Recent working papers and forthcoming publications:
Addressing banks’ vulnerability to deposit runs: revisiting the facts, arguments and policy options (with T. Beck, V. Ioannidou, E. Perotti, A. Sánchez-Serrano and J. Suarez), ECB ESRB Advisory Scientific Committee No 15, August 2024. Press Release.
“La Competencia en los Mercados Digitales”, 2024, FEDEA Documento de Trabajo 2024/01.
“(In)efficiency in Information Acquisition and Aggregation through Prices” (with A. Pavan and S. Sundaresan).
“Revisiting the Anticompetitive Effects of Common Ownership” (with J. Azar). Recipient of the Intesa Sanpaolo award for the best paper in the 2023 ECGI Finance WP series.
“Ownership Diversification and Product Market Pricing Incentives” (with A. Banal-Estañol and J. Seldeslachts).
“Market Opacity and Fragility: Why liquidity evaporates when it is most needed” (with G. Cespa), R&R at the American Economic Review.
“Climate Risk, Soft Information, and Credit Supply” (with L. Álvarez, S. Mayordomo and C. Vergara-Alert).
Lectures and Talks:
Keynote lecture: “Banking Turmoil and Regulatory Reform”, BSE Summer Forum, Barcelona, 2024.
Keynote lecture: “Banking Turmoil and Regulatory Reform”, Frontier Risks, Financial Innovation and Prudential Regulation of Banks, School of Business, Economics and Law, Gothenburg, 2024.
Keynote lecture: “IT and Lender Competition”, Annual Conference of the Banco Central do Brasil, Brasilia, 2024.
Panel discussion: AI in finance, G7 AI seminar, Florence, 2024
Panel discussion: Technological innovation and systemic risk, Sixth ESRB Annual Conference, 2022.
Trust in financial institutions, Future Trends Forum, 2020.
“Common Ownership and Competition Policy”, The Cambridge-INET Institute 2nd Symposium on Competition Policy 2020.
“Digital Disruption in Banking”, 46th annual meeting EFA 2019.
“Competition and Regulation in the Financial Sector”, G7 & Banque de France Conference 2019.
Oligopoly and Ownership Structure, Walras-Bowley Lecture 2018.
Presidential Address “Common Ownership, Market Power and Innovation”, EARIE 2018.
“On the Possibility of Informationally Efficient Markets“, Joseph Schumpeter Lecture 2014, European Economic Association.
“Fintech Entry, Lending Market Competition and Welfare” (with Z. Ye). Journal of Financial Economics, 2025, 168, 104040. (Best Paper Award in the Second School of Finance Alumni Forum at Renmin University of China). WP
“Free Entry in a Cournot Market with Overlapping Ownership” (with O. Vravosinos). American Economic Journal-Microeconomics, 2025, 17, 2, 292-320.
“Information Technology and Lender Competition“, (with Z. Ye), Journal of Financial Economics, 2025, 163, 103957. (Recipient of the SANFI award for the best paper on Banking on the 29th Finance Forum 2022).
“Strategic complementarity in games”, (with O. Vravosinos), Journal of Mathematical Economics, 2024, 113, 103005.
“Banking Turmoil and Regulatory Reform”, 2024 (with V. Acharya, E. Carletti and F. Restoy), CEPR, pp. 167.
“The International Economic and Financial Order After the Pandemic and War”, 2023, (with G. Corsetti, B. Eichengreen and J. Zettelmeyer), CEPR, pp. 162.
“Monetary Policy, Market Power and SMEs” (with A. Ferrando, P. McAdam and F. Petroulakis), AEA Papers and Proceedings, 2023, 113, 105-109.
“Open Banking: Promise and Trade-Offs”, 2023 (with D. Rivero), European Economy, issue 2022, 45-56.
“Technology and Finance”, 2022 (with D. Duffie, T. Foucault, L. Veldkamp), CEPR, pp. 173.
“Exchange Competition, Entry, and Welfare” & Web appendix (with G. Cespa), The Review of Financial Studies, 2022, 35, 5, 2570-2624. WP
“Product Market Structure and Monetary Policy Evidence from the Euro Area” (with A. Ferrando, P. McAdam and F. Petroulakis), 2021, Working Paper Series 2632, European Central Bank.
“Costly Interpretation of Asset Prices” (with J. Mondria and L. Yang), Management Science, 2021, 68, 1, 52-74. Informs article.
“The antitrust FinTech challenge“, 2021, Concurrences, N° 4, 21-26.
“Market Power and Welfare in Asymmetric Divisible Good Auctions” (with C. Manzano), Theoretical Economics, 2021, 16, 1095-1137.
Resilience of the financial system to natural disasters, 2021 (with P. Bolton, H. Hong, M. Kacperczyk), CEPR, pp. 154.
“General Equilibrium Oligopoly and Ownership Structure” (with J. Azar), Econometrica, 2021, 89, 3, 999–1048. (Top downloaded article in 2021).
Comments on “General Equilibrium Oligopoly and Ownership Structure” (with J. Azar), Econometrica, 2021, 89, 3, 1061-1063.
The bank business model in the post Covid-19 world, 2020 (with E. Carletti, S. Claessens, A. Fatás), CEPR, pp. 158.
“Duopoly Information Equilibrium: Cournot and Bertrand”, Journal of Economic Theory, 1984, 34, 1, 71-94, included in the special issue of the Journal of Economic Theory’s 50th anniversary, 2020.
“Information Frictions and Market Power: A Laboratory Study” & Online Appendix (with A. Bayona and J. Brandts), Games and Economic Behavior, 2020, 122, 354-369. WP
“Diversification, Common Ownership, and Strategic Incentives” (with A. Banal-Estañol and J. Seldeslachts), AEA Papers and Proceedings, 2020, 110, 561-564.
Sound at last? Assessing a decade of financial regulation, 2019 (with P. Bolton, S. Cecchetti, J.P. Danthine), CEPR, pp. 132.
“Digital Disruption in Banking”, The Annual Review of Financial Economics, 2019, 11, 243-272. WP
“Common Ownership, Market Power, and Innovation”, International Journal of Industrial Organization, 2020, 70, 102528.
Recent opinion articles and media exposure:
El dólar, ¿de quién es problema?, La Vanguardia, 9/05/2025
“La mejora de la productividad no es un ‘sprint’, sino una maratón”, elEconomista, 30/04/2025
Les borses europees cauen més d’un 4%, 3/24, 7/04/2025
Luces para la constitución, El Mundo, 5/04/2025
El experimento económico americano, La Vanguardia, 4/04/2025
Ciència i eurobons: l’oportunitat d’Europa, Ara, 21/03/2025.
Guerra comercial entre els EUA i Europa, min 48, 13/03/2025, Els Matins de TV3
Els aranzels de Trump: el món se’n ressentirà, Ara, 22/02/2025
Addressing banks’ vulnerability to runs, part 2: Policy options, VoxEU.org, 10/10/2024.
Addressing banks’ vulnerability to runs, part 1: Facts, arguments, and policy challenges, VoxEU.org, 9/10/2024.
Banques: les pistes de l’Europe pour éviter la réédition de la crise américaine de 2023, 04/09/2024, Les Echos
L’OPA del BBVA al Banc Sabadell, 5centims.cat, 24/07/2024