Carlos Montes-Galdón

European Central Bank

Senior Economist

Kaiserstrasse 29

D-60311 Frankfurt am Main

Germany

SCHOLARLY PAPERS

18

DOWNLOADS

3,645

SSRN CITATIONS

97

CROSSREF CITATIONS

15

Scholarly Papers (18)

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 & 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), European Central Bank (ECB), European Central Bank, Central Bank of Ireland, 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 Edinburgh 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 1,005 (42,919)
Citation 4

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

2.
Downloads 484 (111,479)
Citation 23

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 479 (111,599)
Citation 9

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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 (1,145,420)
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bank intermediation, Central bank digital currency, DSGE models

3.

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 407 (135,817)
Citation 1

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Fiscal Policy, Monetary Policy, Monetary Union

4.

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: 22 Mar 2023
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), Central Bank of Ireland, 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 255 (223,357)
Citation 6

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

5.

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 242 (235,125)
Citation 1

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inflation expectations, unconventional monetary policy, news shocks

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 142 (377,899)
Citation 1

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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 84 (553,227)
Citation 6

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

7.

What Caused the Euro Area Post-Pandemic Inflation?

ECB Occasional Paper No. 2024/343
Number of pages: 38 Posted: 29 Feb 2024
Oscar Arce, Matteo Ciccarelli, Antoine Kornprobst and Carlos Montes-Galdón
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank
Downloads 175 (316,926)
Citation 1

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

8.

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, European Central Bank (ECB), 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 & Management, European Central Bank, European Central Bank, European Central Bank (ECB), 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 163 (336,894)
Citation 1

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

9.

ECB Macroeconometric Models for Forecasting and Policy Analysis

ECB Occasional Paper No. 2024/344
Number of pages: 117 Posted: 18 Mar 2024
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), Trinity College (Dublin), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank, European Central Bank, European Central Bank (ECB), European Central Bank, Bank of Italy, European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 145 (371,234)

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economic models, forecasting, macroeconometrics, monetary policy

10.

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 106 (470,563)

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

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 57 (687,010)

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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 31 (878,280)

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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)
Downloads 0
Citation 5
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asset purchases, effective lower bound, forward guidance, make-up strategies, monetary policy

12.

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 83 (551,328)

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13.

Estimating Volatility Shocks

Number of pages: 48 Posted: 04 Nov 2014
Carlos Montes-Galdón
European Central Bank
Downloads 65 (631,501)

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Volatility, VAR, Stochastic Volatility, Uncertainty, Great Recession

14.

Conditional Density Forecasting: A Tempered Importance Sampling Approach

ECB Working Paper No. 2022/2754
Number of pages: 42 Posted: 08 Dec 2022
Carlos Montes-Galdón, Joan Paredes and Elias Wolf
European Central Bank, European Central Bank and European Central Bank (ECB)
Downloads 54 (690,845)

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Bayesian analysis, forecasting, importance sampling, inflation-at-risk

15.

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 54 (690,845)
Citation 3

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16.

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 48 (727,834)
Citation 1

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

17.

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 45 (747,444)
Citation 1

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18.

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 (1,141,078)
Citation 9
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