Beatriz Gonzalez

Contact Full name: Beatriz González López

Information Address: Calle Alcalá 48, 28014, Madrid, Spain
Phone: (+34) 91 33 88 487
E-mail: beatrizgonzalez@bde.es/beatriz.gnzlez@gmail.com
Web : beatrizgonzalezlopez.weebly.com

Employment 2019- Research Economist, Sectoral Analysis Division, Banco de España

Education 2015-2019 PhD Economics, Universidad Carlos III de Madrid, Spain

Advisor: Andrés Erosa
2013-2015 MSc Economics, Universidad Carlos III de Madrid, Spain
2008-2013 Lic. Business, Universidad de Alcalá de Henares, Spain
Summa Cum Laude

Visiting periods
Jan-June 2018 Visiting PhD, University of Minnesota, US
Invited by Prof. Timothy J. Kehoe
2011-2012 Erasmus, Universitat Mannheim, Germany

Research
Interests Macroeconomics, Firm Dynamics, Public Finance, Corporate Finance

Publications Taxation and the Life Cycle of Firms, joint with Andrés Erosa
Journal of Monetary Economics, Volume 105; August 2019
We extend the Hopenhayn and Rogerson (1993) of firm dynamics to understand how different
forms of taxing capital income affect investment and financial policies over the life cycle of
firms. Relative to dividends and capital gains taxation, corporate income taxation slows down
growth over the life cycle by reducing after-tax profits available for reinvesting in the firm.
It also diminishes entry by negatively affecting the value of entrants relative to the that of
incumbents firm. After a tax reform eliminating the corporate income tax in a revenue neutral
way, output and capital increase by 13% and 35%. The large response of firm entry to the tax
reform is crucial for our results.

Working Macroeconomics, Firm Dynamics and IPOs

Papers the last decades, there have been several changes in the economic environment regarding
taxes, access to credit and idiosyncratic productivity shock process in the US. I argue
these changes might impact differently privately held and publicly traded firms, having
therefore implications for the endogenous decision to become public (IPO) and their
macroeconomic consequences. I extend a model of firm dynamics with private and
publicly traded firms, where I explicitly model the going public decision. Firms are
born private, grow by reinvesting profits and/or borrowing, and can eventually do an
IPO and become public. Being public, firms can access to costly equity financing, but
have to pay an ongoing cost of operation. I calibrate the model to the US, and study

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 how the observed changes in the last decades of taxes, equity issuance costs, the costs
of being public, access to credit and idiosyncratic shock process impact a) changes
in selection into public (IPO); b) firms policies; and c) macroeconomic aggregates.
I find the decrease in corporate and dividend taxes in the 1990s contributes to the
increase in share of public firms, and the changes in firms policies observed in the data,
having a larger impact than changes in equity issuance costs. An increase in the cost
of being public is at odds with the changes in selection into public and firms policies
observed in the data during the 2000s, and so is an increase access to credit. Changes
in the idiosyncratic shock process can reconcile the trends in behaviour and selection of
publicly traded firms, and have important macroeconomic implications.

Work in Taxation and Innovation, joint with Andrés Erosa and Emircan Yurdagul
Progress

Awards • La Caixa Fellowship, 2015-2019

• Master Scolarship UC3M, 2013-2015
• Best Student Award (UAH) Jun 2013
• Beca de Excelencia (UAH) Sep 2008- Jun 2013
Teaching Awards — Universidad Carlos III
• Outstanding Teaching Award May 2015, June 2017, January 2019

Teaching Teaching Assistant, PhD level 2015/16, 2016/17, 2017/18, 2018/19

Experience • Macroeconomics
(English, Prof. Andrés Erosa)
Teaching Assistant, Undergraduate level
• International Trade Fall 2016/17
(Spanish, Prof. Sergi Basco)
• Econometrics Spring 2015,2017
(Spanish, Prof. Miguel Delgado and Carlos Velasco)
• Applied Economics Spring 2016
(Spanish, Prof. Julio Cáceres)
• Macroeconomics Fall 2014/15,2015/16
(Spanish and English, Prof. Antonia Dı́az and Pedro Gomes)

Presentations 2019
AEFIN Finance Forum (July 2019); NOVA (June 2019); SMYE (April 2019); Comisión
Nacional del Mercado de Valores (March 2019); Danmarks Nationalbank (February
2019); University of Pennsaylvania (Wharton School - Penn Wharton Budget Model),
Universidad Autónoma de Madrid, Universidad Autónoma de Barcelona, Banco de
España, Concordia University, HEC Montreal (January 2019).
2018
SAEe (December 2018), Carnegie-Rochester-NYU Conference Series on Public Policy
(Carnegie-Mellon University - November 2018); ENTER Seminar (Stockholm School of
Economics); Doctoral Workshop on Quantitative Dynamic Macroeconomics (University
of Konstanz),Trade Workshop, Quantitative Macro Workshop (University of Minnesota);
Macro seminars (University of Minnesota)
2017
Workshop on Dynamic Macroeconomics (University of Vigo); ENTER Jamboree (UCL,
London); UC3M PhD Workshop (UC3M, Madrid); Macro Reading Group (UC3M,

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 Madrid)
2016
ENTER Jamboree (UC3M, Madrid); UC3M PhD Workshop (UC3M, Madrid); Macro
Reading Group (UC3M, Madrid)

Non-Academic Jan-August 2013 Researcher, Blomeyer & Sanz, Guadalajara

Experience
July 2009 Internship in accounting department, EINSA, Alcalá de Henares

Computer • FORTRAN, Matlab, Stata, LATEX, Gretl, Office, EViews

Programming

Language Skills • Spanish (Mother Tongue), English (Fluent), French (Advanced), German (Intermediate)

Last updated: September 2019

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