Recent working papers:

“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).

“High Frequency Trading and Fragility” (with G. Cespa).

“Market Power and Welfare in Asymmetric Divisible Good Auctions” (with C. Manzano).

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

“Competition policy in banking in the European Union” (with J. Maudos).




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


Selected recent and forthcoming publications:

“Competition and Stability in Modern Banking: A Post-Crisis Perspective”, forthcoming at International Journal of Industrial Organization.

“Overlapping Ownership, R&D Spillovers and Antitrust Policy” & Online Appendix & Web simulation (with A. López), forthcoming at Journal of Political Economy.

“Endogenous Public Information and Welfare in Market Games”, Review of Economic Studies, 2017.

“The Beauty Contest and Short-term Trading”, (with G. Cespa), Journal of Finance, 2015.

On the Possibility of Informationally Efficient Markets”Journal of the European Economic Association, 2014.


Recent opinion articles:

El legado de Lehman, La Vanguardia, 20/09/2018

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

Banking regulatory reform: The way forward”, VoxEU.org, 6/12/2016.

The Promise of Bank Mergers”, Project Syndicate, 23/09/2016.



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-