Carlos Thomas

Banco de España

Economist

Alcala 50

Madrid 28014

Spain

http://www.bde.es

SCHOLARLY PAPERS

27

DOWNLOADS
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Top 20,282

in Total Papers Downloads

5,252

TOTAL CITATIONS
Rank 2,016

SSRN RANKINGS

Top 2,016

in Total Papers Citations

709

Scholarly Papers (27)

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 465 (128,759)
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 119 (493,287)

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

2.
Downloads 351 (179,588)
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 (293,898)
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 135 (445,856)
Citation 23

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

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 236 (269,672)

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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 80 (648,620)
Citation 3

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

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 Nuño and Carlos Thomas
Banco de España and Banco de España
Downloads 299 (214,041)
Citation 9

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

5.

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 (217,865)
Citation 4

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6.

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 288 (221,932)
Citation 57

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

7.

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, Central Bank of Ireland, 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 275 (232,632)
Citation 18

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

8.
Downloads 269 (238,005)
Citation 56

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 147 (416,169)
Citation 54

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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 122 (483,868)
Citation 2

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General Equilibrium, Fiscal Policy Simulations, Labor Market Search

9.

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 264 (242,491)
Citation 83

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

10.
Downloads 240 (266,752)
Citation 1

Climate-conscious monetary policy

Banco de Espana Working Paper No. 2334
Number of pages: 41 Posted: 22 Nov 2023
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 123 (480,523)

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Ramsey optimal monetary policy, climate change externalities, Pigouvian carbon taxes, green QE

Climate-Conscious Monetary Policy

ECB Working Paper No. 2023/2845
Number of pages: 41 Posted: 29 Sep 2023
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 117 (500,034)
Citation 1

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climate change externalities, green QE, Pigouvian carbon taxes, Ramsey optimal monetary policy

11.

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 207 (307,315)
Citation 79

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

12.

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 206 (308,744)
Citation 5

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

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
Banco de España, Banco de España, Banco de España, Banco de España, Banco de España and Banco de España
Downloads 180 (349,483)
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 166 (375,160)

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15.

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 163 (381,136)
Citation 40

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

16.
Downloads 147 (415,541)
Citation 19

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 61 (752,098)

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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 51 (821,558)
Citation 8

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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 33 (983,319)
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 2 (1,350,329)
Citation 1
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monetary policy, monopolistic competition, state-dependent pricing

17.

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 133 (449,916)
Citation 31

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

18.

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 109 (523,923)
Citation 44

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

19.

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 107 (531,127)
Citation 15

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

20.

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 104 (542,244)
Citation 70

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search and matching, real rigidities, New Keynesian Phillips curve

21.
Downloads 96 (572,722)
Citation 5

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 74 (678,246)
Citation 4

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

Policy Spillovers and Synergies in a Monetary Union

Banco de Espana Working Paper No. 1540
Number of pages: 68 Posted: 25 Aug 2023
Oscar Arce, Carlos Thomas and Samuel Hurtado
Banco de España, Banco de España and Banco de España
Downloads 22 (1,112,839)
Citation 1

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monetary union, deleveraging, zero lower bound, structural reforms, fiscal expansion, forward guidance, synergies

22.

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 93 (584,478)
Citation 64

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fiscal consolidations, long term private debt, financial shock

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fiscal consolidation, general equilibrium, fiscal multipliers, confidence effects

24.

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 79 (644,078)
Citation 2

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central bank balance sheet, unconventional monetary policy, reinvestments

25.

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 75 (662,760)
Citation 1

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

26.

Evaluating Central Bank Asset Purchases in a Term Structure Model With a Forward-looking Supply Factor

Banco de Espana Working Paper No. 2303
Number of pages: 33 Posted: 10 Jan 2023
University of Navarra, Banco de España, School of Economics and Business, University of Navarra and Banco de España
Downloads 70 (687,880)

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monetary policy, ECB, asset purchase programme, yield curve, term premium, risk-neutral rate

27.

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 56 (769,121)
Citation 53

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