Galo Nuno

Banco de España

Alcala 50

Madrid 28014

Spain

SCHOLARLY PAPERS

21

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SSRN CITATIONS
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82

CROSSREF CITATIONS

210

Scholarly Papers (21)

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1.

Bank Leverage Cycles

Downloads 266 (159,761)
Citation 22

Bank Leverage Cycles

Banco de Espana Working Paper No. 1222
Number of pages: 45 Posted: 15 Jun 2012
Galo Nuno and Carlos Thomas
Banco de España and Banco de España
Downloads 180 (230,039)
Citation 12

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financial intermediaries, short-term collateralized debt, limited liability, call option, put option, moral hazard, leverage

Bank Leverage Cycles

ECB Working Paper No. 1524
Number of pages: 42 Posted: 09 Apr 2013
Galo Nuno and Carlos Thomas
Banco de España and Banco de España
Downloads 86 (398,491)
Citation 12

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Financial intermediaries, short-term collateralized debt, limited liability, call option, put option, moral hazard, leverage, cross-sectional volatility

2.

Monetary Policy Implications of Central Bank-Issued Digital Currency

Banco de Espana Article 15/18
Number of pages: 8 Posted: 14 Sep 2018
Galo Nuno
Banco de España
Downloads 236 (179,536)
Citation 1

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3.

The Natural Interest Rate: Concept, Determinants and Implications for Monetary Policy

Banco de Espana Article 7/17
Number of pages: 10 Posted: 03 Mar 2017
Alessandro Galesi, Galo Nuno and Carlos Thomas
idealista, Banco de España and Banco de España
Downloads 202 (207,799)
Citation 3

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4.

Optimal Monetary Policy with Heterogeneous Agents (Updated September 2019)

Banco de Espana Working Paper No. 1624
Number of pages: 71 Posted: 20 Oct 2016 Last Revised: 30 Oct 2019
Galo Nuno and Carlos Thomas
Banco de España and Banco de España
Downloads 175 (235,518)
Citation 9

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optimal monetary policy, incomplete markets, Gâteaux derivative, nominal debt, inflation, redistributive effects, continuous time

5.

Quantitative Effects of the Shale Oil Revolution

Downloads 80 (279,580)
Citation 4

Quantitative Effects of the Shale Oil Revolution

Banco de Espana Working Paper No. 1518
Number of pages: 36 Posted: 25 Jun 2015
Cristiana Manescu and Galo Nuno
European Commission and Banco de España
Downloads 80 (416,121)
Citation 7

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Saudi Arabia, general equilibrium, shale oil

6.

Financial Frictions and the Wealth Distribution

Downloads 123 (311,681)
Citation 2

Financial Frictions and the Wealth Distribution

Banco de Espana Working Paper No. 2013
Number of pages: 73 Posted: 02 Jun 2020
Jesús Fernández-Villaverde, Samuel Hurtado and Galo Nuno
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 60 (486,398)
Citation 1

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heterogeneous agents, wealth distribution, financial frictions, continuoustime, machine learning, neural networks, structural estimation, likelihood function

Financial Frictions and the Wealth Distribution

PIER Working Paper No. 19-015, September 2019, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 64 Posted: 18 Sep 2019 Last Revised: 11 Sep 2020
Jesús Fernández-Villaverde, Samuel Hurtado and Galo Nuno
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 46 (548,447)

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heterogeneous agents; aggregate shocks; continuous-time; machine learning; neural networks; structural estimation; likelihood functions

Financial Frictions and the Wealth Distribution

NBER Working Paper No. w26302
Number of pages: 70 Posted: 23 Sep 2019 Last Revised: 15 May 2022
Jesús Fernández-Villaverde, Samuel Hurtado and Galo Nuno
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 17 (743,190)

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Financial Frictions and the Wealth Distribution

CEPR Discussion Paper No. DP14002
Number of pages: 72 Posted: 07 Oct 2019
Jesús Fernández-Villaverde, Samuel Hurtado and Galo Nuno
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 0
Citation 1
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Aggregate shocks, continuous-time, Heterogeneous Agents, Machine Learning, structural estimation

7.

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

Downloads 107 (345,764)

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

CESifo Working Paper No. 9465
Number of pages: 97 Posted: 10 Dec 2021
Beatriz González, Galo Nuno, Dominik Thaler and Silvia Albrizio
Banco de España, Banco de España, Banco de España and International Monetary Fund (IMF)
Downloads 61 (482,399)

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monetary policy, firm heterogeneity, financial frictions, misallocation

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

Banco de Espana Working Paper No. 2145
Number of pages: 85 Posted: 20 Jan 2022
Beatriz González, Galo Nuno, Dominik Thaler and Silvia Albrizio
Banco de España, Banco de España, Banco de España and Banco de España
Downloads 46 (553,443)

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Monetary policy, firm heterogeneity, financial frictions, misallocation

8.

A General Equilibrium Model of the Oil Market

Banco de Espana Working Paper No. 1125
Number of pages: 36 Posted: 07 Oct 2011
Anton Nakov and Galo Nuno
European Central Bank (ECB)CEPR and Banco de España
Downloads 104 (350,208)
Citation 47

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oil price, oil production, dominant firm, Saudi Aramco, oil tax

9.

Controlling a Distribution of Heterogeneous Agents

Banco de Espana Working Paper No. 1533
Number of pages: 44 Posted: 22 Nov 2015
Galo Nuno and Benjamin Moll
Banco de España and Princeton University - Department of Economics
Downloads 103 (352,408)
Citation 1

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Kolmogorov forward equation, wealth distribution, social welfare function, mean field control

10.

Learning From Experience in the Stock Market

Downloads 100 (357,094)
Citation 44

Learning From Experience in the Stock Market

ECB Working Paper No. 1396
Number of pages: 41 Posted: 30 Nov 2011
Anton Nakov and Galo Nuno
European Central Bank (ECB)CEPR and Banco de España
Downloads 47 (543,541)

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learning from experience, OLG, assett pricing, bubbles, heterogeneous agents

Learning from Experience in the Stock Market

Banco de Espana Working Paper No. 1132
Number of pages: 41 Posted: 05 Dec 2011
Anton Nakov and Galo Nuno
European Central Bank (ECB)CEPR and Banco de España
Downloads 28 (654,495)
Citation 17

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learning from experience, OLG, asset pricing, bubbles, heterogeneous agents

Learning from Experience in the Stock Market

FEDS Working Paper No. 2012-41
Number of pages: 36 Posted: 18 Dec 2012
Anton Nakov and Galo Nuno
European Central Bank (ECB)CEPR and Banco de España
Downloads 25 (676,801)
Citation 22

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learning from experience, OLG, asset pricing, bubbles, heterogeneous agents

11.

The ECB Monetary Policy Response to the Covid-19 Crisis (La respuesta de la política monetaria del Banco Central Europeo frente a la crisis del Covid-19)

Banco de Espana Ocassional Paper No. 2026
Number of pages: 28 Posted: 14 Oct 2020
Pablo Aguilar, Oscar Arce, Samuel Hurtado, Jaime Martinez-Martin, Galo Nuno and Carlos Thomas
Banco de España, Banco de España, Banco de España, Banco de España, Banco de España and Banco de España
Downloads 98 (364,097)
Citation 2

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European Central Bank, asset purchases, refinancing operations

12.

Optimal Monetary Policy with Heterogeneous Agents

CESifo Working Paper No. 8670
Number of pages: 70 Posted: 10 Nov 2020
Galo Nuno and Carlos Thomas
Banco de España and Banco de España
Downloads 70 (443,359)

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13.

A Large Central Bank Balance Sheet? Floor vs Corridor Systems in a New Keynesian Environment

Banco de Espana Working Paper No. 1851
Number of pages: 75 Posted: 08 Jan 2019
Oscar Arce, Galo Nuno, Dominik Thaler and Carlos Thomas
Banco de España, Banco de España, Banco de España and Banco de España
Downloads 62 (471,622)
Citation 31

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central bank balance sheet, interbank market, search and matching frictions, reserves, zero lower bound

14.

Optimal Control with Heterogeneous Agents in Continuous Time

ECB Working Paper No. 1608
Number of pages: 21 Posted: 09 Nov 2013
Galo Nuno
Banco de España
Downloads 59 (483,112)

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Kolmogorov forward equation, calculus of variations, dynamic programming, heterogeneous agents

15.

A Framework for Debt-Maturity Management

Downloads 56 (494,754)

A Framework for Debt-Maturity Management

Banco de Espana Working Paper No. 1919 (2019)
Number of pages: 93 Posted: 28 Jun 2019 Last Revised: 17 Jul 2019
Saki Bigio, Galo Nuno and Juan Passadore
University of California, Los Angeles (UCLA) - Department of Economics, Banco de España and Einaudi Institute for Economics and Finance (EIEF)
Downloads 48 (538,751)

Abstract:

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debt maturity, debt management, liquidity costs

Debt-Maturity Management with Liquidity Costs

NBER Working Paper No. w25808
Number of pages: 47 Posted: 07 May 2019 Last Revised: 07 Jan 2022
Saki Bigio, Galo Nuno and Juan Passadore
University of California, Los Angeles (UCLA) - Department of Economics, Banco de España and Einaudi Institute for Economics and Finance (EIEF)
Downloads 8 (830,496)

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16.

The Eurosystem’s Monetary Policy Following the End of Net Asset Purchases

Banco de Espana Article 4/19
Number of pages: 11 Posted: 26 Feb 2019
Oscar Arce, Galo Nuno and Carlos Thomas
Banco de España, Banco de España and Banco de España
Downloads 40 (567,652)
Citation 2

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central bank balance sheet, unconventional monetary policy, reinvestments

17.

Long-Run Growth and Demographic Prospects in Advanced Economies

Banco de Espana Occasional Paper No. 1206
Number of pages: 27 Posted: 06 Jul 2012
Galo Nuno, Cristina Pulido and Ruben Segura-Cayuela
Banco de España, affiliation not provided to SSRN and Banco de España
Downloads 35 (594,443)

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Advanced economies, demography, convergence, endogenous growth

18.

Money Dynamics with Multiple Banks of Issue: Evidence from Spain 1856-1874

Banco de Espana Working Paper No. 1119
Number of pages: 40 Posted: 01 Sep 2011
Galo Nuno, Pedro Tedde de Lorca and Alessio Moro
Banco de España, Banco de España - Department of International Economics & International Relations and University of Cagliari
Downloads 34 (599,906)

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unregulated banking, Gresham’s law, lender of last resort, Overend and Gurney crisis

19.

A Twin Crisis With Multiple Banks of Issue: Spain in the 1860s

ECB Working Paper No. 1561
Number of pages: 40 Posted: 12 Aug 2013
Alessio Moro, Galo Nuno and Pedro Tedde de Lorca
University of Cagliari, Banco de España and Banco de España - Department of International Economics & International Relations
Downloads 26 (650,523)

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sudden stop, lender of last resort, financial crisis, Overend, Gurney and Co.

20.

Does TFP Drive Housing Prices? A Growth Accounting Exercise for Four Countries

Banco de Espana Working Paper No. 1133
Number of pages: 15 Posted: 05 Dec 2011
Alessio Moro and Galo Nuno
University of Cagliari and Banco de España
Downloads 26 (650,523)
Citation 14

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housing prices, TFP, growth accounting, Cobb-Douglas

21.

The Term Structure of Interest Rates in a Heterogeneous Monetary Union

Banco de Espana Working Paper No. 2223
Number of pages: 60
James S. Costain, Galo Nuno and Carlos Thomas
Banco de España - Research Department, Banco de España and Banco de España
Downloads 0

Abstract:

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sovereign default, quantitative easing, yield curve, affine model, COVID-19 crisis, ECB, pandemic emergency purchase programme