Recent working papers and forthcoming publications:

“Market Power and Welfare in Asymmetric Divisible Good Auctions” (with C. Manzano), forthcoming at Theoretical Economics.

“Costly Interpretation of Asset Prices” (with J. Mondria and L. Yang), forthcoming at Management Science.

“General Equilibrium Oligopoly and Ownership Structure” (with J. Azar), forthcoming at Econometrica.

“Exchange Competition, Entry, and Welfare” (with G. Cespa), R&R at The Review of Financial Studies.

“Information Technology and Bank Competition” (with Z. Ye).

“Financial Markets, Common Ownership and Product Market Outcomes” (with A. Banal-Estañol and J. Seldeslachts).

“Market Transparency and Fragility” (with G. Cespa).


Lectures and Talks:

“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 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.

“Endogenous Public Information and Welfare in Market Games”, Review of Economic Studies, 2017, 84, 2, 935-963.


Recent opinion articles:

¿Qué hay al final del túnel?, La Vanguardia, 7/01/2021.

El Nobel a las subastas, La Vanguardia, 10/12/2020.

European banking’s moment of merger truth, Project Syndicate, 2/12/2020.

Xavier Vives: “En España hemos gastado poco en ayudar a personas y empresas, El País, 29/11/2020.

Madrid i la fiscalitat a Espanya, Ara, 28/11/2020.

¿Cómo utilizar eficazmente los fondos europeos?, Expansión, 11/11/2020.

A stable euro requires an ambitious industrial policy, Project Syndicate, 4/09/2020.

The bank business model in the post-Covid-19 world,, 18/06/2020.



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-