Recent working papers and forthcoming publications:

“Strategic complementarity in games” (with O. Vravosinos). Forthcoming in Journal of Mathematical Economics.

“La Competencia en los Mercados Digitales”, 2024, FEDEA Documento de Trabajo 2024/01.

“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). Recipient of the Intesa Sanpaolo award for the best paper in the 2023 ECGI Finance WP series.

Information Technology and Lender Competition” (with Z. Ye). Recipient of the SANFI award for 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: Why liquidity evaporates when it is most needed” (with G. Cespa).

Free Entry in a Cournot Market with Overlapping Ownership” (with O. Vravosinos). Forthcoming in American Economic Journal-Microeconomics.

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

“Climate Risk, Soft Information, and Credit Supply” (with L. Álvarez, S. Mayordomo and C. Vergara-Alert).


Lectures and Talks:

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.


Selected recent publications:

“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

“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.

“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:

El futuro de Europa y el informe Letta, La Vanguardia, 23/05/2024

Opa hostil i concentració bancària, Ara, 11/05/2024

Què és una opa hostil: com afecta els petits accionistes, Telenotícies TV3, 09/05/2024

La fábrica del mundo (2.0), La Vanguardia, 25/04/2024

Els set magnífics i l’activisme regulador, Ara, 13/04/2024

Política disfuncional, La Vanguardia, 28/03/2024

Per què és tan difícil regular la IA, Ara, 17/03/2024

Trump 2.0 y la economía, La Vanguardia, 29/02/2024

Tractors i ecologia, Ara, 18/02/2024

La crisis del Barça y el gobierno corporativo, La Vanguardia, 01/02/2024

Com aterrarà l’economia el 2024?, Ara, 20/01/2024

Quin model econòmic per a Catalunya?, Ara, 26/10/2023

The international economic and financial order after the pandemic and war,, 08/06/2023

Xavier Vives ens ha explicat si hem esquivat una crisi bancària general, 25/04/2023, Versió RAC1 amb Toni Clapés

Conversem sobre el moment de la borsa amb el Prof. Vives, min 1:20, 27/03/2023, Cafè d’idees

Lecciones y dilemas de la quiebra del SVB, El País, 15/03/2023

Is SVB the Canary in the Coal Mine?, Project Syndicate, 14/03/2023.

“La inflació ve d’abans de la guerra, sobretot en el camp de l’energia. La guerra ho ha accelerat”, 24/02/2023, Els Matins de TV3

“En la zona euro, el peligro número uno es Italia. Y el número dos es España”, El País, 19/02/2023