Searcher
Miguel Cardoso
Miguel Cardoso
Chief Economist
Madrid

Miguel Cardoso is Chief Economist for Spain at BBVA Research, where he leads a team of 13 economists dedicated to the macroeconomic, sector and regional analysis of the Spanish economy. At BBVA Research he has also held positions as Chief Economist for Chile, and Senior Economist for Emerging Markets.


Previously, he was an Assistant Professor (on tenure track) at the Department of Economics of Universidad Carlos III de Madrid, and worked also as an Advisor to the Director General of Fiscal Planning in the Ministry of Finance and Public Credit in Mexico.


He earned a Ph.D. in Economics from the University of Minnesota in the U.S., and a BA in Economics from the Instituto Tecnológico Autónomo de México (ITAM). He has authored several publications, with some of his main areas of research being the amplification mechanisms of business cycles, the characteristics of the crisis in Spain and its regional impact, as well as the impact of public policies on the determinants of export capacity, public finance and the labor market.

Latest publications

Housing demand will be restricted by the increase in interest rates and new housing production will remain at similar levels to 2019. Unlike in other countries, there are no price imbalances and the moderation in growth will come mainly from used housing.
An important part of the "incomes pact" was completed several days ago with the fifth Agreement for Employment and Collective Bargaining. Although it consolidates the loss of workers' purchasing power, it ensures that labor costs will not put additional pressure on inflation, which should help maintain employment.
The public deficit appears to be inconsistent with the cyclical position of the Spanish economy. It is contributing to inflation remaining high, in an environment where the unemployment rate is at a 15-year low.