Enric Martorell

I am a Senior Economist at Banco de España.

I am also an Adjunct Professor at the Department of Economics of CUNEF.

My research interests are in the broad fields of macroeconomics, growth, and finance.

I hold a PhD in Economics from the University of Edinburgh.

You can contact me at [email protected].

Working Papers

• "Monetary policy, bank leverage and systemic risk-taking"
  (with K. Aoki and K. Nikolov) [SSRN]

Work in Progress

• "The nexus between the deposit and risk-taking channels of monetary policy"
  (with J. E. Gutiérrez and M. Melnychuk)
• "Energy prices, credit risk and bank lending dynamics"
  (with J. E. Gutiérrez and A. Sy)
• "Transfer progressivity and aggregate development"
  (with L. de Magalhaes and R. Santaeulalia-Llopis)

Peer-Reviewed Publications

• Garcia-Villegas, S., & Martorell, E. (2024). "Climate transition risk and the role of bank capital requirements". Economic Modelling, 135, 106724. [Journal] [SSRN]

Policy Reports

• "A literature review on ex-ante and ex-post analysis of the implications of borrower-based measures". [BdE OP 2524]
• "Analysis of cyclical systemic risks and their mitigation through countercyclical bank capital requirements". [BdE OP 2414]
• "Towards macroprudential frameworks for managing climate risk". [ESRB Report]

Teaching

• Economic Growth - CUNEF (2025-present)