Galo Nuño

Banco de España

Alcala 50

Madrid 28014

Spain

Bank for International Settlements (BIS)

Centralbahnplatz 2

Basel, Basel-Stadt 4002

Switzerland

SCHOLARLY PAPERS

30

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Top 19,427

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5,570

TOTAL CITATIONS
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Top 4,145

in Total Papers Citations

247

Scholarly Papers (30)

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1.

CBDC and the Operational Framework of Monetary Policy

Downloads 645 (89,104)
Citation 1

CBDC and the Operational Framework of Monetary Policy

Banco de Espana Working Paper 2404
Number of pages: 75 Posted: 09 Feb 2024
Jorge Abad, Galo Nuño and Carlos Thomas
Bank of Spain, Banco de España and Banco de España
Downloads 518 (116,336)
Citation 1

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central bank digital currency (CBDC), interbank market, search and matching frictions, excess reserves

CBDC and the Operational Framework of Monetary Policy

CESifo Working Paper No. 10896
Number of pages: 78 Posted: 23 Jan 2024
Jorge Abad, Galo Nuño and Carlos Thomas
Bank of Spain, Banco de España and Banco de España
Downloads 127 (483,373)

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central bank digital currency, interbank market, search and matching frictions, excess reserves

2.

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

Downloads 334 (100,958)
Citation 7

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 Nuño, Dominik Thaler and Silvia Albrizio
Banco de España, Banco de España, European Central Bank (ECB) and Banco de España
Downloads 209 (312,115)
Citation 7

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Monetary policy, firm heterogeneity, financial frictions, misallocation

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

CESifo Working Paper No. 9465
Number of pages: 97 Posted: 10 Dec 2021
Beatriz González, Galo Nuño, Dominik Thaler and Silvia Albrizio
Banco de España, Banco de España, European Central Bank (ECB) and International Monetary Fund (IMF)
Downloads 125 (489,601)

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monetary policy, firm heterogeneity, financial frictions, misallocation

3.

Monetary Policy with Persistent Supply Shocks

Downloads 490 (125,728)

Monetary Policy with Persistent Supply Shocks

Number of pages: 64 Posted: 05 Dec 2024
Galo Nuño, Philipp Renner and Simon Scheidegger
Banco de España, Lancaster University and University of Lausanne - School of Economics and Business Administration (HEC-Lausanne)
Downloads 422 (148,457)

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Deep Learning, Markov switching model, cost-push shocks

Monetary Policy with Persistent Supply Shocks

CESifo Working Paper Series No. 11463
Number of pages: 67 Posted: 05 Dec 2024
Galo Nuño, Philipp Renner and Simon Scheidegger
Banco de España, Lancaster University and University of Lausanne - School of Economics and Business Administration (HEC-Lausanne)
Downloads 68 (736,223)

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deep learning, Markov switching model, cost-push shocks

4.

Monetary Policy Implications of Central Bank-Issued Digital Currency

Banco de Espana Article 15/18
Number of pages: 8 Posted: 14 Sep 2018
Galo Nuño
Banco de España
Downloads 356 (181,646)
Citation 1

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5.

Bank Leverage Cycles

Downloads 352 (183,885)
Citation 36

Bank Leverage Cycles

Banco de Espana Working Paper No. 1222
Number of pages: 45 Posted: 15 Jun 2012
Galo Nuño and Carlos Thomas
Banco de España and Banco de España
Downloads 216 (302,454)
Citation 13

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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 Nuño and Carlos Thomas
Banco de España and Banco de España
Downloads 136 (456,858)
Citation 23

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

6.

The Term Structure of Interest Rates in a Heterogeneous Monetary Union

Downloads 320 (203,859)
Citation 10

The Term Structure of Interest Rates in a Heterogeneous Monetary Union

Banco de Espana Working Paper No. 2223
Number of pages: 60 Posted: 11 Jul 2022
James S. Costain, Galo Nuño and Carlos Thomas
Banco de España - Research Department, Banco de España and Banco de España
Downloads 239 (273,822)
Citation 7

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

The Term Structure of Interest Rates in a Heterogeneous Monetary Union

CESifo Working Paper No. 9844
Number of pages: 66 Posted: 25 Jul 2022
James S. Costain, Galo Nuño and Carlos Thomas
Banco de España - Research Department, Banco de España and Banco de España
Downloads 81 (665,284)
Citation 3

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

7.

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 Nuño and Carlos Thomas
Banco de España and Banco de España
Downloads 302 (217,011)
Citation 9

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

8.

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 Nuño and Carlos Thomas
idealista, Banco de España and Banco de España
Downloads 293 (224,114)
Citation 4

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9.

Financial Frictions and the Wealth Distribution

Downloads 238 (276,600)
Citation 22

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 Nuño
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 123 (495,924)
Citation 2

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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 Nuño
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 80 (670,261)
Citation 1

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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: 17 Jul 2023
Jesús Fernández-Villaverde, Samuel Hurtado and Galo Nuño
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 35 (1,006,351)

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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 Nuño
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 0
Citation 19
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Aggregate shocks, continuous-time, Heterogeneous Agents, Machine Learning, structural estimation

10.

Learning from Experience in the Stock Market

Downloads 202 (320,808)
Citation 39

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 Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 71 (718,358)
Citation 22

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

Learning From Experience in the Stock Market

ECB Working Paper No. 1396
Number of pages: 41 Posted: 30 Nov 2011
Anton Nakov and Galo Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 67 (742,210)

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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 Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 64 (760,904)
Citation 17

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

11.

Quantitative Effects of the Shale Oil Revolution

Downloads 116 (322,293)
Citation 8

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 Nuño
European Commission and Banco de España
Downloads 116 (519,278)
Citation 8

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Saudi Arabia, general equilibrium, shale oil

12.

A Framework for Debt-Maturity Management

Downloads 196 (332,858)

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 Nuño and Juan Passadore
University of California, Los Angeles (UCLA) - Department of Economics, Banco de España and Einaudi Institute for Economics and Finance (EIEF)
Downloads 172 (374,022)

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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: 09 Jul 2023
Saki Bigio, Galo Nuño and Juan Passadore
University of California, Los Angeles (UCLA) - Department of Economics, Banco de España and Einaudi Institute for Economics and Finance (EIEF)
Downloads 24 (1,137,530)

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13.

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 Nuño and Carlos Thomas
Banco de España, Banco de España, Banco de España, Banco de España, Banco de España and Banco de España
Downloads 184 (352,897)
Citation 6

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European Central Bank, asset purchases, refinancing operations

14.

Optimal Monetary Policy with Heterogeneous Agents

CESifo Working Paper No. 8670
Number of pages: 70 Posted: 10 Nov 2020
Galo Nuño and Carlos Thomas
Banco de España and Banco de España
Downloads 170 (378,536)

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15.

Controlling a Distribution of Heterogeneous Agents

Banco de Espana Working Paper No. 1533
Number of pages: 44 Posted: 22 Nov 2015
Galo Nuño and Benjamin Moll
Banco de España and Princeton University - Department of Economics
Downloads 166 (386,419)
Citation 1

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

16.

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 Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 156 (407,564)
Citation 47

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

17.

Taming the Curse of Dimensionality: Quantitative Economics with Deep Learning

Downloads 57 (409,820)

Taming the Curse of Dimensionality: Quantitative Economics with Deep Learning

CESifo Working Paper Series No. 11448
Number of pages: 51 Posted: 03 Dec 2024
Jesús Fernández-Villaverde, Galo Nuño and Jesse Perla
University of Pennsylvania - Department of Economics, Banco de España and University of British Columbia (UBC)
Downloads 57 (808,659)

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deep learning, quantitative economics

18.

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 Nuño, Dominik Thaler and Carlos Thomas
Banco de España, Banco de España, European Central Bank (ECB) and Banco de España
Downloads 137 (452,980)
Citation 31

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

19.

The Heterogeneous Impact of Inflation on Households Balance Sheets.

Downloads 122 (496,725)
Citation 3

The Heterogeneous Impact of Inflation on Households Balance Sheets.

Banco de Espana Working Paper No. 2403
Number of pages: 36 Posted: 05 Feb 2024
Clodomiro Ferreira, Jose M. Leiva Murillo, Galo Nuño, Alvaro Ortiz, Tomasa Rodrigo and Sirenia Vazquez
Banco de España, BBVA Research, Banco de España, BBVA Research, BBVA Research and BBVA Research
Downloads 77 (685,534)

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Uneven inflation, net nominal positions, nominal wage rigidities

The Heterogeneous Impact of Inflation on Households Balance Sheets

CESifo Working Paper No. 10854
Number of pages: 35 Posted: 27 Dec 2023
Clodomiro Ferreira, José Miguel Leiva, Galo Nuño, Alvaro Ortiz, Tomasa Rodrigo and Sirenia Vazquez
Banco de España, BBVA Research, Banco de España, BBVA Research, BBVA Research and BBVA Research
Downloads 45 (906,754)
Citation 3

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inflation inequality, net nominal positions, nominal wage rigidities

20.

Optimal Control with Heterogeneous Agents in Continuous Time

ECB Working Paper No. 1608
Number of pages: 21 Posted: 09 Nov 2013
Galo Nuño
Banco de España
Downloads 122 (496,725)

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

21.

Inequality and the Zero Lower Bound

Downloads 103 (564,029)
Citation 6

Inequality and the Zero Lower Bound

CESifo Working Paper No. 10471
Number of pages: 35 Posted: 08 Jun 2023
Jesús Fernández-Villaverde, Joël Marbet, Galo Nuño and Omar Rachedi
University of Pennsylvania - Department of Economics, Banco de España, Banco de España and ESADE Business School
Downloads 45 (906,754)

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heterogeneous agents, HANK models, neural networks, non-linear dynamics

Inequality and the zero lower bound

Banco de Espana Working Paper No. 2407
Number of pages: 41 Posted: 28 Feb 2024
Jesús Fernández-Villaverde, Joël Marbet, Galo Nuño and Omar Rachedi
University of Pennsylvania - Department of Economics, Banco de España, Banco de España and ESADE Business School
Downloads 34 (1,017,305)
Citation 6

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heterogeneous agents, HANK models, neural networks, non-linear dynamics

Inequality and the Zero Lower Bound

NBER Working Paper No. w31282
Number of pages: 34 Posted: 29 May 2023 Last Revised: 24 Jun 2023
Jesús Fernández-Villaverde, Joël Marbet, Galo Nuño and Omar Rachedi
University of Pennsylvania - Department of Economics, Banco de España, Banco de España and ESADE Business School
Downloads 24 (1,137,530)

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22.

The heterogeneous impact of inflation on households’ balance sheets

Downloads 96 (591,344)

The heterogeneous impact of inflation on households’ balance sheets

Banco de Espana Working Paper No. 2403
Number of pages: 36 Posted: 16 Feb 2024
Clodomiro Ferreira, José Miguel Leiva, Galo Nuño, Alvaro Ortiz, Tomasa Rodrigo and Sirenia Vazquez
Banco de España, BBVA Research, Banco de España, BBVA Research, BBVA Research and BBVA Research
Downloads 54 (831,287)

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uneven inflation, net nominal positions, nominal wage rigidities

The Heterogeneous Impact of Inflation on Households’ Balance Sheets

BIS Working Papers No 1152
Number of pages: 36 Posted: 20 Dec 2023
Clodomiro Ferreira, Galo Nuño, Jose M. Leiva Murillo, Alvaro Ortiz, Tomasa Rodrigo and Sirenia Vazquez
Banco de España, Banco de España, BBVA Research, BBVA Research, BBVA Research and BBVA Research
Downloads 42 (934,731)

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inflation inequality, net nominal positions, nominal wage rigidities

23.

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 Nuño and Carlos Thomas
Banco de España, Banco de España and Banco de España
Downloads 82 (651,453)
Citation 2

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central bank balance sheet, unconventional monetary policy, reinvestments

24.

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 Nuño, Pedro Tedde de Lorca and Alessio Moro
Banco de España, Banco de España - Department of International Economics & International Relations and University of Cagliari
Downloads 75 (685,555)

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

25.

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 Nuño
University of Cagliari and Banco de España
Downloads 66 (735,295)
Citation 14

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housing prices, TFP, growth accounting, Cobb-Douglas

26.

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 Nuño, Cristina Pulido and Ruben Segura-Cayuela
Banco de España, affiliation not provided to SSRN and Banco de España
Downloads 64 (747,096)

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Advanced economies, demography, convergence, endogenous growth

27.

Strike While the Iron is Hot: Optimal Monetary Policy with a Nonlinear Phillips Curve

CESifo Working Paper No. 11372
Number of pages: 80 Posted: 30 Oct 2024
Peter Karadi, Anton Nakov, Galo Nuño, Ernesto Pastén and Dominik Thaler
European Central Bank (ECB), European Central Bank (ECB)CEPR, Banco de España, Central Bank of Chile and European Central Bank (ECB)
Downloads 59 (778,971)

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state-dependent pricing, large shocks, nonlinear Phillips curve, optimal monetary policy

28.

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 Nuño and Pedro Tedde de Lorca
University of Cagliari, Banco de España and Banco de España - Department of International Economics & International Relations
Downloads 51 (836,541)

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

29.

Navigating by Falling Stars: Monetary Policy with Fiscally Driven Natural Rates

Downloads 16 (930,702)

Navigating by Falling Stars: Monetary Policy with Fiscally Driven Natural Rates

NBER Working Paper No. w32219
Number of pages: 49 Posted: 11 Mar 2024
Rodolfo G. Campos, Jesús Fernández-Villaverde, Galo Nuño and Peter Paz
Banco de España, University of Pennsylvania - Department of Economics, Banco de España and Bank of Spain
Downloads 16 (1,244,914)
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30.

The Heterogeneous Impact of Inflation on Households’ Balance Sheet

CEPR Discussion Papers DP18696
Posted: 04 Jan 2024
Clodomiro Ferreira, Jose M. Leiva Murillo, Galo Nuño, Alvaro Ortiz, Tomasa Rodrigo and Sirenia Vazquez
Banco de España, BBVA Research, Banco de España, BBVA Research, BBVA Research and BBVA Research

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inflation inequality, net nominal positions, nominal wage rigidities