Carlos Thomas

Banco de España

Economist

Alcala 50

Madrid 28014

Spain

http://www.bde.es

SCHOLARLY PAPERS

23

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2,535

SSRN CITATIONS
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SSRN RANKINGS

Top 1,550

in Total Papers Citations

143

CROSSREF CITATIONS

652

Scholarly Papers (23)

1.
Downloads 265 (158,217)
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 180 (227,078)
Citation 12

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 Nuno and Carlos Thomas
Banco de España and Banco de España
Downloads 85 (396,549)
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 197 (209,782)
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 193 (213,763)
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 188 (218,661)
Citation 3

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

5.
Downloads 178 (229,222)
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 109 (337,312)
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 69 (447,181)
Citation 2

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General Equilibrium, Fiscal Policy Simulations, Labor Market Search

6.

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 170 (238,312)
Citation 9

Abstract:

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

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 162 (248,170)
Citation 72

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

8.

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 124 (305,987)
Citation 74

Abstract:

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

9.

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 123 (307,812)
Citation 5

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

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 116 (321,041)
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 97 (362,043)
Citation 2

Abstract:

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European Central Bank, asset purchases, refinancing operations

12.
Downloads 90 (379,395)
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 42 (562,464)

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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 33 (613,492)
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 15 (750,809)
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.

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 77 (415,946)
Citation 44

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

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 75 (422,010)
Citation 67

Abstract:

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search and matching, real rigidities, New Keynesian Phillips curve

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 74 (425,186)
Citation 13

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

16.

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 64 (458,793)

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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 Nuno, Dominik Thaler and Carlos Thomas
Banco de España, Banco de España, Banco de España and Banco de España
Downloads 62 (466,120)
Citation 31

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

18.

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 62 (466,120)
Citation 63

Abstract:

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fiscal consolidations, long term private debt, financial shock

19.

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 57 (485,232)
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

21.

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 39 (566,132)
Citation 2

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central bank balance sheet, unconventional monetary policy, reinvestments

22.

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 36 (582,016)
Citation 4

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

23.

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 35 (587,485)
Citation 53

Abstract:

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