Carlos Montes-Galdón

European Central Bank

Senior Economist

Kaiserstrasse 29

D-60311 Frankfurt am Main

Germany

SCHOLARLY PAPERS

15

DOWNLOADS

1,627

SSRN CITATIONS

13

CROSSREF CITATIONS

5

Scholarly Papers (15)

1.

Climate Change and Monetary Policy in the Euro Area

ECB Occasional Paper No. 2021/271
Number of pages: 193 Posted: 23 Sep 2021 Last Revised: 12 Jan 2022
European Central Bank (ECB), Frankfurt School of Finance and Management, European Central Bank (ECB), Bank of France, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), Bank of Italy, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General International and European Relations, Central Bank of Cyprus, European Central Bank (ECB), Bank of Greece - Economic Research Department, De Nederlandsche Bank, Goethe University Frankfurt, European Central Bank (ECB), University of Bonn, European Central Bank (ECB), ECB, European Central Bank (ECB), European Central Bank (ECB), Central Bank of Ireland, Suomen Panki, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank, European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Central Bank of Cyprus, European Central Bank (ECB), European Central Bank (ECB), Banco de España, Banco de España, Latvijas Banka, Banque Centrale du Luxembourg, European Central Bank (ECB), European Central Bank (ECB), National Bank of Belgium, European Central Bank (ECB), University of Manchester - Alliance Manchester Business School, Deutsche Bundesbank, Central Bank of Ireland, Deutsche Bundesbank, National and Kapodistrian University of Athens, De Nederlandsche Bank, Bank of Greece, Deutsche Bundesbank, European Central Bank (ECB) and Banque de France
Downloads 440 (95,089)

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climate change, environmental economics, green finance, monetary policy, sustainable growth economics

2.

Monetary-Fiscal Policy Interactions in the Euro Area

ECB Occasional Paper No. 2021/273
Number of pages: 130 Posted: 23 Sep 2021 Last Revised: 04 Feb 2022
International Monetary Fund (IMF) - Research Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Banco de España, European Central Bank (ECB), European Central Bank (ECB), Morgan Stanley, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, Banco de España, European Central Bank (ECB), European Central Bank (ECB), Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central Bank (ECB), European Central Bank, University of Bonn, European Central Bank (ECB), European Central Bank (ECB), University of Auckland, Banco de España, European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Goethe University Frankfurt, European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), Banque de France, De Nederlandsche Bank, Bank of Italy, New University of Lisbon - Nova School of Business and Economics, Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank - Research Department, European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), University of Essex - Institute for Social and Economic Research (ISER) and European Central Bank (ECB)
Downloads 209 (206,459)

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Fiscal Policy, Monetary Policy, Monetary Union

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

ECB Working Paper No. 2020/2352
Number of pages: 54 Posted: 04 Jan 2020 Last Revised: 10 Dec 2021
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 121 (326,793)

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asset purchases, effective lower bound, euro area, fiscal policy, forward guidance, monetary policy

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

CFS Working Paper, No. 639, 2020
Number of pages: 52 Posted: 08 Feb 2020
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 65 (478,490)
Citation 5

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Effective lower bound, monetary policy, forward guidance, asset purchases, fiscal policy, euro area

4.

Unconventional Monetary Policy and the Anchoring of Inflation Expectations

ECB Working Paper No. 1995
Number of pages: 33 Posted: 03 Feb 2017
Matteo Ciccarelli, Juan A. Garcia and Carlos Montes-Galdón
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank
Downloads 174 (242,635)
Citation 1

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inflation expectations, unconventional monetary policy, news shocks

5.

Review of Macroeconomic Modelling in the Eurosystem: Current Practices and Scope for Improvement

ECB Occasional Paper No. 2021267
Number of pages: 193 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
European Central Bank (ECB), Bank of Italy, Bank of Finland - Research, Central Bank of Cyprus, European Central Bank (ECB) - Directorate General Research, Banque de France, National Bank of Belgium, Banque de France, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank - Monetary and Economic Policy Department, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, European Central Bank (ECB), European Central Bank, European Central BankECB, Bank of Italy, Bank of Italy, Bank of Finland, Bank of Slovenia, De Nederlandsche Bank - Research Department, National Bank of Belgium, European Central Bank (ECB), Banque de France, Bank of Finland, European Central Bank (ECB), Bank of Finland - Research, Deutsche Bundesbank, Deutsche Bundesbank - Economics Department, Banco de España, European Central Bank (ECB), Bank of Portugal and Université Paris I Panthéon-Sorbonne
Downloads 119 (327,129)

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central banking., econometric modelling, forecasting and simulation, monetary policy

6.

The Ecb's Price Stability Framework: Past Experience, and Current and Future Challenges

ECB Occasional Paper No. 2021269
Number of pages: 128 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), Banque de France - Centre de Recherche, Bank of Latvia, ECB -DG Monetary Policy, De Nederlandsche Bank, European Central Bank (ECB), Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), Banque de France, Bank of Finland - Research, Central Bank of Cyprus, Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central BankECB, European Central Bank (ECB), Central Bank of Ireland, Banco de España, Bank of Italy, Deutsche Bundesbank, Deutsche Bundesbank, Banque de France, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank, University of St. Gallen, European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), Bank of Finland, Central Bank of Ireland, European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), Národná banka Slovenska, European Central Bank (ECB), European Central Bank (ECB), Banque de France, Deutsche Bundesbank, Bank of Greece, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Frankfurt School of Finance and Management, European Central Bank, European Central Bank, Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, National Bank of Belgium, Bank of Italy and Bank of Italy
Downloads 97 (375,514)

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effective lower bound, euro area, European Central Bank, monetary policy strategy, price stability

Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment

Center for Financial Studies Working Paper No. 656, 2021
Number of pages: 39 Posted: 10 Sep 2021
Günter Coenen, Carlos Montes-Galdón and Sebastian Schmidt
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 42 (583,754)

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Effective lower bound, monetary policy, asset purchases, forward guidance, make-up strategies

Macroeconomic Stabilisation and Monetary Policy Effectiveness in a Low-Interest-Rate Environment

ECB Working Paper No. 2021/2572
Number of pages: 40 Posted: 27 Jul 2021
Günter Coenen, Carlos Montes-Galdón and Sebastian Schmidt
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 25 (695,948)

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Macroeconomic Stabilisation and Monetary Policy Effectiveness in a Low-Interest-Rate Environment

CEPR Discussion Paper No. DP16403
Number of pages: 39 Posted: 22 Sep 2021
Günter Coenen, Carlos Montes-Galdón and Sebastian Schmidt
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
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asset purchases, effective lower bound, forward guidance, make-up strategies, monetary policy

The Optimal Quantity of CBDC in a Bank-Based Economy

ECB Working Paper No. 2022/2689
Number of pages: 76 Posted: 29 Jul 2022
Lorenzo Burlon, Carlos Montes-Galdón, Manuel Muñoz and Frank Smets
European Central Bank (ECB), European Central Bank, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 61 (494,495)

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bank intermediation, central bank digital currency, DSGE models

The Optimal Quantity of CBDC in a Bank-Based Economy

CEPR Discussion Paper No. DP16995
Number of pages: 74 Posted: 04 Feb 2022
Lorenzo Burlon, Carlos Montes-Galdón, Manuel Muñoz and Frank Smets
European Central Bank (ECB), European Central Bank, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 5 (894,748)
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bank intermediation, Central bank digital currency, DSGE models

9.

Skewed SVARs: Tracking the Structural Sources of Macroeconomic Tail Risks

Banco de Espana Working Paper No. 2208
Number of pages: 43 Posted: 21 Mar 2022
Carlos Montes-Galdón and Eva Ortega
European Central Bank and Bank of Spain, DG Economics, Statistics and Research
Downloads 64 (475,788)

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Bayesian SVAR, skewness, growth-at-risk, inflation-at-risk

10.

Are Fiscal Multipliers Larger during Recessions?

Number of pages: 34 Posted: 24 Jan 2014 Last Revised: 01 Feb 2014
Carlos Montes-Galdón
European Central Bank
Downloads 64 (475,788)

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11.

Estimating Volatility Shocks

Number of pages: 48 Posted: 04 Nov 2014
Carlos Montes-Galdón
European Central Bank
Downloads 49 (537,771)

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Volatility, VAR, Stochastic Volatility, Uncertainty, Great Recession

12.

Using Forecast-Augmented VAR Evidence to Dampen the Forward Guidance Puzzle

ECB Working Paper No. 20202495
Number of pages: 21 Posted: 01 Dec 2020
Kai Philipp Christoffel, Oliver Groot, Falk Mazelis and Carlos Montes-Galdón
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank
Downloads 33 (621,875)
Citation 2

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13.

Monetary Policy in the United States. Good Policy Strikes Back

Number of pages: 20 Posted: 17 Mar 2014
Carlos Montes-Galdón
European Central Bank
Downloads 30 (640,863)
Citation 1

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14.

Disciplining Expectations and the Forward Guidance Puzzle

ECB Working Paper No. 20202424
Number of pages: 63 Posted: 25 Jun 2020
Boston College, College of Arts and Sciences, Department of Economics, Students, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank
Downloads 29 (647,449)
Citation 1

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Bayesian estimation, DSGE models, expectations formation, forecasting, monetary policy

15.

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

CEPR Discussion Paper No. DP16050
Number of pages: 52 Posted: 14 May 2021
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 0 (928,775)
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