Galo Nuño Ba Nuño

Former Visiting Economist

Galo Nuño was a visiting economist at the BIS from the Monetary Policy and Capital Markets Division at the Bank of Spain. His research focused on monetary economics, macrofinance and computational methods. His research has been published in journals such as Econometrica, Journal of Political Economy: Macroeconomics, American Economic Journal: Macroeconomics, Journal of the European Economic Association and Journal of Monetary Economics.

All BIS publications (8)

BIS Working Paper No 1203 19 Aug 2024

Strike while the iron is hot: optimal monetary policy with a nonlinear Phillips curve

We study the Ramsey optimal monetary policy within the Golosov and Lucas (2007) state-dependent pricing framework. The model…

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Galo Nuño Barrau

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BIS Working Paper No 1172 14 Mar 2024

Navigating by falling stars: monetary policy with fiscally driven natural rates

We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to…

Rodolfo G Campos

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Jesús Fernández-Villaverde

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Galo Nuño Barrau

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Quo vadis, r*? The natural rate of interest after the pandemic

Publication 4 Mar 2024

Quo vadis, r*? The natural rate of interest after the pandemic

The natural rate, or r*, may have increased but much uncertainty remains, making it a blurry guidepost for monetary policy.

Gianluca Benigno

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Galo Nuño Barrau

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BIS Working Paper No 1165 1 Feb 2024

The term structure of interest rates in a heterogeneous monetary union

We build an arbitrage-based model of the yield curves in a heterogeneous monetary union with sovereign default risk, which can…

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Galo Nuño Barrau

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BIS Working Paper No 1160 11 Jan 2024

Inequality and the zero lower bound

We find two main results. First, negative effects of a contractionary shock at the ZLB fall disproportionately on wealth-poor…

Jesús Fernández-Villaverde

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Galo Nuño Barrau

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BIS Working Paper No 1152 5 Dec 2023

The heterogeneous impact of inflation on households' balance sheets

We identify and study analytically three key channels that shape how inflation affects wealth inequality ...

Clodomiro Ferreira

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José Miguel Leiva

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Galo Nuño Barrau

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Sirenia Vazquez

BIS Working Paper No 1148 22 Nov 2023

Firm heterogeneity, capital misallocation and optimal monetary policy

This paper analyzes the link between monetary policy and capital misallocation in a New Keynesian model with heterogeneous…

Beatriz González

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Galo Nuño Barrau

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Silvia Albrizio

BIS Working Paper No 1126 27 Sep 2023

CBDC and the operational framework of monetary policy

We analyze the impact of introducing a central bank-issued digital currency (CBDC) on the operational framework of monetary…

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Galo Nuño Barrau

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All external publications (1)

External publication 22 Apr 2024

The natural rate of interest after the pandemic

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Gianluca Benigno

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Galo Nuño Barrau

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