Carlos Thomas

Banco de España

Economist

Alcala 50

Madrid 28014

Spain

http://www.bde.es

SCHOLARLY PAPERS

21

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Top 25,761

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1,919

SSRN CITATIONS
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SSRN RANKINGS

Top 1,446

in Total Papers Citations

79

CROSSREF CITATIONS

654

Scholarly Papers (21)

1.
Downloads 240 (134,150)
Citation 19

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 163 (191,590)
Citation 14

Abstract:

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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 77 (330,572)
Citation 2

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

2.

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, Research Department, University of Nottingham and Banco de España
Downloads 147 (208,875)
Citation 55

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

3.

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 139 (218,501)
Citation 70

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

4.
Downloads 129 (231,696)
Citation 52

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 99 (282,044)
Citation 53

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 30 (502,979)

Abstract:

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General Equilibrium, Fiscal Policy Simulations, Labor Market Search

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
Banco de España, Banco de España and Banco de España
Downloads 125 (237,335)
Citation 1

Abstract:

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6.

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 121 (243,159)
Citation 68

Abstract:

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

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, University of Primorska, 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 Facultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences
Downloads 120 (244,687)
Citation 1

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

8.

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 119 (246,257)
Citation 6

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

9.

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 105 (269,095)
Citation 34

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

10.

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 92 (293,723)
Citation 4

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

11.
Downloads 86 (306,390)
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
CEPR and Banco de España
Downloads 39 (458,935)

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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
CEPR and Banco de España
Downloads 32 (492,283)
Citation 6

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 CEPR
Downloads 15 (600,257)
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
CEPR and Banco de España
Downloads 0
Citation 1
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monetary policy, monopolistic competition, state-dependent pricing

12.

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 76 (329,779)
Citation 41

Abstract:

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

13.

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 72 (339,955)
Citation 8

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

14.

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 70 (345,260)
Citation 66

Abstract:

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search and matching, real rigidities, New Keynesian Phillips curve

15.

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, Research Department and Banco de España
Downloads 55 (390,140)
Citation 52

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

16.

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 50 (407,017)
Citation 59

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fiscal consolidations, long term private debt, financial shock

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fiscal consolidation, general equilibrium, fiscal multipliers, confidence effects

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 and Carlos Thomas
Banco de España, Banco de España, Banco de España and Banco de España
Downloads 35 (466,289)
Citation 29

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

19.

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 34 (470,750)
Citation 41

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

20.

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 28 (500,409)

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central bank balance sheet, unconventional monetary policy, reinvestments

21.

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 27 (505,758)

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