by Paulo Esteves & Maximiano Pinheiro - e202011 Deposit interest rate ceilings
by Paulo Esteves & Maximiano Pinheiro - e202012 Business owners in Portugal and the euro area: characteristics and exposure to the pandemic
by Luís Martins & Luísa Farinha & Renata Mesquita & Sónia Costa - e202013 Rise and fall of the largest firms in Portugal
by Ana Catarina Pimenta & João Amador & Mário Lourenço - e202014 House price forecasting and uncertainty: Examining Portugal and Spain
by Paulo M.M. Rodrigues & Rita Fradique Lourenço & Robert Hill - e202015 Inputs, technology and efficiency: The Portuguese economy in the last three decades
by António Santos & João Amador
2019
- e201901 Sectoral concentration risk in Portuguese banks’ loan exposures to non-financial firms
by António Santos & Nuno Silva - e201902 Cyclically-adjusted current account balances in Portugal
by João Amador & João Falcão Silva - e201903 Aggregate educational mismatches in the Portuguese labour market
by Ana Catarina Pimenta & Manuel Coutinho Pereira - e201904 Why is price stability a key goal of central banks?
by Bernardino Adão - e201906 Potential output: How does Portugal compare with the euro area over the last 40 years?
by Cláudia Duarte & José R. Maria & Sharmin Sazedj - e201907 The new ESCB methodology for the calculation of cyclically adjusted budget balances: an application to the Portuguese case
by Cláudia Braz & Maria Manuel Campos & Sharmin Sazedj - e201908 Inflation expectations in the Survey of Professional Forecasters: An exploratory analysis
by Joana Garcia & Nikolay Iskrev - e201909 Credit and the economy: lessons from a decade of research at Banco de Portugal
by Diana Bonfim & Sónia Félix & Luísa Farinha - e201910 Regulatory costs and performance of Portuguese firms
by João Amador & Sónia Cabral & Birgitte Ringstad - e201911 Euro area credit market: who contributed to the recent recovery?
by Carla Soares - e201912 The import content of final demand in Portugal: Nominal and real evolution
by António Rua & Fátima Cardoso - e201913 Business models and firm performance
by Luca David Opromolla
2018
- e201801 The distribution of wages and wage inequality
by Hugo Reis & Pedro Portugal & Pedro S. Raposo - e201802 GDP-linked bonds: design, effects, and way forward
by Diana Bonfim & David Pereira - e201803 Term premia dynamics in the US and Euro Area: who is leading whom?
by Nikolay Iskrev - e201804 How long does it take to enforce a debt in the Portuguese judicial system?
by Lara Wemans & Manuel Coutinho Pereira - e201805 Is the Phillips curve dead? - results for Portugal
by Sara Serra - e201806 Forecasting exports with targeted predictors
by António Rua & Nuno Lourenço & Francisco Dias - e201807 The Maturity Rat Race and Short-Termism
by Joana F. Pimentel & Sujiao Zhao - e201808 A portrait of Portuguese international traders of non-tourism services
by João Amador & Sónia Cabral & Birgitte Ringstad - e201809 Borrowing constraints and firm dynamics
by Sónia Félix - e201810 From unconventional monetary to unconventional fiscal policies
by Isabel Horta Correia - e201811 Interest rate spreads hikes: What lies behind them?
by José R. Maria & Paulo Júlio - e201812 Monitoring the equity risk premium in the S&P500
by Nuno Silva - e201813 Financial situation indicators of Portuguese firms: Do size, age and sector matter?
by Paulo Esteves & Fábio Albuquerque
2017
- e201701 Productivity in civil justice in Portugal: A crucial issue in a congested system
by Lara Wemans & Manuel Coutinho Pereira - e201702 Firm creation and survival in Portugal
by Sónia Félix - e201703 Dating the Portuguese business cycle
by António Rua - e201704 Why wealth should not be taxed
by Joana Garcia & Pedro Teles - e201705 Revisiting the returns to schooling in the Portuguese economy
by Hugo Reis & Maria Manuel Campos - e201706 Impact of uncertainty measures on the Portuguese economy
by Cristina Manteu & Sara Serra - e201707 Output in the Portuguese post-2008 period: A general equilibrium narrative
by José R. Maria & Paulo Júlio - e201708 Spillovers of prudential policy across borders: evidence for Portugal
by Diana Bonfim & Sónia Costa - e201709 Operational cycle and tax liabilities as determinants of corporate credit risk
by Luciana Barbosa & Paulo Soares de Pinho - e201710 A model with financial frictions and a banking system for the Portuguese economy
by Sandra Gomes - e201711 Trade Margins and Cohorts of Traders in Portugal
by João Amador & Luca David Opromolla - e201712 Understanding the Basel III Leverage Ratio Requirement
by Dina Baptista - e201713 House prices in Portugal - what happened since the crisis?
by Paulo M.M. Rodrigues & Rita Fradique Lourenço
2016
- e201601 Structure of corporate funding
by Luciana Barbosa & Paulo Soares de Pinho - e201602 Comparing misallocation between sectors in Portugal
by Daniel Dias - e201603 How the Portuguese firms adjusted to the economic and financial crisis: main shocks and channels of adjustment
by Fernando Martins - e201604 How can the Phillips curve be used for today's policy?
by Joana Garcia & Pedro Teles - e201605 Firm default probabilities revisited
by António R. Antunes & Homero Gonçalves - e201606 The sources of the gender wage gap
by Paulo Guimarães & Pedro Portugal & Ana Rute Cardoso - e201607 A bottom-up approach for forecasting GDP in a data rich environment
by António Rua & Francisco Craveiro Dias - e201608 Portugal: Trends, cycles, and instability in output and unemployment over 2008-2012
by José R. Maria - e201609 Bank Runs: Theories and Policy Applications
by Ettore Panetti - e201610 The precautionary saving: theories, measurements and policies
by Valério Ercolani - e201611 Financial situation of the households in Portugal: an analysis based on the HFCS 2013
by Sónia Costa - e201612 Bank Switching in Portugal
by Gil Nogueira - e201613 Nowcasting Portuguese tourism exports
by Cláudia Duarte & Sónia Cabral
2015
- e201501 Co-movement of revisions in short- and long-term inflation expectations
by António R. Antunes - e201502 Determinants of civil litigation in Portugal
by Lara Wemans & Manuel Coutinho Pereira - e201503 Revisiting the monthly coincident indicators of Banco de Portugal
by António Rua - e201504 Increased strength of monetary policy
by Bernardino Adão & André C. Silva - e201505 Temporary contracts’ transitions: the role of training and institutions
by Sara Serra - e201506 The Portuguese Banking System during the Sovereign Debt Crisis
by Matteo Crosignani - e201507 Trade Unions: The winners curse?
by Hugo Vilares - e201508 On the wage bargaining system in Portugal
by Fernando Martins - e201509 On fallacies surrounding the discussion about the reduction of social security contributions
by Pedro Portugal - e201510 The Portuguese labor market legislation: a technological shock
by Álvaro A. Novo - e201511 The euro area financial network and the need for better integration
by Nuno Silva - e201512 The Portuguese money market throughout the crisis: What was the impact of ECB liquidity provision?
by Carla Soares & Ana Sofia Saldanha - e201513 A Reappraisal of Eurozone Countries Output Differentials
by Paulo M.M. Rodrigues & Jorge M. L. G. Andraz
2014
- s201401 Composite Indicator of Financial Stress for Portugal
by José Pedro Braga - r201401 Cash holdings determinants in the Portuguese economy
by Luísa Farinha - b201401 Household Income Mobility in the European Union and in Portugal: an Analysis of Labor Market and Demographic Events
by Carlos Martins & Nuno Alves - s201402 The impact of bank recapitalization on firms' access to credit: Evidence from Portugal
by Sónia Félix & Francisco Augusto - b201402 Portuguese Exports in the Global Value Chains
by João Amador & Robert Stehrer - r201402 Strategy and instruments of macro-prudential policy
by Financial Stability Department - r201403 Gestão da liquidez das empresas não financeiras portuguesas: uma análise das restrições de financiamento
by Luísa Farinha - b201403 Capitalization and Credit Provision: Evidence from the United States
by Sudipto Karmakar - s201403 Credit rationing for Portuguese SMEs
by Luísa Farinha & Sónia Félix - b201404 Early Warning Indicators of Banking Crises: Exploring new Data and Tools
by António R. Antunes & Diana Bonfim & Nuno Monteiro & Paulo M.M. Rodrigues - b201405 The 3D Model: a Framework to Assess Capital Regulation
by Laurent Clerc - b201406 Financial frictions and shock transmission: the Portuguese case
by Gabriela Castro & José R. Maria & Paulo Júlio - b201407 Grade retention during basic education in Portugal: determinants and impact on student achievement
by Hugo Reis & Manuel Coutinho Pereira - b201408 Forecasting Portuguese GDP with factor models
by António Rua & Francisco Craveiro Dias - b201409 Resource allocation, productivity and growth in Portugal
by Daniel Dias - b201410 The cyclicality of the Portuguese labour market: a macroeconomic perspective in the OECD context
by Pedro Amaral - b201411 A review of the pharmaceutical market in Portugal
by Manuel Coutinho Pereira - b201412 Structural reforms in the euro area
by Sandra Gomes - b201413 The Dynamics and Contrast of House Prices in Portugal and Spain
by Paulo M.M. Rodrigues & Rita Fradique Lourenço - b201414 Sovereign Debt Crises
by Pedro Teles - b201415 Wage adjustments during a severe economic downturn
by Fernando Martins & Pedro Portugal
2013
- b201300 Output effects of fiscal policy in Portugal: a structural VAR approach
by Lara Wemans & Manuel Coutinho Pereira - b201301 Assessment of Banco de Portugal’s projection errors for economic activity in the period 2009-12
by Banco de Portugal - r201301 Is there a risk-taking channel of monetary policy in Portugal?
by Carla Soares & Diana Bonfim - b201302 Trade and wage inequality
by Luca David Opromolla - r201302 Investment Decisions and Financial Standing of Portuguese Firms – recent evidence
by Luísa Farinha - r201303 Bank interest rates on new loans to non-financial corporations– one first look at a new set of micro data
by Carlos Santos - b201303 Competition in the Portuguese Economy: Estimated Price-Cost Margins Under Imperfect Labour Markets
by Ana Cristina Soares & João Amador - b201304 Foreign investment and institutional reform: Portugal in European perspective
by Paulo Júlio & Ricardo Pinheiro-Alves - r201304 Option trade volume and volatility of banks’ stock returns
by Rafael Barbosa & Martín Saldias - b201305 Business cycle accounting for Portugal
by Nikolay Iskrev - r201305 A Macro-prudential Policy for Financial Stability
by Rita Basto - r201306 The implementation of the countercyclical capital buffer: rules versus discretion
by Diana Bonfim & Nuno Monteiro - b201307 Oil price shocks and their effects on economic activity and prices: an application for Portugal
by Francisco Craveiro Dias - b201308 Short-term forecasting of indirect tax revenues: an application for Portugal
by Cláudia Braz & Paulo Esteves - b201309 The world tourism exports cycle
by Paulo M.M. Rodrigues & P.M.D.C.B. Gouveia - b201310 Predicting aggregate returns using valuation ratios out-of-sample
by Ana Sequeira - b201311 Short-term macroeconomic forecasts for the U.S. economy using nowcasts of the survey of professional forecasters
by Inês Maria Gonçalves - b201312 The macroeconomic effects of legislated tax changes in Portugal
by Lara Wemans & Manuel Coutinho Pereira - b201313 The determinants of downward wage rigidity: Some methodological considerations and new empirical evidence
by Fernando Martins & Daniel Dias - b201314 The import content of global demand in Portugal
by António Rua & Fátima Cardoso & Paulo Esteves - b201315 Confidence and economic activity: the case of Portugal
by Maria Tereza Punzi - b201316 Segmenting wages
by Mário Centeno & Álvaro A. Novo - b201317 Labor unions, union density and the union wage premium
by Pedro Portugal - b201318 The price elasticity of external demand of Portuguese exports: a comparison with other euro area countries
by Cristina Manteu & Sónia Cabral
2012
- b201200 Segmentation
by Mário Centeno & Álvaro A. Novo - r201201 Households’ indebtedness: a microeconomic analysis based on the results of the households’ financial
by Luísa Farinha & Sónia Costa - b201201 Competition in the Portuguese Economy: a view on tradables and non-tradables
by Ana Cristina Soares & João Amador - b201202 Fiscal institutions and public spending volatility in Europe
by Bruno Albuquerque - r201202 Access to credit by non-financial firms
by António R. Antunes & Ricardo Martinho - b201203 Welfare costs of inflation with distortionary taxation
by Bernardino Adão & André C. Silva - r201203 Systemic risk analysis and option-based theory and information
by Martín Saldias - r201204 Systemic Liquidity Risk
by Diana Bonfim & Moshe Kim - b201204 Revisiting the effectiveness of monetary and fiscal policy in the US, measured on the basis of structural VARs
by Manuel Coutinho Pereira - r201205 Households’ Default Probability: An Analysis Based on the Results of the HFCS
by Sónia Costa - b201205 On the targeting of short and long term interest rates
by Bernardino Adão & Pedro Teles - b201206 Labour cost-cutting strategies microeconomic evidence from survey data
by Fernando Martins & Daniel Dias - r201206 A Scoring Model For Portuguese Non-Financial Enterprises
by António R. Antunes & Ricardo Martinho - b201207 Mobility and income inequality in the European Union and in Portugal
by Carlos Martins & Nuno Alves - b201208 Wavelets in economics
by António Rua - b201210 Measuring competition in the Portuguese economy using profit elasticities
by Ana Cristina Soares & João Amador