Oscar Arce

Banco de España

Economist

Alcala 50

Madrid 28014

Spain

SCHOLARLY PAPERS

22

DOWNLOADS
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SSRN RANKINGS

Top 26,294

in Total Papers Downloads

3,531

SSRN CITATIONS
Rank 2,450

SSRN RANKINGS

Top 2,450

in Total Papers Citations

263

CROSSREF CITATIONS

432

Scholarly Papers (22)

Bank Lending Policies and Monetary Policy: Some Lessons From the Negative Interest Era

Swiss Finance Institute Research Paper No. 21-75
Number of pages: 66 Posted: 30 Apr 2018 Last Revised: 28 Feb 2023
Banco de España, Banco de España, Banco de España and University of Zurich - Department of Banking and Finance
Downloads 359 (148,752)
Citation 1

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negative interest rates, negative for long, zero lower bound, lending policies, bank capital ratio, risk taking

Adapting Lending Policies When Negative Interest Rates Hit Banks’ Profits

Paris December 2018 Finance Meeting EUROFIDAI - AFFI
Number of pages: 43 Posted: 30 Apr 2018
Banco de España, Banco de España, Banco de España and University of Zurich - Department of Banking and Finance
Downloads 211 (256,262)
Citation 31

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negative interest rates; risk taking; lending policies

Adapting lending policies in a “negative-for-long” scenario (Updated October 2020)

Banco de Espana Working Paper No. 1832
Number of pages: 46 Posted: 08 Oct 2018 Last Revised: 15 Oct 2020
Banco de España, Banco de España, Banco de España and University of Zurich - Department of Banking and Finance
Downloads 179 (297,720)
Citation 30

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negative interest rates, negative for long, lending policies, banks capital ratio, risk taking

2.
Downloads 380 (140,680)
Citation 49

Housing Bubbles

Banco de Espana Working Paper No. 0815
Number of pages: 53 Posted: 04 Aug 2008
Oscar Arce and David Lopez-Salido
Banco de España and Board of Governors of the Federal Reserve System
Downloads 376 (141,249)
Citation 34

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collateral constraints, buy-to-let investment, housing bubbles, switching bubbles, welfare

Housing Bubbles

CEPR Discussion Paper No. DP6932
Number of pages: 50 Posted: 02 Dec 2008
Oscar Arce and David Lopez-Salido
Banco de España and Board of Governors of the Federal Reserve System
Downloads 4 (1,107,530)
Citation 4
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buy-to-let investment, collateral constraints, housing bubbles, switching

3.

Making Room for the Needy: The Credit-Reallocation Effects of the ECB’s Corporate QE

Number of pages: 43 Posted: 06 Jul 2017 Last Revised: 24 Nov 2017
Banco de España, Banco de España and Banco de España
Downloads 323 (168,039)
Citation 2

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4.

Banking Competition, Housing Prices and Macroeconomic Stability

Banco de Espana Working Paper No. 0830
Number of pages: 40 Posted: 12 Jan 2009
Javier Andrés and Oscar Arce
University of Valencia - Department of Economics and Banco de España
Downloads 234 (233,212)
Citation 37

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banking competition, collateral constraints, housing prices

5.

Short-Sale Constraints and Financial Stability: Evidence from the Spanish Market

Number of pages: 40 Posted: 24 Jun 2012 Last Revised: 21 May 2014
Oscar Arce and Sergio Mayordomo
Banco de España and Banco de España
Downloads 209 (259,272)
Citation 1

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short-sales constraint, financial stability, market quality

6.

Making Room for the Needy: The Credit-Reallocation Effects of the ECB's Corporate QE

Banco de Espana Working Paper No. 1743
Number of pages: 39 Posted: 12 Dec 2017
Banco de España, Banco de España and Banco de España
Downloads 188 (285,387)
Citation 38

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unconventional monetary policy, Corporate Sector Purchase Programme, quantitative

House Prices, Rents, and Interest Rates Under Collateral Constraints

Banco de Espana Research Paper No. WP-0610
Number of pages: 45 Posted: 08 May 2006
Oscar Arce and David Lopez-Salido
Banco de España and Board of Governors of the Federal Reserve System
Downloads 161 (326,772)
Citation 24

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price-to-rent ratio, collateral constraints, buy-to-let investment, multiple equilibria

House Prices, Rents and Interest Rates Under Collateral Constraints

CEPR Discussion Paper No. 5689
Number of pages: 42 Posted: 02 Aug 2006
Oscar Arce and David Lopez-Salido
Banco de España and Board of Governors of the Federal Reserve System
Downloads 22 (925,804)
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Price-to-rent ratio, collateral constraints, buy-to-let investment, multiple equilibria

8.

Banking Competition, Collateral Constraints and Optimal Monetary Policy

Banco de Espana Working Paper No. 1001
Number of pages: 45 Posted: 18 Feb 2010
Javier Andrés, Oscar Arce and Carlos Thomas
University of Valencia - Department of Economics, Banco de España and Banco de España
Downloads 156 (335,555)
Citation 78

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banking competition, lending spreads, collateral constraints, monetary policy, linear-quadratic method

9.

The ECB Monetary Policy Response to the Covid-19 Crisis (La respuesta de la política monetaria del Banco Central Europeo frente a la crisis del Covid-19)

Banco de Espana Ocassional Paper No. 2026
Number of pages: 28 Posted: 14 Oct 2020
Banco de España, Banco de España, Banco de España, Banco de España, Banco de España and Banco de España
Downloads 154 (339,176)
Citation 4

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European Central Bank, asset purchases, refinancing operations

10.
Downloads 114 (385,444)
Citation 6

Market Polarization and the Phillips Curve

Banco de Espana Working Paper No. 2106
Number of pages: 60 Posted: 08 Feb 2021
Javier Andrés, Oscar Arce and Pablo Burriel
University of Valencia - Department of Economics, Banco de España and Banco de España
Downloads 114 (430,053)
Citation 5

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firm heterogeneity, Bertrand competition, Phillips curve, market share

11.

A Large Central Bank Balance Sheet? Floor vs Corridor Systems in a New Keynesian Environment

Banco de Espana Working Paper No. 1851
Number of pages: 75 Posted: 08 Jan 2019
Banco de España, Banco de España, European Central Bank (ECB) and Banco de España
Downloads 111 (436,419)
Citation 31

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central bank balance sheet, interbank market, search and matching frictions, reserves, zero lower bound

12.

Structural Reforms in a Debt Overhang

Banco de Espana Working Paper No. 1421
Number of pages: 47 Posted: 30 Jul 2014
Javier Andrés, Oscar Arce and Carlos Thomas
University of Valencia - Department of Economics, Banco de España and Banco de España
Downloads 97 (483,292)
Citation 15

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deleveraging, collateral constraints, long-run debt, structural reforms

13.

Adapting Lending Policies Against a Background of Negative Interest Rates

Banco de Espana Article 5/19
Number of pages: 9 Posted: 29 Mar 2019
Banco de España, Banco de España and Banco de España
Downloads 87 (514,420)
Citation 1

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negative interest rates; risk-taking; lending policies

14.

The Effects of the Eurosystem’s Corporate Sector Purchase Programme on Spanish Companies

Banco de Espana Article 2/18
Number of pages: 6 Posted: 01 Mar 2018
Banco de España, Banco de España and Banco de España
Downloads 85 (521,788)
Citation 4

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15.

Price Determinacy under Non-Ricardian Fiscal Strategies

Banco de España Working Paper No. 0741
Number of pages: 36 Posted: 17 Jan 2008
Oscar Arce
Banco de España
Downloads 76 (561,566)
Citation 37

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Fiscal-monetary interactions, Fiscal Theory of the Price Level, interest rate peg, equilibrium (in)determinacy

16.
Downloads 74 (565,944)
Citation 10

Policy Spillovers and Synergies in a Monetary Union

ECB Working Paper No. 1942
Number of pages: 65 Posted: 28 Aug 2016
Oscar Arce, Samuel Hurtado and Carlos Thomas
Banco de España, Banco de España and Banco de España
Downloads 61 (637,265)
Citation 4

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monetary union, deleveraging, zero lower bound, structural reforms, synergies

Policy Spillovers and Synergies in a Monetary Union

Banco de Espana Working Paper No. 1540
Number of pages: 68 Posted: 25 Aug 2023
Oscar Arce, Carlos Thomas and Samuel Hurtado
Banco de España, Banco de España and Banco de España
Downloads 13 (1,020,816)
Citation 1

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monetary union, deleveraging, zero lower bound, structural reforms, fiscal expansion, forward guidance, synergies

17.

Asymmetric Collateral Requirements and Output Composition

Banco de Espana Working Paper No. 0837
Number of pages: 35 Posted: 02 Feb 2009
Banco de España, University of Navarra - Madrid Campus - IESE Business School and European Stability Mechanism
Downloads 69 (592,424)
Citation 32

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Investment and credit, pledgeability premium, collateral constraints, sectoral allocation, housing

18.

The Eurosystem’s Monetary Policy Following the End of Net Asset Purchases

Banco de Espana Article 4/19
Number of pages: 11 Posted: 26 Feb 2019
Oscar Arce, Galo Nuño and Carlos Thomas
Banco de España, Banco de España and Banco de España
Downloads 68 (592,424)
Citation 2

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central bank balance sheet, unconventional monetary policy, reinvestments

19.

Speculative Hyperinflations: when Can We Rule Them Out?

Banco de Espana Research Paper No. WP-0607
Number of pages: 46 Posted: 08 May 2006
Oscar Arce
Banco de España
Downloads 55 (658,152)
Citation 3

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Hyperinflation, Fiscal-Monetary Reform, Multiple Equilibria, Hysteresis

20.

Thoughts on the Design of a European Recovery Fund (Reflexiones sobre el diseño de un Fondo de Recuperación europeo)

Banco de Espana Occasional Paper No. 2014
Number of pages: 23 Posted: 01 Jun 2020
Banco de España, Banco de España, Banco de España - Research Department and Banco de España
Downloads 49 (692,716)
Citation 4

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Recovery Fund, sovereign debt, European economic governance, European Union, fiscal policy

Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union

Banco de Espana Working Paper No. 2016
Number of pages: 43 Posted: 08 Jun 2020
University of Valencia - Department of Economics, Banco de España, University of Pennsylvania - Department of Economics and Banco de España
Downloads 29 (860,263)
Citation 5

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monetary union, internal devaluation, structural reforms, zero lower bound, policy sequencing

Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union

NBER Working Paper No. w27347
Number of pages: 38 Posted: 15 Jun 2020 Last Revised: 23 Mar 2023
University of Valencia - Department of Economics, Banco de España, University of Pennsylvania - Department of Economics and Banco de España
Downloads 7 (1,081,817)
Citation 1

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Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union

CEPR Discussion Paper No. DP14829
Number of pages: 40 Posted: 03 Jun 2020
University of Valencia - Department of Economics, Banco de España, University of Pennsylvania - Department of Economics and Banco de España
Downloads 0
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internal devaluation, monetary union, policy sequencing, Structural reforms, zero lower bound

22.

The Effects of the Eurosystem's Corporate Sector Purchase Programme on Spanish Companies

Economic Bulletin, Article 2/2018
Number of pages: 6 Posted: 24 Jan 2018
Banco de España, Banco de España and Banco de España
Downloads 34 (795,151)

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