Back

Thomas, Carlos

Associate Director General

Información de contacto

Campos de interés

Macroeconomics and Finance, Labor economics, Monetary economics

CBDC and the operational framework of monetary policy Jorge Abad, Galo Nuño and Carlos Thomas

JEL Codes: 2404

Published in: Journal of Monetary Economics, v.151, April 2025, 103762Opens in new window

Climate-conscious monetary policy Anton Nakov and Carlos Thomas

JEL Codes: 2334

Published in Journal of Political Economy Macroeconomics, v. 4, n. 2, June 2026, pp. 385-424Opens in new window.

Evaluating central bank asset purchases in a term structure model with a forward-looking supply factor Juan Equiza, Ricardo Gimeno, Antonio Moreno and Carlos Thomas

JEL Codes: 2303

Published in European Economic Review, v. 165, June 2024, 104744Opens in new window

The term structure of interest rates in a heterogeneous monetary union James Costain, Galo Nuño and Carlos Thomas

JEL Codes: 2223

Published in Journal of Finance, vol. LXXX, nº 4, August 2025, pp. 2389-2434Opens in new window.

Optimal monetary policy with heterogeneous agents (Updated September 2019) Galo Nuño and Carlos Thomas

JEL Codes: 1624

Published in: Annals of Economics and Statistics, Volume 146, June 2022, pp 3-64Opens in new window

A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment Óscar Arce, Galo Nuño, Dominik Thaler and Carlos Thomas

JEL Codes: 1851

Published in: Journal of Monetary Economics. Volume 114, October 2020, Pages 350-367.Opens in new window Opens in new window

When fiscal consolidation meets private deleveraging Javier Andrés, Óscar Arce and Carlos Thomas

JEL Codes: 1622

Published in: Review of Economic Dynamics. Volume 37, July 2020, Pages 214-233.Opens in new window

Policy spillovers and synergies in a monetary union Óscar Arce, Samuel Hurtado and Carlos Thomas

JEL Codes: 1540

Published in: International Journal of Central Banking, 12(3), September 2016.Opens in new window

Monetary policy and sovereign debt vulnerability (Revised version: September 2015) Galo Nuño and Carlos Thomas

JEL Codes: 1517

Structural reforms in a debt overhang Javier Andrés, Óscar Arce and Carlos Thomas

JEL Codes: 1421

Published in: Journal of Monetary Economics, 88, pp. 15-34, June 2017Opens in new window

Collective bargaining, firm heterogeneity and unemployment Juan F. Jimeno and Carlos Thomas

Published in: European Economic Review, 59 (2013)Opens in new window

Bank leverage cycles Galo Nuño and Carlos Thomas

JEL Codes: 1222

Published in: American Economic Journal: Macroeconomics, forthcomingOpens in new window

Optimal monetary policy with state-dependent pricing Anton Nakov and Carlos Thomas

JEL Codes: 1130

Published in: International Journal of Central Banking, 10(3), September 2014.Opens in new window

FiMod - a DSGE model for fiscal policy simulations Nikolai Stähler and Carlos Thomas

JEL Codes: 1110

House purchase versus rental in Spain Eva Ortega, Margarita Rubio, Carlos Thomas

JEL Codes: 1108

Employment fluctuations in a dual labor market James Costain, Juan F. Jimeno and Carlos Thomas

JEL Codes: 1013

Banking competition, collateral constraints and optimal monetary policy Javier Andrés, Óscar Arce and Carlos Thomas

JEL Codes: 1001

Published in: Journal of Money, Credit and Banking, 45(s2), December 2013Opens in new window

Spain in the euro: a general equilibrium analysis Javier Andrés, Samuel Hurtado, Eva Ortega, Carlos Thomas

JEL Codes: 0927

Labor market reform and price stability: an application to the Euro Area Carlos Thomas y Francesco Zanetti

JEL Codes: 0818

Search frictions, real rigidities and inflation dynamics Carlos Thomas

JEL Codes: 0806

Climate-conscious monetary policy Anton Nakov y Carlos Thomas

JEL Codes: 2334

Publicado en línea (April 2026) en Journal of Political Economy MacroeconomicsOpens in new window.

The term structure of interest rates in a heterogeneous monetary union James Costain, Galo Nuño y Carlos Thomas

JEL Codes: 2223

Publicado en Journal of Finance, vol. LXXX, nº 4, August 2025, pp. 2389-2434Opens in new window

Evaluating central bank asset purchases in a term structure model with a forward-looking supply factor Juan Equiza, Ricardo Gimeno, Antonio Moreno y Carlos Thomas

JEL Codes: 2303

Publicado en European Economic Review, v. 165, June 2024, 104744Opens in new window

CBDC and the operational framework of monetary policy Jorge Abad, Galo Nuño y Carlos Thomas

JEL Codes: 2404

Publicado en: Journal of Monetary Economics, v.151, April 2025, 103762Opens in new window

Optimal monetary policy with heterogeneous agents Galo Nuño y Carlos Thomas

JEL Codes: 1624

Publicado en: Annals of Economics and Statistics, Volume 146, June 2022, pp 3-64Opens in new window

A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment Óscar Arce, Galo Nuño, Dominik Thaler and Carlos Thomas (2020-10)

Journal of Monetary Economics, Vol. 114, October 2020, pp. 350 - 367

 JEL Codes: E42, E44, E52, G21

When fiscal consolidation meets private deleveraging Javier Andrés, Óscar Arce, Dominik Thaler and Carlos Thomas (2020-07)

Review of Economic Dynamics. Vol. 37, July 2020, pp. 213 - 233

 JEL Codes: E44, E60, E62

Structural reforms in a debt overhang Javier Andrés, Óscar Arce and Carlos Thomas (2017-06)

Journal of Monetary Economics – 88, pp. 15-34

 JEL Codes: E44, E65, G21

Bank Leverage Cycles Carlos Thomas and Galo Nuño (2017-04)

American Economic Journal: Macroeconomics, 9 (2), April 2017, pp. 32-72.

 JEL Codes: D82, E44, G01, G21, G32

Policy Spillovers and Synergies in a Monetary Union Óscar Arce, Samuel Hurtado and Carlos Thomas (2016-09)

International Journal of Central Banking - 12 (3)

 JEL Codes: E44, E63, D42

Optimal monetary policy with state-dependent pricing Carlos Thomas and Anton Nakov (2014-09)

International Journal of Central Banking - 10 (3)

 JEL Codes: E31

Banking competition, collateral constraints, and optimal monetary policy Carlos Thomas, Javier Andrés and Óscar Arce (2013-01)

Journal of Money, Credit and Banking - 45 (s2), pp. 87-125

 JEL Codes: E32, E52, G10, G21

Collective bargaining, firm heterogeneity and unemployment Carlos Thomas and Juan F. Jimeno (2013-04)

European Economic Review - 59, pp. 63-79

 JEL Codes: E10, J64

FiMod - A DSGE model for fiscal policy simulations Carlos Thomas and Nikolai Stähler (2012-03)

Economic Modelling - 29 (2), pp. 239-261

 JEL Codes: E24, E32, E62, H20, H50

Search frictions, real rigidities and inflation dynamics Carlos Thomas (2011-09)

Journal of Money, Credit and Banking - 43(6), pp. 1131-1164

Labor market reform and price stability: an application to the Euro Area Carlos Thomas and Francesco Zanetti (2009-09)

Journal of Monetary Economics - 56(6), pp. 885-899

Search and matching frictions and optimal monetary policy Carlos Thomas (2008-07)

Journal of Monetary Economics - 55 (5), pp. 936-956