2025<\/i><\/a><\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2025<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2024-156629NB-I00<\/p>\n Summary: Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2025<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2024-161056NB-I00<\/p>\n Summary: Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2025<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2024-157918NB-I00<\/p>\n Summary: Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2025<\/p>\n End date: 31\/08\/2029<\/p>\n Project: PID2024-161721NB-I00<\/p>\n Summary: Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2025<\/p>\n End date: 31\/08\/2029<\/p>\n Project: PID2024-162138NB-I00<\/p>\n Summary: Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2025<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2024-160896OB-I00<\/p>\n Summary: Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2025<\/p>\n End date: 31\/08\/2029<\/p>\n Project: PID2024-158085NB-I00<\/p>\n Summary: Funding entity: COMUNIDAD DE MADRID<\/p>\n Start date: 01\/01\/2025<\/p>\n End date: 31\/12\/2027<\/p>\n Project: PHS-2024\/PH-HUM-126<\/p>\n Summary: <\/p>\n 2024<\/i><\/a><\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2023-151842NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 31\/08\/2027<\/p>\n Project: PID2023-151783NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2023-147593NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 30\/08\/2028<\/p>\n Project: PID2023-146391NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2023-149885OB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 31\/08\/2027<\/p>\n Project: PID2023-149782NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 31\/08\/2028<\/p>\n Project: PID2023-150550NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2024<\/p>\n End date: 31\/08\/2028<\/p>\n Project: ATR2023-145734<\/p>\n Funding entity: EUROPEAN COMMISSION RESEARCH EXECUTIVE AGENCY<\/p>\n Start date: 01\/03\/2024<\/p>\n End date: 31\/08\/2025<\/p>\n Project: 101123298<\/p>\n <\/p>\n 2023<\/i><\/a><\/p>\n BB-Future – THE CARE WAVE AND THE FUTURE OF THE BABY BOOMERS AND THEIR CHILDREN<\/a><\/p>\n Funding entity: EUROPEAN COMMISSION RESEARCH EXECUTIVE AGENCY<\/p>\n Start date: 01\/01\/2023<\/p>\n End date: 31\/12\/2026<\/p>\n Type: European research project<\/p>\n Web: BB-Future | H2020 | CORDIS | European Commission <\/a><\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/01\/2023<\/p>\n End date: 31\/08\/2026<\/p>\n Project: CEX2021-001181-M<\/p>\n Funding entity: EUROPEAN COMMISSION RESEARCH EXECUTIVE AGENCY<\/p>\n Start date: 01\/03\/2023<\/p>\n End date: 28\/02\/2025<\/p>\n Project: 101061192<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2026<\/p>\n Project: PID2022-138960OB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2026<\/p>\n Project: PID2022-141823NA-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2027<\/p>\n Project: PID2022-141414OB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2026<\/p>\n Project: PID2022-142496OB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2025<\/p>\n Project: CNS2022-135957<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2027<\/p>\n Project: PID2022-142153NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2026<\/p>\n Project: PID2022-139510NB-I00<\/p>\n Funding entity: AGENCIA ESTATAL DE INVESTIGACI\u00d3N (AEI)<\/p>\n Start date: 01\/09\/2023<\/p>\n End date: 31\/08\/2027<\/p>\n Project: PID2022-142442OB-I00<\/p>\n Funding entity: FUND. RAMON ARECES<\/p>\n Start date: 07\/11\/2023<\/p>\n End date: 07\/11\/2026<\/p>\n Project: CISP22S15771<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n <\/p>\n 2022<\/i><\/a><\/p>\n El desarrollo de las finanzas digitales: Or\u00e1culos descentralizados para un sistema financiero descentralizado<\/a><\/p>\n Principal researcher\/s: HERNANDO VECIANA, ANGEL; ESCUDERO LIEBANA, CARLOS Project: TED2021-131844B-I00<\/p>\n CAMBIO CLIMATICO HETEROGENEO<\/a><\/p>\n Project: TED2021-129784B-I00<\/p>\n\n
\nThe project aims to address several critical research themes building upon a prior project (DENT). Key objectives include:
\n1. Behavior in Educational Centers: Focused on adolescent behavior, this includes finalizing articles and conducting new experiments using datasets like TeensLab. Areas of interest include strategic decision-making, social preferences, and the neurological basis of fairness decisions.
\n2. Social Networks and Influence: This examines both positive and negative dimensions of networks among adolescents and adults. Themes include the impact of network position on creativity, social stigmas (e.g., mental health), and theoretical studies on workplace dynamics and crime.
\n3. Multi-Country Experiments: Leveraging diverse cultural contexts, projects assess cooperative behavior, environmental awareness, and institutional trust. These efforts aim to unravel the effects of cultural and institutional differences on economic and social behaviors.
\n4. Experimental Methodologies: The team focuses on refining experimental economics techniques, including incentives, decision orders, and measurement tools. New real-effort tasks and network-based models are also developed to enhance experimental reliability.
\n5. Individual Decision-Making: Topics include the intersection of risk aversion with information acquisition, voting behavior under different mechanisms, and understanding social and political preference interactions.
\nThe proposal emphasizes open science practices, ensuring data and tools are accessible for replication and further exploration. Additionally, it plans high-impact dissemination through publications, conferences, and policy engagements. The project is poised to contribute substantially to economic, social, and behavioral sciences while addressing pressing societal challenges like mental health stigma, crime, and climate resilience.
\nFor education, findings will directly impact school-level decision-making, improving social integration and addressing bullying and cognitive development. A dedicated web platform supports schools in accessing student performance data and research insights.<\/p>\n![](\"https:\/\/instituto-economia.uc3m.es\/wp-content\/uploads\/2026\/01\/logo_proyecto.png\"){kind=logo}
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\nOur research proposal contains several themes, but they all have common aspects. In all cases, economic questions are analyzed where culture plays a role. The first theme is about measures of social division and polarization. New ways of measuring polarization and empirically studying its evolution in a series of countries are proposed. The next theme is cultural differences between men and women using social media data. The third research theme concerns the role of cultural differences between regions in understanding secessionism. Data from 3000 regions in the world are used. The fourth theme is about intergenerational socioeconomic mobility. Specifically, it measures the importance of transmitting cultural values within the family in intergenerational mobility. Censuses from several countries will be used.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n
\nUntil 1999, the Dutch Minister of Education set strict limits on the number of high school graduates allowed to study medicine; an annual, centralized lottery was conducted to determine which applicants to medical school were accepted. Leveraging the outcomes of Dutch medical school lotteries conducted during the period 1987-1999, our goal is to answer the following questions:
\nCan personal access to medical expertise overcome vaccine hesitancy?
\nDoes becoming a physician increase the risk of suicide?
\nThese questions, both of which are causal, will be answered with administrative data from Statistics Netherlands. To our knowledge, neither of these questions has, to date, been adequately addressed by previous researchers. This proposal is part of an ongoing collaborative research effort with Drs. D. Mark Anderson (Montana State University) and Ron Diris (Leiden University).<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n
\nThis project comprises two interlinked research proposals: understanding economic agents’ intertemporal decisions and designing active-participant pension plans. Both delve into dynamic models. The first proposal explores questions related to stochastic dynamic programming and the Koopmans equation in recursive utility theory. Additionally, we will investigate the design of aggregated defined benefit pension plans of the employment system and analyze a dynamic game between fund managers and participants.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n
\nIn this project, we study how immigration and the collective bargaining (CB) system interact and affect each other. The project has both a theoretical and an empirical component.
\nOn the theoretical side, we formulate a model of firm wage setting that incorporates collective bargaining. Collective agreements restrict firms\u2019 wage-setting power, but firms may also avoid this system by opting out (as is possible in some countries) or through other mechanisms. Economic shocks, such as immigration, may therefore affect not only wages but also whether firms opt into CB agreements and the content of those agreements.
\nEmpirically, we study whether recent immigration waves in Spain and Germany have affected wage floors stipulated in collective contracts, and whether the existence of such wage floors alters the wage effects of immigration. This analysis is based on high-quality administrative data that allow us to track workers and firms over time, and to exploit regional and sectoral variation in immigration for causal identification.
\nOur starting hypothesis is that immigration (or similar economic shocks) and the CB system interact in multiple ways. First, CB agreements may constrain or alter the wage impacts of immigration. Second, immigration may affect the probability that firms opt into or out of CB agreements. Third, immigration may influence wage floors and wage growth through its effects on newly negotiated CB agreements. A corollary of the second and third hypotheses is that immigration may contribute to the erosion of CB systems\u2014an implication that we also test empirically.
\nAlthough immigration and collective bargaining are central economic topics in many countries, there is little empirical evidence on these interactions. Existing research has identified other factors that may have contributed to the weakening of collective bargaining systems in Germany, Spain, and other European countries, including exposure to foreign competition and rising heterogeneity in productivity across firms and workers (e.g., J\u00e4ger, Noy, and Schoefer, 2022). In contrast, the literature has largely overlooked how immigration interacts with collective bargaining. A recent exception is Medici (2025), who shows, using historical U.S. data, that immigration was an important driver of unionization in the early twentieth century. However, we still lack evidence on how\u2014and through which mechanisms\u2014immigration affects CB systems in modern economies.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n
\nThe main contribution of this research proposal is improved measurement of heterogeneous sectoral (industry\/occupation) reallocation frictions that workers face, based on a new search-theoretical framework that uses sectoral vacancy data in combination with worker flows across sectors. It distinguishes reallocation frictions that are specific between source\/destination pairs from sector-specific push and pull forces. This has implications for the measurement of labor market shortages and mismatch, and beyond this, for policies to facilitate a societally more desirable allocation of labor.
\nThe research in this project delves deeper by using this framework to compare the size of sector-pair specific reallocation frictions across countries. This can be further used to measure the different labor market shortages and mismatch across countries and the underlying sources (different frictions, different sectoral distribution of workers or different sectoral push\/pull factors). It will consider the role of sectoral and occupational miscoding that is relevant for standard labor force data. It will also relate the reallocation frictions as measured to observed flows and occupational task content.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n
\nIncome risk, stemming from idiosyncratic shocks or aggregate shocks, affects the lived experiences of almost all workers at some point in their lives. As private markets are mostly missing, governments provide the majority of insurance against those risks. This project will advance our scientific knowledge about the nature of these risks and effective insurance measures by the government. Regarding idiosyncratic risk, we will study the hardships resulting from job insecurity, low wages, and health risks affecting the type of work one can do. We will place a special emphasis on how the government can incentivize firms to create good jobs, thus, furthering our understanding of how to create stable and well-paying employment which has been identified as a key goal by the UN through its Sustainable Development Goals and the European Union through the Eurofound Agency. Moreover, we will study how the government can insure workers effectively against idiosyncratic income risks. With regard to aggregate shocks, governments abilities to insure workers against risk are particularly strained during periods of sovereign debt crises. Yet worse, these events are usually accompanied by deep economic recessions. For example, during the 2010 financial crisis, millions of people became unemployed in Europe and people in countries that saw rising interest rates were the most affected. This project will contribute to understanding the causes of these large macroeconomic shocks, their consequences for employment, and possible mitigation measures.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n
\nThe CLIMAD-CM project (\u201cEconomic and Social Effects of Climate and Energy Policies\u201d) aims to develop and apply advanced methodologies to evaluate the design of climate and energy policies and their socio-economic impacts. The analysis will be carried out through an interdisciplinary approach, combining knowledge from various fields of economics (Microeconomics, Microeconometrics, Macroeconomics, Political Economy) to comprehensively address the challenges of climate change and the Energy Transition.
\nThe first line of research will focus on analyzing policies to promote renewable energy. It will seek to identify the most suitable market mechanisms and public policies to boost investments in renewable energy. Two elements will play a prominent role in the analysis, which will be both theoretical and empirical: long-term contracts and their ability to reduce uncertainty about cost recovery, and renewable energy auctions which, if well designed, will be an effective mechanism to allow consumers to benefit from the efficiency gains, while ensuring the achievement of the renewable energy investments.
\nThe second line of research will explore the socio-economic and demographic effects of green investments, developing a novel methodological framework to analyze the heterogeneity of the effects of climate and energy policies. Additionally, the impact of renewable energy investments on migration flows and population in rural areas will be evaluated, identifying how these investments can mitigate depopulation.
\nThe third line of research will address the macroeconomic effects of the Energy Transition. The aggregate and distributive impacts of climate volatility and energy price shocks on income and employment will be analyzed, using high-frequency long-term data. Additionally, the effects of the Energy Transition on small open economies will be studied, developing models that include clean and polluting energies as substitutive production inputs.
\nThe fourth line of research will examine the political economy of the Energy Transition and green taxation. The implications of policies that promote the Energy Transition will be analyzed, focusing on environmental taxation and its distributive impact. Additionally, incentives for the purchase of electric vehicles and the determinants of discourse around green public policies in the Congress of Deputies will be studied.
\nThis project stands out for its interdisciplinary value, integrating approaches from various fields of economics to address climate change and the Energy Transition. It will enable the creation of a leading research group on these topics in the Community of Madrid, fostering close collaboration among members of the three research groups involved: ENERGYECOLAB (UC3M), CEMFI, and CUNEF. This group will work in collaboration with national and international institutions, providing knowledge and methodological developments that will be highly useful for public policy formulation.<\/p>\n![](\"https:\/\/instituto-economia.uc3m.es\/wp-content\/uploads\/2026\/01\/logo_proyecto_madrid.png\"){kind=logo}
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\nFunding entity: AGENCIA ESTATAL DE INVESTIGACION (AEI)
\nStart date: 01\/12\/2022
\nEnd date: 30\/11\/2024
\nType: Nacional Project. TED-Transici\u00f3n ecol\u00f3gica y digital
\nSummary: This project focus on digital transition by building up and improving current components of the decentralized digital finance infrastructure. Two goals are pursued: to improve on blockchain reporting of digital financial information through the work on financial automated market making schemes; and to use developing decentralized infrastructure to create a system of reporting digitally and in a decentralized form benchmark indexes to ameliorate their transparency and resilience. This approach addresses three main themes emphasised by the most recent legal initiatives in the EU: (A) The need to better access to data and data sharing within the EU, creating broader access to public and private data to the benefits of people, businesses, and public interest. (B) Clarify regulation, allowing the financial sector to capture efficiency gains through wider use of distributed ledger technology (DLT) in capital markets. (C) Embrace crypto asset development in order to be part of the recent growth in decentralized finance.
\nOur proposal will work around these three main themes with a clear and well-defined objective: design and build incentive compatibles mechanisms that will allow to link off chain with the on-chain economy. The solution to this problem comes in the form of oracles or reporters of the outside world. This is a key step for the transition to the digital economy and the future of finance and one of the most relevant problems in Decentralised Finance. We will link the reliability and proper functioning of oracles to problems currently faced in centralized economy: accurate and reliable reporting of benchmark data, like those encountered in the LIBOR (London Interbank Offered Rate). The project will move into the implementation of a proof of concept in the form of a reliable DLT that reports benchmark data. To address this objective, we shall draw two big research lines. In our first research line, we focus on improving on the design of Automated Market Makers (AMMs) with the view of employing them as on-chain Oracles for input data for benchmarks. This big research line is to be tackled with an interdisciplinary approach around four research topics: (1) Mathematical modelling to assess the robustness of AMM as on chain oracles building on the work of Grunspan and Perez-Marco based on Markov chains. (2) Focus on a particular AMM, Constant Function Market Makers and study how to improve their reliability as oracles in particular with respect to insider information and front running. (3) Improving on-chain oracles through cross-AMM\/cross-chain collaboration, in particular with respect to multiple liquidity pools. (4) Improving on the design of on-chain oracles using the tools of mechanism design and market microstructure. The former more naturally connected to the first two topics in this list, and the latter to the third one.
\nThe developments in this first research line are to be carried to a second research line focused on the development of a framework to construct financial benchmarks akin to the LIBOR but based on the decentralised methodology of blockchain oracles.<\/p>\n<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n
\nFunding entity: AGENCIA ESTATAL DE INVESTIGACION (AEI)
\nStart date: 01\/12\/2022
\nEnd date: 30\/11\/2024
\nType: Nacional Project. TED-Transici\u00f3n ecol\u00f3gica y digital.
\nSummary: The main goal of this project is a full analysis (detection, prediction, causes and consequences) of Climate Change Heterogeneity (CCH). The existence of CCH enforces that the mitigation policies should follow a common factor structure: (i) global measures to mitigate the common global warming and (ii) extra idiosyncratic or regional measures to reduce the local warming.
\nThe Green Transition is underpinned by several environmental objectives such as CC mitigation and adaptation to it. But a prerequisite for achieving these goals is an accurate understanding of the nature, causes and consequences, past, present and future, of the CC phenomenon. This knowledge will support environmental policies, aimed at increasing the resilience of the productive sectors, the protection of natural resources and the improvement of the quality of life of people and society in general. In this frame, the contribution of this project is twofold. On the one hand, it represents an advance in scientific knowledge, in this case on the phenomenon of CC. And secondly, it provides empirical applications for the design of policies to mitigate its effects at a local level. In the case of Spain, and within the objectives of the first axis of the Recovery, Transformation and Resilience Plan, establishing its climate change typology, identifying the vulnerabilities of its natural resources and its productive structure, its specific risks, and the future dynamic of the regional CC. This project proposes a novel approach to analyze the first three of the big four factors that make CC problem so difficult to solve: It is almost uniquely global, uniquely long-term, uniquely uncertain and uniquely irreversible. Given that analysis based on the average temperature is not appropriate for understanding and solving this problem, we hope our robust empirical results, based on the construction of models for realized-observed quantiles (RQ) of the temperature distribution and on quantile factor models (QFM) to obtain the latent factors that drive the whole temperature distribution, give enough insights for the design of efficient mitigation policies that lessen the irreversibility factor.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n