Recent working papers:

“Market Transparency and Fragility” (with G. Cespa).

“Exchange Competition, Entry, and Welfare” (with G. Cespa).

“Oligopoly, Macroeconomic Performance, and Competition Policy” (with J. Azar).

“Costly Interpretation of Asset Prices” (with L. Yang).

“Market Power and Welfare in Asymmetric Divisible Good Auctions” (with C. Manzano), R&R at Theoretical Economics.

“Information Frictions and Market Power: A Laboratory Study” (with A. Bayona and J. Brandts), R&R at Games and Economic Behavior.

“General Equilibrium Oligopoly and Ownership Structure” (with J. Azar).


Lectures and Talks:

“Digital Disruption in Banking”, 46th annual meeting EFA 2019.


“Competition and Regulation in the Financial Sector”, G7 & Banque de France Conference 2019.

Presidential Address “Common Ownership, Market Power and Innovation”, EARIE 2018.


Selected recent and forthcoming publications:

“Digital disruption in banking”, forthcoming at The Annual Review of Financial Economics, 2019.

“Common Ownership, Market Power, and Innovation”, forthcoming at International Journal of Industrial Organization, 2019.

“Competition Policy in Banking in the European Union” (with J. Maudos), Review of Industrial Organization, 2019, 55, 1, 27-46.

“Common Ownership and the Secular Stagnation Hypothesis”, (with J. Azar), AEA Papers and Proceedings, 2019, 109, 322-326.

“Competition and Stability in Modern Banking: A Post-Crisis Perspective”International Journal of Industrial Organization, 2019, 64, 55-69.

“Overlapping Ownership, R&D Spillovers and Antitrust Policy” & Online Appendix & Web simulation (with A. López), Journal of Political Economy, 2019, 127, 5, 2394-2437.

“Endogenous Public Information and Welfare in Market Games”, Review of Economic Studies, 2017, 84, 2, 935-963.


Recent opinion articles:

Elecciones, diálogo y economía, La Vanguardia, 14/11/2019.

All’Europa serve una strategia unica sul clima, Il sole 24 ore, 8/11/2019.

How to Keep Central Banks Independent, Project Syndicate, 11/07/2019.

Sound at last? Assessing a decade of financial regulation: A new eBook, VoxEU.org, 3/06/2019.

Produttività e riforme strutturali, ecco il deficit dell’Italia verso Madrid, Il sole 24 ore,  30/03/2019.

How will banking look in 10 years’ time?, The Banker, 2/01/2019.

A rationale for the Tobin tax”, VoxEu.org, 14/02/2017.



President of EARIE, European Association for Research in Industrial Economics, for 2016-2018.

ERC Identification Committee, June 2014.  Telediario TVE1, 28/06/2014.

Editor of the Journal of Economic Theory, 2013-