Recent working papers and forthcoming publications:

“Monetary Policy, Market Power and SMEs” (with A. Ferrando, P. McAdam and F. Petroulakis), AEA Papers and Proceedings, forthcoming.

“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 Lender 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:

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:

“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:

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

Què ha fallat en la crisi del Silicon Valley Banc?, Ara, 19/03/2023

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.

El legado económico de la guerra, La Vanguardia, 2/03/2023

“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

Com assegurar els objectius climàtics per al 2050, Ara, 18/02/2023

Industria europea: ¿jaque mate?, La Vanguardia, 2/02/2023

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