Galo Nuño

Banco de España

Alcala 50

Madrid 28014

Spain

SCHOLARLY PAPERS

27

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Top 25,066

in Total Papers Downloads

3,866

SSRN CITATIONS
Rank 4,359

SSRN RANKINGS

Top 4,359

in Total Papers Citations

203

CROSSREF CITATIONS

212

Scholarly Papers (27)

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

Banco de Espana Working Paper No. 2145
Number of pages: 85 Posted: 20 Jan 2022
Banco de España, Banco de España, European Central Bank (ECB) and Banco de España
Downloads 193 (289,989)
Citation 2

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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
Banco de España, Banco de España, European Central Bank (ECB) and International Monetary Fund (IMF)
Downloads 110 (460,962)

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monetary policy, firm heterogeneity, financial frictions, misallocation

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 Nuño
Banco de España
Downloads 344 (163,883)
Citation 1

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3.
Downloads 320 (177,004)
Citation 31

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 208 (270,672)
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 112 (454,719)
Citation 23

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

4.

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
idealista, Banco de España and Banco de España
Downloads 273 (208,772)
Citation 3

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5.

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 270 (211,100)
Citation 9

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

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
Banco de España - Research Department, Banco de España and Banco de España
Downloads 198 (283,266)
Citation 5

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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
Banco de España - Research Department, Banco de España and Banco de España
Downloads 67 (631,917)
Citation 2

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

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 144 (373,884)
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 86 (545,341)

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

8.
Downloads 211 (267,979)
Citation 18

Financial Frictions and the Wealth Distribution

Banco de Espana Working Paper No. 2013
Number of pages: 73 Posted: 02 Jun 2020
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 113 (451,653)
Citation 2

Abstract:

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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
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 71 (611,983)

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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
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 27 (916,060)

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Financial Frictions and the Wealth Distribution

CEPR Discussion Paper No. DP14002
Number of pages: 72 Posted: 07 Oct 2019
University of Pennsylvania - Department of Economics, Banco de España and Banco de España
Downloads 0
Citation 15
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Aggregate shocks, continuous-time, Heterogeneous Agents, Machine Learning, structural estimation

9.
Downloads 99 (309,253)
Citation 5

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 99 (497,301)
Citation 7

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Saudi Arabia, general equilibrium, shale oil

10.
Downloads 164 (333,583)
Citation 48

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 62 (658,763)

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learning from experience, OLG, assett 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 Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 53 (711,716)
Citation 22

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learning from experience, OLG, asset 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 49 (738,213)
Citation 17

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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
Banco de España, Banco de España, Banco de España, Banco de España, Banco de España and Banco de España
Downloads 162 (338,865)
Citation 4

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European Central Bank, asset purchases, refinancing operations

12.

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 152 (357,486)
Citation 1

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

13.

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 146 (369,385)
Citation 47

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

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 143 (375,431)

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15.
Downloads 139 (383,918)
Citation 2

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 120 (431,409)

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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 19 (998,497)

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16.

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
Banco de España, Banco de España, European Central Bank (ECB) and Banco de España
Downloads 115 (443,513)
Citation 31

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

17.

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 103 (480,595)

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

18.

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 72 (598,440)
Citation 2

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central bank balance sheet, unconventional monetary policy, reinvestments

19.

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
Banco de España, Banco de España - Department of International Economics & International Relations and University of Cagliari
Downloads 66 (626,822)

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

20.

Long-Run Growth and Demographic Prospects in Advanced Economies

Banco de Espana Occasional Paper No. 1206
Number of pages: 27 Posted: 06 Jul 2012
Banco de España, affiliation not provided to SSRN and Banco de España
Downloads 59 (663,073)

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Advanced economies, demography, convergence, endogenous growth

21.
Downloads 56 (679,689)
Citation 2

Inequality and the Zero Lower Bound

CESifo Working Paper No. 10471
Number of pages: 35 Posted: 08 Jun 2023
University of Pennsylvania - Department of Economics, Banco de España, Banco de España and ESADE Business School
Downloads 32 (869,737)

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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
University of Pennsylvania - Department of Economics, Banco de España, Banco de España and ESADE Business School
Downloads 13 (1,065,249)
Citation 1

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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
University of Pennsylvania - Department of Economics, Banco de España, Banco de España and ESADE Business School
Downloads 11 (1,086,783)
Citation 1
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22.

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 53 (696,934)
Citation 14

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housing prices, TFP, growth accounting, Cobb-Douglas

The Heterogeneous Impact of Inflation on Households Balance Sheets.

Banco de Espana Working Paper No. 2403
Number of pages: 36 Posted: 05 Feb 2024
Banco de España, BBVA Research, Banco de España, BBVA Research, BBVA Research and BBVA Research
Downloads 27 (916,060)

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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
Banco de España, BBVA Research, Banco de España, BBVA Research, BBVA Research and BBVA Research
Downloads 19 (998,497)

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inflation inequality, net nominal positions, nominal wage rigidities

24.

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
University of Cagliari, Banco de España and Banco de España - Department of International Economics & International Relations
Downloads 44 (754,677)

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

The Heterogeneous Impact of Inflation on Households’ Balance Sheets

BIS Working Papers No 1152
Number of pages: 36 Posted: 20 Dec 2023
Banco de España, Banco de España, BBVA Research, BBVA Research, BBVA Research and BBVA Research
Downloads 12 (1,076,084)

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inflation inequality, net nominal positions, nominal wage rigidities

The heterogeneous impact of inflation on households’ balance sheets

Banco de Espana Working Paper No. 2403
Number of pages: 36 Posted: 16 Feb 2024
Banco de España, BBVA Research, Banco de España, BBVA Research, BBVA Research and BBVA Research
Downloads 9 (1,107,664)

Abstract:

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uneven inflation, net nominal positions, nominal wage rigidities

26.

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

NBER Working Paper No. w32219
Number of pages: 49 Posted: 11 Mar 2024
Banco de España, University of Pennsylvania - Department of Economics, Banco de España and Bank of Spain
Downloads 10 (1,058,658)
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27.

The Heterogeneous Impact of Inflation on Households’ Balance Sheet

CEPR Discussion Papers DP18696
Posted: 04 Jan 2024
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