Óscar Arce
Economics
- Current Position
-
Director General
- Fields of interest
-
Macroeconomics and Monetary Economics
- Other current responsibilities
- 2022-
Chairman of the Monetary Policy Committee of the ESCB
- Education
- 2000-2005
PhD in Economics. London School of Economics (London, UK)
- 1998-2002
PhD in Business Economics. Universidad de Burgos (Burgos, Spain)
- 1999-2000
MSc Economics, University College London (London, UK)
- 1991-1996
Bachelor in Economics and Business Administration, University of Valladolid (Valladolid, Spain)
- Professional experience
- 2022-
Director General Economics, European Central Bank
- 2018-2022
Director General Economics, Statistics and Research, Banco de España
- 2015-2018
Associate Director General for Economics and Research, at the DG Economics, Statistics and Research, Banco de España
- 2015-2015
Director of the Monetary and Financial Studies Dpt., at the DG Economics, Statistics and Research, Banco de España
- 2012-2015
Head of the Macroeconomic Analysis and Forecasting Division, at the Department of Economic Analysis and Forecasting, Banco de España
- 2009-2012
Director of the Research and Statistics Department - Spanish Securities Market Commission - CNMV
- 2008-2009
Deputy Director General, Economic Policy Department, Economic Bureau of the Spanish Prime Minister
- 2004-2008
Senior Economist, Research Department, Banco de España
- Awards
- 2000
Banco de España Scholarship for Graduate Studies Abroad
- Teaching experience
- 2014-2014
Adjunct professor (part-time), University of Navarra, Master on Banking
- 2011-2012
Adjunct professor (part-time), IE Business School
- 2005-2007
Adjunct professor (part-time), ICADE (Madrid)
- 2003-2004
London School of Economics, Dpt. of Economics: Temporary lecturer (macroeconomics, graduate)
- 2001-2003
London School of Economics, Dpt. of Economics: class teacher (macro & micro undergraduate)
- 1997-1999
Lecturer, macro, micro, international economics. Dpt. of Applied Economics, University of Burgos
- 8 May 2025
- THE ECB BLOGDetails
- JEL Code
- J10 : Labor and Demographic Economics→Demographic Economics→General
- 6 May 2024
- THE ECB BLOGDetails
- JEL Code
- J21 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Force and Employment, Size, and Structure
J24 : Labor and Demographic Economics→Demand and Supply of Labor→Human Capital, Skills, Occupational Choice, Labor Productivity
J22 : Labor and Demographic Economics→Demand and Supply of Labor→Time Allocation and Labor Supply
J23 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Demand
- 28 February 2024
- OCCASIONAL PAPER SERIES - No. 343Details
- Abstract
- This paper applies the semi-structural model proposed by Bernanke and Blanchard (2023) to analyse wage growth, price inflation and inflation expectations in the euro area. It is part of a broader project coordinated by Bernanke and Blanchard to provide a unified framework for analysing and comparing global inflation dynamics across the major world economic areas, including US, euro area, Canada, UK, and Japan. The paper makes four main contributions. First, it estimates the model using quarterly data from the euro area covering the period from the first quarter of 1999 to the second quarter of 2023. Second, it conducts an empirical assessment of how euro area price inflation responds to various exogenous shocks. This includes evaluating how shock transmission evolved during the pandemic and comparing it with experience in the United States. Third, the model decomposes the drivers of wage growth and price inflation in the post-pandemic period. It emphasises the transmission channels and the respective roles of supply and demand forces that have contributed to the recent inflationary surge. Notably, it identifies the impact of labour market tightness, productivity, global supply chain disruptions and energy and food price shocks. Finally, the model generates conditional projections based on these exogenous shocks, enabling a more robust cross-check of inflation forecasts during times of significant global economic disturbances.
- JEL Code
- C5 : Mathematical and Quantitative Methods→Econometric Modeling
E47 : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
F4 : International Economics→Macroeconomic Aspects of International Trade and Finance
- 7 June 2023
- THE ECB BLOGDetails
- JEL Code
- E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
- 30 March 2023
- THE ECB BLOGDetails
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
- 24 February 2023
- THE ECB BLOGDetails
- JEL Code
- E30 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→General
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
Related- 1 March 2023
- THE ECB BLOG
- 25 August 2016
- WORKING PAPER SERIES - No. 1942Details
- Abstract
- We provide a general equilibrium framework for analyzing the effects of supply and demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap and a slow deleveraging process in its
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E63 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Comparative or Joint Analysis of Fiscal and Monetary Policy, Stabilization, Treasury Policy
D42 : Microeconomics→Market Structure and Pricing→Monopoly - Network
- Task force on low inflation (LIFT)
- 2023
- Economic PolicyBank lending policies and monetary policy: Some lessons from the negative interest era
- 2022
- International Journal of Central Banking
- 2021
- Review of Finance
- 2021
- Working Paper Banco de Espana
- 2020
- Review of Economic Dynamics
- 2020
- Journal of Monetary Econmics
- 2017
- Journal of Monetary EconomicsStructural Reforms in a Debt Overhang
- 2016
- European Financial Management
- 2016
- International Journal of Central Banking
- 2013
- European Economic Review
- 2013
- Journal of International Money and Finance
- 2013
- Journal of Money, Credit and Banking
- 2012
- Economic Journal
- 2011
- The American Economic Journal: Marcroeconomics
- 2009
- Journal of Economic Dynamics and Control