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

Mass vaccination of the population and COVID-19 infection prevention measures have led to a considerable recovery of household spending, mainly in activities carried out in person and in contact with other people.
The year-on-year change in the consumer price index reached 5.5% in October, the highest level seen in the Spanish economy since before the global financial crisis. More worrying still, however, is the inflation we have not yet seen, because companies are forgoing margins.
The best reasons to assume that the recovery in Spain will continue over the next few months are the high vaccination rate and the wealth accumulated by certain households during the crisis. Both factors will enable household expenditure to continue to rise, as it has in the last six months.