Publications by topic in English



	Aggregation of Information in Large Markets:
	“Aggregation of Information in Large Cournot Markets”, Econometrica, 56, 4, July 1988, 851-876. “Trade Association Disclosure Rules, Incentives to Share Information and Welfare”, Rand Journal of Economics, 21, 3, Autumn 1990, 409-430. “Collusion by Asymmetrically Informed Firms” (joint with R. Kihlstrom), Journal of Economics and Management Strategy, 1, 2, Summer 1992, 371-396. “Implementation in Economies with a Continuum of Agents” (with A. Mas-Colell), Review of Economic Studies, 60, 1993, 613-629. “Information, flexibility and competition”, Journal of the Japanese and International Economies, 7, 1993, 219-237. “Informational Externalities, Herding, and Incentives “ (with L. Bru), Journal of Institutional and Theoretical Economics, 158, 1, 2002, 91-105. “Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity “ (with C. Manzano), Journal of Mathematical Economics, 2011, 47, 3, 346–369. “Competitive Rational Expectations Equilibria without Apology “ (with A. Kovalenkov), Journal of Economic Theory, 2014, 149, 1, 211-235. “On the Possibility of Informationally Efficient Markets“, Journal of the European Economic Association, 2014, 12, 5, 1200-1239. “Endogenous Public Information and Welfare in Market Games”, Review of Economic Studies, 2017, 84, 2, 935-963. “Costly Interpretation of Asset Prices” (with J. Mondria and L. Yang), Management Science, 2021, 68, 1, 52-74. Informs article.
	Banking:
	“Bank Runs as an Equilibrium Phenomenon”, (with A. Postlewaite), Journal of Political Economy, 95, 3, June 1987, 485-491. “Deregulation and Competition in Spanish Banking”, European Economic Review, P&P, 34, 1990, 403-415. “Competition in Spanish Banking” (with R. Caminal and J. Gual), in European Banking in the 1990’s, J. Dermine (ed.), Basil Blackwell, 1990, pp. 271-321. “Banking Competition and European Integration”, in European Financial Integration, A. Giovanini and C. Mayer, (eds.), Cambridge University Press, 1991, pp. 9-31. “Regulatory Reform in European Banking”, European Economic Review, 35, 1991, 505-515. Monitoring European Integration: The Making of Monetary Union, (with D. Begg, P-A. Chiappori, F. Giavazzi, C. Mayer, D. Neven, L. Spaventa, and C. Wyplosz), CEPR, 1991, pp. 30. Review of L. White, “The S&L Debacle” (Oxford University Press, Oxford, 1991), International Journal of Industrial Organization, 10, 1, 1992, pp. 139-140. “The Supervisory Function of the European System of Central Banks” in Prudential Regulation, Supervision and Monetary Policy, Franco Bruni (ed.), Università Commerciale Luigi Bocconi, Milan, 1993, and in Giornale degli Economisti e Annali di Economia, 51, October-December 1992, 523-532. Review of M. Dewatripont and J. Tirole, “The Prudential Regulation of Banks” (Cambridge and London: MIT Press, 1994), Journal of Economic Literature, 34, September 1996, pp. 1365-1366. “Competition for deposits, fragility, and insurance”, (with C. Matutes), Journal of Financial Intermediation, 5, 1996, 184-216. Monitoring European Integration: The Future of European Banking, (with J-P Danthine, F. Giavazzi and E-L von Thadden), CEPR, 1999, pp. 118. “Lessons from European Banking Liberalization and Integration”, in The Internationalization of Financial Services, S. Claessens and M. Jansen (eds.), Kluwer Law International (UK), 2000, pp. 177-198. “Imperfect Competition, Risk Taking, and Regulation in Banking” (with C. Matutes), European Economic Review, 44, 2000, 1-34. “Central Banks and Supervision with Application to the EMU” in Challenges for Modern Central Banking, A. Santomero, S. Viotti and A.Vredin (eds.), Kluwer Academic Publishers (USA), 2001, pp. 95-113. “Restructuring Financial Regulation in the European Monetary Union “, Journal of Financial Services Research, 19, 1, 2001, 57-82. “Competition in the Changing World of Banking “, Oxford Review of Economic Policy, 17, 4, 2001, 535-547. “Dollarization, Bailouts, and the Stability of the Banking System “ (with D. Gale), Quarterly Journal of Economics, 117, 2, 2002, 467-502. “External Discipline and Financial Stability “, European Economic Review, 46, 4-5, 2002, 821-828. “Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?“ (with J-Ch. Rochet), Journal of the European Economic Association, 2, 6, December 2004, 1116-1147. “Banking and Regulation in Emerging Markets”, The World Bank Research Observer, 21, 2, Fall 2006, 179-206. “Competition and Regulation in Banking”, in Handbook of Financial Intermediation and Banking, A. Thakor and A. Boot (eds.), Amsterdam: North Holland, 2008. “Regulation and Competition Policy in Banking” (with E. Carletti), chapter 10 in Competition Policy in Europe. Fifty Years On from the Treaty of Rome, Oxford University Press 2009, pp. 260-283. “Competition and Stability in Banking. A New World for Competition Policy?“ 2010, in Financial Supervision in an Uncertain World, ESI Annual Conference Report, S. Eijffinger and K. Koedijk (eds.), CEPR, 2010. “The Financial Industry and the Crisis: The Role of Innovation” in Innovation. Perspectives for the 21st Century, BBVA, 2010, 321-329. “Competition and Stability in Banking”, in Monetary Policy under Financial Turbulence, Proceedings of the Annual Conference of the Central Bank of Chile, 2011, 455-502. “Competition and Stability in Banking”, 2010, CEPR Policy Insight # 50. “The Spanish Financial Industry at the Start of 21st Century: Current Situation and Future Challenges”, in The Spanish Financial System. Growth and Development since 1900, J.L. Malo de Molina and P. Martín-Aceña (eds.), New York: Palgrave Macmillan, 2012, pp. 383-423. “Strategic, Complementarity, Fragility, and Regulation“, The Review of Financial Studies, 2014, 27, 12, 3547-3592. “Banking in Spain” (with J. Maudos), in Handbook of European Banking, B. Casu and T. Beck (eds.), London: Palgrave Macmillan, 2016, 567-601. “Regulatory Reform: Where to from Here?“, in Achieving Financial Stability: Challenges to Prudential Regulation, D. Evanoff, G. Kaufmann, A. Leonello and S. Manganelli (eds.), Singapore: World Scientific, 2017, 361-366. “The Impact of Fintech in Banking“, in Banks, Regulation, and the Real Sector. European Economy, 2018, 97-106. “Competition and Stability in Modern Banking: A Post-Crisis Perspective”, International Journal of Industrial Organization, 2019, 64, 55-69. “Competition Policy in Banking in the European Union” (with J. Maudos), Review of Industrial Organization, 2019, 55, 1, 27-46. WP. “Digital Disruption in Banking”, The Annual Review of Financial Economics, 2019, 11, 243-272. Sound at last? Assessing a decade of financial regulation, 2019 (with P. Bolton, S. Cecchetti, J.P. Danthine), CEPR, pp. 132. The bank business model in the post Covid-19 world, 2020 (with E. Carletti, S. Claessens, A. Fatás), CEPR, pp. 158. Resilience of the financial system to natural disasters, 2021 (with P. Bolton, H. Hong, M. Kacperczyk), CEPR, pp. 154. Technology and Finance 2022 (with D. Duffie, T. Foucault, L. Veldkamp), CEPR, pp. 173.
	Competition Policy:
	Information Exchange Among Firms and their Impact on Competition (with K-U. Kühn), European Commission Document, Luxembourg: Office for Official Publications of the European Communities, 1995, pp. 146. Single Market Review 96: Competition Issues, (main project adviser with teams from London Economics and IAE), European Commission, September 1996, pp. 327. “The GE-Honeywell Merger in the EU “ (with G. Staffiero), IESE Business School O.P. 160, chapter 17 in Cases in European Competition Policy: The Economic Analysis (B. Lyons editor), Cambridge University Press, 2009, pp. 434-464. “Regulation and Competition Policy in Banking “ (with E. Carletti), IESE Business School O.P. 159, chapter 10 in Competition Policy in Europe. Fifty Years On from the Treaty of Rome, Oxford University Press, 2009, pp. 260-283. “Competition Policy in Europe “, IESE Business School O.P. 161, chapter 1 in Competition Policy in Europe. Fifty Years On from the Treaty of Rome, Oxford University Press, pp.1-20. “The Challenge of Competition in the Electricity Sector “, in Energy Regulation in Spain: From Monopoly to Market, Madrid: CNE, 2010, 219-244. “Competition and Stability in Banking. A New World for Competition Policy?” 2010, in Financial Supervision in an Uncertain World, ESI Annual Conference Report, S. Eijffinger and K. Koedijk (eds.), CEPR, 2010. “Competition Policy in Banking “, Oxford Review of Economic Policy 2011, 27, 479-497. “Institutional Investment, Common Ownership and Antitrust”, Antitrust Chronicle, 2017, 1, 3, 7-9. “Competition Policy in Banking in the European Union” (with J. Maudos), Review of Industrial Organization, 2019, 55, 1, 27-46. “The antitrust FinTech challenge“, 2021, Concurrences, N° 4, 21-26.
	Entry:
	“Entry Deterrence and the Free Rider Problem”, (with R. Gilbert), Review of Economic Studies, 53, 1, January 1986, 71-83. “Sequential Entry, Industrial Structure, and Welfare”, European Economic Review, 32, October 1988, 1671-1687. “Excess Entry, Vertical Integration, and Welfare” (with K-U. Kühn), Rand Journal of Economics, 30, 4, 1999, 575-603.
	Game Theory and Strategic Complementarities:
	“Nash Equilibrium with Strategic Complementarities”, Journal of Mathematical Economics, 19, 3, 1990, 305-321. “Games with Strategic Complementarities: New Applications to Industrial Organization “, International Journal of Industrial Organization, 23, 2005, 625-637. “Complementarities and Games: New Developments “, Journal of Economic Literature, 43, 2, 2005, 437-479. “Monotone Equilibria in Bayesian Games of Strategic Complementarities “ (with T. Van Zandt), Journal of Economic Theory, 134, 2007, 339-360. “Games of Strategic Complementarities: an Application to Bayesian Games “, Spanish Economic Review, 9, 2007, 237-247. WP. “Supermodularity and Supermodular Games “, in The New Palgrave: A Dictionary of Economics, New York: Palgrave Macmillan, 2008. “Complementarities and Information: An Introduction”, (with D. Gale), Journal of the European Economic Association, 2009, 7, 1, 1-10. “Strategic Complementarity in Multi-stage Games “, Economic Theory, 2009, 40, 151-171. “Strategic Complementarities in Oligopoly“, in Handbook of Game Theory and Industrial Organization, L. Corchon and M. Marini (eds.), Cheltenam: Edward Elgar, 2018, Vol. I, 9-39.
	Growth and Regional Economics:
	Discussion of “Capital Market Imperfections and Regional Economic Development” by B. Greenwald, A. Levinson, and J. Stiglitz, in Finance and Development: Issues and Experiences, A. Giovanini (ed.), Cambridge University Press, 1993, pp. 94-96. “Infrastructure and education as instruments of regional policy: evidence from Spain” (with A. de la Fuente), Economic Policy, 10, 20, 1995, 13-51. Reprinted in International Economic Integration: Limits and Prospects, M. Jovanovic (ed.), Routledge. “The Sources of Irish Growth” (with A. de la Fuente), in International Perspectives on Irish Economic Issues, A. Grey (ed.), Indecon Public Economic Series, 1997, pp. 112-134. “Why and where do headquarters move?“ (with V. Strauss-Kahn), Regional Science and Urban Economics, 2009, 39, 2, 168-186. “Competitiveness in Catalonia: Selected Topics” (with Pankaj Ghemawat), Reports of the Public-Private Sector Research Center, 2009, 2, pp. 109.
	Learning Dynamics in Markets and Market Microstructure:
	“How fast do rational agents learn?”, Review of Economic Studies. 60, 1993, 329-347. “Short term investment and the informational efficiency of the market”, Review of Financial Studies, 8, 1, 1995, 125-160. “The speed of information revelation in a financial market mechanism”, Journal of Economic Theory, 67, 1, 1995, 178-204. “Social learning and rational expectations”, European Economic Review, 40, 3-5, 1996, 589-601. “Learning and convergence to a full-information equilibrium are not equivalent”, (with B. Jun), Review of Economic Studies, 63, 1996, 653-674. “Learning from others: a welfare analysis”, Games and Economic Behavior, 20, 1997, 177-200. “Price Dynamics and Consumer Learning”, (with R. Caminal), Journal of Economics and Management Strategy, 8, 1, 1999, 95-131. “Social Learning and Costly Information Acquisition” (with R. Burguet), Economic Theory, 15, 1, 2000, 185-205. “Strategic Behavior and Price Discovery “ (with L. A. Medrano), Rand Journal of Economics, 32, 2, 2001, 221-248. “Regulating Insider Trading When Investment Matters “, (with L.A. Medrano), Review of Finance, 8, 2004, 199-277. “Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity “ (with C. Manzano), 2011, Journal of Mathematical Economics, 2011, 47, 3, 346–369. “Dynamic Trading and Asset Prices: Keynes vs. Hayek “, (with G. Cespa), Review of Economic Studies, 2012, 79, 2, 539-580. “The Beauty Contest and Short-Term Trading ” (with G. Cespa), Journal of Finance, 2015, 70, 5, 2099-2154. “Exchange Competition, Entry, and Welfare” & Web appendix (with G. Cespa), The Review of Financial Studies, 2022, 35, 5, 2570-2624. WP
	Oligopoly and Information:
	“Duopoly Information Equilibrium: Cournot and Bertrand”, Journal of Economic Theory, 34, 1, October 1984, 71-94. Reprinted in Cournot Oligopoly: Characterization and Applications, A. Daughety (ed.), Cambridge University Press, 1988. Reprinted in Microeconomic Theories of Imperfect Competition: Old Problems and New Perspectives, J. Gabszewicz and J.-F. Thisse (ed.), Edwar Elgar Publisher Ltd, UK, 1999. “Collusion by Asymmetrically Informed Duopolists” (with R. Kihlstrom), European Journal of Political Economy, 5, 1989, 371-402. “Technological Competition, Uncertainty and Oligopoly”, Journal of Economic Theory, 48, 2, August 1989, 386-415. “Information and Competitive Advantage”, International Journal of Industrial Organization, 8, 1990, 17-35. “Information Exchange Among Firms and their Impact on Competition” (with K-U. Kühn), European Commission Document, Luxembourg: Office for Official Publications of the European Communities, 1995, pp. 146. “Why market share matters: An information-based theory”, (with R. Caminal) Rand Journal of Economics, 27, 2, 1996, 221-239. “Private Information, Strategic Behavior, and Efficiency in Cournot markets”, Rand Journal of Economics, 33, 3, 2002, 361-376. “Information Sharing: Economics and Antitrust”, in The Pros and Cons of Information Sharing, Stockholm: Swedish Competition Authority, 2006, pp. 83-100. “Information Sharing Among Firms”, in The New Palgrave: A Dictionary of Economics, New York: Palgrave Macmillan, 2008. “Asset Auctions, Information and Liquidity “, Journal of the European Economic Association, 2010, 8, 2-3, 467-477. “Strategic Supply Function Competition with Private Information “, Econometrica, 2011, 79, 6, 1919-1966. Web appendix “Information Frictions and Market Power: A Laboratory Study” & Online Appendix (with A. Bayona and J. Brandts), Games and Economic Behavior, 2020, 122, 354-369. “Market Power and Welfare in Asymmetric Divisible Good Auctions” (with C. Manzano), Theoretical Economics, 2021, 16, 1095-1137.
	Oligopoly:
	“Price and Quantity Competition in a Differentiated Duopoly”, (with N. Singh), The Rand Journal of Economics, 15, 4, 1984, 546-554. “On the Efficiency of Bertrand and Cournot Equilibria with Product Differentiation”, Journal of Economic Theory, 36, 1, June 1985, 166-175. Reprinted in Cournot Oligopoly: Characterization and Applications, A. Daughety (ed.), Cambridge University Press, 1988. Reprinted in The Economics of Product Differentiation, Vol. II, J-F Thisse and G. Norman (eds.), International Library of Critical Writings in Economics, no. 37, Aldershot, U.K.: Elgar, 1994, 34-43. “Commitment, Flexibility and Market Outcomes”, International Journal of Industrial Organization, 4, 2, 1986, 217-229. Reprinted in Market Strategy and Structure, J.M. Alec Gee and G. Norman (eds.), Harvester Wheatsheaf, 1992. “Rationing Rules and Bertrand-Edgeworth Equilibria in Large Markets”, Economics Letters, 21, 1986, 113-116. “On the Strategic Choice of Spatial Price Policy”, (with J.F. Thisse), American Economic Review, 78, 1, March 1988, 122-137. Reprinted in The Economics of Location, Vol. II, Melvin L. Greenhut and George Norman (eds.), Elgar Reference Collection: International Library of Critical Writings in Economics, Vol. 42. Aldershot, U.K.: Elgar, 1995, 401-416. “Cournot and the Oligopoly Problem”, European Economic Review, 33, 1989, 503-514. “Basing point pricing: Competition versus Collusion” (with J. Thisse), Journal of Industrial Economics, 40, 3, September 1992, 249-260. “Edgeworth and Modern Oligopoly Theory”, European Economic Review, 37, 2/3, April 1993, 463-476. “Strategic Incentives in Dynamic Duopoly” (with B. Jun), Journal of Economic Theory, 116, 2, 2004, 249-281. “Innovation and Competitive Pressure”, The Journal of Industrial Economics, 2008, 56, 3, 419-469. Recipient of the JIE “Best Article” Prize 2008. “Common Ownership and the Secular Stagnation Hypothesis”, (with J. Azar), AEA Papers and Proceedings, 2019, 109, 322-326. WP. “Overlapping Ownership, R&D Spillovers and Antitrust Policy” & Online Appendix & Web simulation (with A. López), Journal of Political Economy, 2019, 127, 5, 2394-2437. “Common Ownership, Market Power, and Innovation”, International Journal of Industrial Organization, 2020, 70, 102528. “Diversification, Common Ownership, and Strategic Incentives” (with A. Banal-Estañol and J. Seldeslachts), AEA Papers and Proceedings, 2020, 110, 561-564. “General Equilibrium Oligopoly and Ownership Structure” (with J. Azar), Econometrica, 2021, 89, 3, 999–1048. Comments on “General Equilibrium Oligopoly and Ownership Structure” (with J. Azar), Econometrica, 2021, 89, 3, 1061-1063.
	Reports on Europe:
	Monitoring European Integration: The Making of Monetary Union, (with D. Begg, P-A. Chiappori, F. Giavazzi, C. Mayer, D. Neven, L. Spaventa, and C. Wyplosz), CEPR, 1991, pp. 30. Monitoring European Integration: The Future of European Banking, (with J-P Danthine, F. Giavazzi and E-L von Thadden), CEPR, 1999, pp. 118. Report on the European Economy, 2002 (European Economic Advisory Group, with G. Corsetti, J. Fleming, S. Honkapohja, W. Leibfritz, G. Saint-Paul, and H-W. Sinn), CESifo, pp. 95. Report on the European Economy, 2003 (European Economic Advisory Group, with L. Calmfors, G. Corsetti, J. Fleming, S. Honkapohja, J. Kay, W. Leibfritz, G. Saint-Paul, and H-W. Sinn), CESifo, pp. 133. Report on the European Economy, 2004 (European Economic Advisory Group, with L. Calmfors, G. Corsetti, S. Honkapohja, J. Kay, W. Leibfritz, G. Saint-Paul, and H-W. Sinn), CESifo, pp. 141. Report on the European Economy, 2005 (European Economic Advisory Group, with L. Calmfors, G. Corsetti, S. Honkapohja, J. Kay, W. Leibfritz, G. Saint-Paul, and H-W. Sinn), CESifo, pp.116. Integration of European Banking: The Way Forward (with Pedro Barros, Erik Berglöf, Paolo Fulghieri, Jordi Gual and Colin Mayer), Monitoring European Deregulation 3, CEPR, 2005, pp. 103. Report on the European Economy, 2006 (European Economic Advisory Group, with L. Calmfors, G. Corsetti, S. Honkapohja, J. Kay, G. Saint-Paul, H-W. Sinn and J-E. Sturm), CESifo, pp. 120. Report on the European Economy, 2007 (European Economic Advisory Group, with L. Calmfors, G. Corsetti, M.P. Devereux, S. Honkapohja, J. Kay, G. Saint-Paul, H-W. Sinn and J-E. Sturm), CESifo, pp. 151. Report on the European Economy, 2008 (European Economic Advisory Group, with L. Calmfors, G. Corsetti, M.P. Devereux, S. Honkapohja, J. Kay, G. Saint-Paul, H-W. Sinn and J-E. Sturm), CESifo, pp. 144. Report on the European Economy, 2009 (European Economic Advisory Group, with G. Corsetti, M.P. Devereux, J. Hassler, T. Jenkinson, G. Saint-Paul, H-W. Sinn and J-E. Sturm), CESifo, pp. 170. Report on the European Economy, 2010 (European Economic Advisory Group, with G. Corsetti, M.P. Devereux, L. Guiso, J. Hassler, G. Saint-Paul, H-W. Sinn and J-E. Sturm), CESifo, pp. 134. Report on the European Economy, 2011 (European Economic Advisory Group, with G. Corsetti, M.P. Devereux, J. Hassler, G. Saint-Paul, H-W. Sinn and J-E. Sturm), CESifo, pp. 176. Report on the European Economy, 2012 (European Economic Advisory Group, with L. Calmfors, G. Corsetti, G. Saint-Paul, H-W. Sinn J-E. Sturm and Akos Valentinyi), CESifo, pp. 176.
	Other:
	“Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand”, Review of Economic Studies, 40, January 1987, 87-103. Correspondence: “American and European Economists”, Journal of Economic Perspectives, 9, 1, 1995, pp. 203-215. “Corporate Governance: Does it Matter?“ in Corporate Governance: Theoretical and Empirical Perspectives, Cambridge University Press, 2000, pp. 1-21. “Introduction to Financial Economics” (with F. Allen and D. Vayanos), Journal of Economic Theory, 2014, 149, 1, 1-14. “Information, Coordination, and Market Frictions: An Introduction ” (with A. Pavan), Journal of Economic Theory, 2015, 158, No. B, 407 – 426.