Recent working papers and forthcoming publications:

“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.

“(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).

Information Technology and Bank Competition” (with Z. Ye). Recipient of the SANFI award to the best paper on Banking on the 29th Finance Forum 2022.

Ownership Diversification and Product Market Pricing Incentives” (with A. Banal-Estañol and J. Seldeslachts).

Market Opacity and Fragility” (with G. Cespa).

Free Entry in a Cournot Market with Overlapping Ownership” (with O. Vravosinos).

“Fintech Entry, Lending Market Competition and Welfare” (with Z. Ye).


Lectures and Talks:

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.


Selected recent publications:

“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

“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.

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.

“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.

“Common Ownership, Market Power, and Innovation”, International Journal of Industrial Organization, 2020, 70, 102528.

“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.


Recent opinion articles and media exposure:

Crypto’s Well-Worn Path to Crisis, Project Syndicate, 2/12/2022

Quin futur tenen les criptomonedes?, Ara, 26/11/2022

Europa divergente, La Vanguardia, 10/11/2022

“No es momento de bajar ni de subir impuestos”, El Periódico, 30/10/2022

Revisiting the anticompetitive effects of common ownership,, 15/06/2022.

The impact of technology on finance,, 27/05/2022

“Quan els costos de veritat pugen, has de deixar que els preus relatius s’ajustin perquè necessitem consumir menys”, 30/03/2022, Els Matins TV3