Carlos Thomas

Banco de España

Economist

Alcala 50

Madrid 28014

Spain

http://www.bde.es

SCHOLARLY PAPERS

24

DOWNLOADS
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Top 26,814

in Total Papers Downloads

2,729

SSRN CITATIONS
Rank 1,546

SSRN RANKINGS

Top 1,546

in Total Papers Citations

143

CROSSREF CITATIONS

652

Scholarly Papers (24)

1.
Downloads 270 (161,640)
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 182 (233,745)
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 88 (402,945)
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.

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 210 (205,745)
Citation 3

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3.

House Purchase Versus Rental in Spain

Banco de Espana Working Paper No. 1108
Number of pages: 36 Posted: 22 Apr 2011
Eva Ortega, Margarita Rubio and Carlos Thomas
Bank of Spain, DG Economics, Statistics and Research, University of Nottingham and Banco de España
Downloads 209 (206,640)
Citation 57

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Rental market share, subsidy to house purchases, subsidy to rents, rental market efficiency

4.

Comparing Fiscal Multipliers Across Models and Countries in Europe

ECB Working Paper No. 1760
Number of pages: 48 Posted: 12 Mar 2015
Bank of Finland - Research, Bank of Italy, European Central Bank (ECB), Sveriges Riksbank - Monetary Policy, Czech National Bank, Goethe University Frankfurt, Banco de España, Bank of Portugal, Bank of Estonia, Banque de France, European Central Bank (ECB), Sveriges Riksbank, Bank of Portugal, Central Bank of Malta - Modelling and Research Office, Bank of Greece, Czech National Bank (CNB), Bank of Greece, Banco de España and National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences
Downloads 195 (220,064)
Citation 3

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fiscal policy, output multipliers, model comparison, zero lower bound

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 Nuno and Carlos Thomas
Banco de España and Banco de España
Downloads 188 (227,153)
Citation 9

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

6.
Downloads 186 (229,257)
Citation 55

FiMod - A DSGE Model for Fiscal Policy Simulations

Banco de Espana Working Paper, No. 1110
Number of pages: 53 Posted: 26 May 2011
Nikolai Stahler and Carlos Thomas
Deutsche Bundesbank - Economics Department and Banco de España
Downloads 113 (341,525)
Citation 54

Abstract:

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DSGE model, fiscal policy, two-country monetary union, disaggregation of fiscal expenditures, labor market frictions

FiMod - a DSGE Model for Fiscal Policy Simulations

Bundesbank Series 1 Discussion Paper No. 2011,06
Number of pages: 68 Posted: 08 Jun 2016
Nikolai Stahler and Carlos Thomas
Deutsche Bundesbank - Economics Department and Banco de España
Downloads 73 (449,939)
Citation 2

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General Equilibrium, Fiscal Policy Simulations, Labor Market Search

7.

Employment Fluctuations in a Dual Labor Market

Banco de Espana Working Paper No. 1013
Number of pages: 67 Posted: 23 Apr 2010
James S. Costain, Juan F. Jimeno and Carlos Thomas
Banco de España - Research Department, Banco de España - Research Department and Banco de España
Downloads 169 (248,907)
Citation 72

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Firing Costs, Temporary Jobs, Unemployment Volatility, Matching Model, Endogenous Separation

8.

Monetary Policy and Sovereign Debt Vulnerability

Banco de Espana Working Paper No. 1517
Number of pages: 47 Posted: 25 Jun 2015
Galo Nuño and Carlos Thomas
European Central Bank (ECB) and Banco de España
Downloads 127 (312,393)
Citation 5

Abstract:

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monetary-fiscal interactions, discretion, sovereign default, continuous time, optimal stopping

9.

Banking Competition, Collateral Constraints and Optimal Monetary Policy

Banco de Espana Working Paper No. 1001
Number of pages: 45 Posted: 18 Feb 2010
Javier Andrés, Oscar Arce and Carlos Thomas
University of Valencia - Department of Economics, Banco de España and Banco de España
Downloads 126 (314,162)
Citation 74

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banking competition, lending spreads, collateral constraints, monetary policy, linear-quadratic method

10.

The Impact of Oil Price Changes on Spanish and Euro Area Consumer Price Inflation

Banco de Espana Occasional Paper No. 0904
Number of pages: 35 Posted: 11 Oct 2009
Banco de España, Banco de España, affiliation not provided to SSRN and Banco de España
Downloads 118 (329,339)
Citation 37

Abstract:

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oil prices, consumer price infl ation, Spanish and Euro area inflation, DSGE models

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 100 (368,706)
Citation 2

Abstract:

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European Central Bank, asset purchases, refinancing operations

12.
Downloads 99 (371,051)
Citation 21

Optimal Monetary Policy with State-Dependent Pricing

ECB Working Paper No. 1250
Number of pages: 31 Posted: 05 Oct 2010
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 46 (562,977)

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optimal monetary policy, price stability, stochastic menu costs, state-dependent pricing

Optimal Monetary Policy with State-Dependent Pricing

Banco de Espana Working Paper No. 1130
Number of pages: 33 Posted: 10 Nov 2011
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 35 (625,028)
Citation 8

Abstract:

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monetary policy, state-dependent pricing, monopolistic competition

Optimal Monetary Policy with State-Dependent Pricing

FEDS Working Paper No. 2011-48
Number of pages: 33 Posted: 16 Nov 2011
Carlos Thomas and Anton Nakov
Banco de España and European Central Bank (ECB)CEPR
Downloads 18 (756,723)
Citation 10

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monetary policy, state-dependent pricing, monopolistic competition

Optimal Monetary Policy with State-Dependent Pricing

CEPR Discussion Paper No. DP9846
Number of pages: 43 Posted: 02 Jun 2014
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 0
Citation 1
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monetary policy, monopolistic competition, state-dependent pricing

13.

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 84 (410,623)

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14.

Collective Bargaining, Firm Heterogeneity and Unemployment

Banco de Espana Working Paper No. 1131
Number of pages: 35 Posted: 05 Dec 2011
Juan F. Jimeno and Carlos Thomas
Banco de España - Research Department and Banco de España
Downloads 79 (425,631)
Citation 44

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collective bargaining, firm-specific shocks, wage compression, unemployment

15.

Structural Reforms in a Debt Overhang

Banco de Espana Working Paper No. 1421
Number of pages: 47 Posted: 30 Jul 2014
Javier Andrés, Oscar Arce and Carlos Thomas
University of Valencia - Department of Economics, Banco de España and Banco de España
Downloads 76 (435,028)
Citation 13

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deleveraging, collateral constraints, long-run debt, structural reforms

16.

Search Frictions, Real Rigidities and Inflation Dynamics

Banco de España Working Paper No. 0806
Number of pages: 42 Posted: 14 Mar 2008
Carlos Thomas
Banco de España
Downloads 76 (435,028)
Citation 67

Abstract:

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search and matching, real rigidities, New Keynesian Phillips curve

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 Nuno and Carlos Thomas
Banco de España - Research Department, Banco de España and Banco de España
Downloads 38 (606,746)

Abstract:

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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 Nuno and Carlos Thomas
Banco de España - Research Department, Banco de España and Banco de España
Downloads 26 (688,382)

Abstract:

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

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 Nuno, Dominik Thaler and Carlos Thomas
Banco de España, Banco de España, Banco de España and Banco de España
Downloads 64 (476,200)
Citation 31

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

19.

When Fiscal Consolidation Meets Private Deleveraging

Banco de Espana Working Paper No. 1622
Number of pages: 55 Posted: 12 Oct 2016
Javier Andrés, Oscar Arce and Carlos Thomas
University of Valencia - Department of Economics, Banco de España and Banco de España
Downloads 63 (480,029)
Citation 63

Abstract:

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fiscal consolidations, long term private debt, financial shock

20.

Spain in the Euro: A General Equilibrium Analysis

Banco de Espana Working Paper No. 0927
Number of pages: 47 Posted: 20 Jan 2010
University of Valencia - Department of Economics, Banco de España, Bank of Spain, DG Economics, Statistics and Research and Banco de España
Downloads 59 (495,490)
Citation 52

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DSGE model, monetary union, growth and inflation differentials, Bayesian inference

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fiscal consolidation, general equilibrium, fiscal multipliers, confidence effects

22.

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 41 (577,467)
Citation 2

Abstract:

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central bank balance sheet, unconventional monetary policy, reinvestments

23.

Policy Spillovers and Synergies in a Monetary Union

ECB Working Paper No. 1942
Number of pages: 65 Posted: 28 Aug 2016
Oscar Arce, Samuel Hurtado and Carlos Thomas
Banco de España, Banco de España and Banco de España
Downloads 37 (598,978)
Citation 4

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monetary union, deleveraging, zero lower bound, structural reforms, synergies

24.

Labor Market Reform and Price Stability: An Application to the Euro Area

Banco de Espana Working Paper No. 0818
Number of pages: 37 Posted: 18 Sep 2008
Carlos Thomas and Francesco Zanetti
Banco de España and Bank of England
Downloads 36 (604,675)
Citation 53

Abstract:

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Labor market policies, Search and matching frictions, New Keynesian model