Journal Articles

	“Duopoly Information Equilibrium: Cournot and Bertrand”, Journal of Economic Theory, 34, 1, October 1984, 71-94. Reprinted in Cournot Oligopoly: Characterization and Applications, A. Daughety (ed.), Cambridge University Press, 1988. Reprinted in Microeconomic Theories of Imperfect Competition: Old Problems and New Perspectives, J. Gabszewicz and J.-F. Thisse (ed.), Edwar Elgar Publisher Ltd, UK, 1999. “Price and Quantity Competition in a Differentiated Duopoly” (with N. Singh), The Rand Journal of Economics, 15, 4, 1984, 546-554. “On the Efficiency of Bertrand and Cournot Equilibria with Product Differentiation”, Journal of Economic Theory, 36, 1, June 1985, 166-175. Reprinted in Cournot Oligopoly: Characterization and Applications, A. Daughety (ed.), Cambridge University Press, 1988. Reprinted in The Economics of Product Differentiation, Vol. II, J-F Thisse and G. Norman (eds.), International Library of Critical Writings in Economics, no. 37, Aldershot, U.K.: Elgar, 1994, 34-43. “Entry Deterrence and the Free Rider Problem” (with R. Gilbert), Review of Economic Studies, 53, 1, January 1986, 71-83. “Commitment, Flexibility and Market Outcomes”, International Journal of Industrial Organization, 4, 2, 1986, 217-229. Reprinted in Market Strategy and Structure, J.M. Alec Gee and G. Norman (eds.), Harvester Wheatsheaf, 1992. “Rationing Rules and Bertrand-Edgeworth Equilibria in Large Markets”, Economics Letters, 21, 1986, 113-116. “Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand”, Review of Economic Studies, 40, January 1987, 87-103. “Bank Runs as an Equilibrium Phenomenon” (with A. Postlewaite), Journal of Political Economy, 95, 3, June 1987, 485-491. “Sequential Entry, Industrial Structure, and Welfare”, European Economic Review, 32, October 1988, 1671-1687. “Aggregation of Information in Large Cournot Markets”, Econometrica, 56, 4, July 1988, 851-876. “On the Strategic Choice of Spatial Price Policy” (with J.F. Thisse), American Economic Review, 78, 1, March 1988, 122-137. Reprinted in The Economics of Location, Vol. II, Melvin L. Greenhut and George Norman (eds.), Elgar Reference Collection: International Library of Critical Writings in Economics, Vol. 42. Aldershot, U.K.: Elgar, 1995, 401-416. “Collusion by Asymmetrically Informed Duopolists” (with R. Kihlstrom), European Journal of Political Economy, 5, 1989, 371-402. “Technological Competition, Uncertainty and Oligopoly”, Journal of Economic Theory, 48, 2, August 1989, 386-415. “Cournot and the Oligopoly Problem”, European Economic Review, 33, 1989, 503-514. “Information and Competitive Advantage”, International Journal of Industrial Organization, 8, 1990, 17-35. “Nash Equilibrium with Strategic Complementarities”, Journal of Mathematical Economics, 19, 3, 1990, 305-321. “Deregulation and Competition in Spanish Banking”, European Economic Review, P&P, 34, 1990, 403-415. “Trade Association Disclosure Rules, Incentives to Share Information and Welfare”, Rand Journal of Economics, 21, 3, Autumn 1990, 409-430. “Regulatory Reform in European Banking”, European Economic Review, 35, 1991, 505-515. “Basing point pricing: Competition versus Collusion” (with J. Thisse), Journal of Industrial Economics, 40, 3, September 1992, 249-260. “Collusion by Asymmetrically Informed Firms” (joint with R. Kihlstrom), Journal of Economics and Management Strategy, 1, 2, Summer 1992, 371-396. “How fast do rational agents learn?“, Review of Economic Studies, 60, 1993, 329-347. “Edgeworth and Modern Oligopoly Theory”, European Economic Review, 37, 2/3, April 1993, 463-476. “Implementation in Economies with a Continuum of Agents” (with A. Mas-Colell), Review of Economic Studies, 60, 1993, 613-629. “Information, flexibility and competition”, Journal of the Japanese and International Economies, 7, 1993, 219-237. “The Supervisory Function of the European System of Central Banks” in Prudential Regulation, Supervision and Monetary Policy, Franco Bruni (ed.), Università Commerciale Luigi Bocconi, Milan, 1993, and in Giornale degli Economisti e Annali di Economia, 51, October-December 1992, 523-532. “Short term investment and the informational efficiency of the market”, Review of Financial Studies, 8, 1, 1995, 125-160. “Infrastructure and education as instruments of regional policy: evidence from Spain” (with A. de la Fuente), Economic Policy, 10, 20, 1995, 13-51. Reprinted in International Economic Integration: Limits and Prospects, M. Jovanovic (ed.), Routledge. “The speed of information revelation in a financial market mechanism”, Journal of Economic Theory, 67, 1, 1995, 178-204. “Why market share matters: An information-based theory” (with R. Caminal), Rand Journal of Economics, 27, 2, 1996, 221-239. “Social learning and rational expectations”, European Economic Review, 40, 3-5, 1996, 589-601. “Competition for Deposits, Fragility, and Insurance“, (with C. Matutes), Journal of Financial Intermediation, 5, 1996, 184-216. “Learning and convergence to a full-information equilibrium are not equivalent” (with B. Jun), Review of Economic Studies, 63, 4, 1996, 653-674. “Learning from others: a welfare analysis”, Games and Economic Behavior, 20, 1997, 177-200. “Price Dynamics and Consumer Learning” (with R. Caminal), Journal of Economics and Management Strategy, 8, 1, 1999, 95-131. “Excess Entry, Vertical Integration, and Welfare” (with K-U. Kühn), Rand Journal of Economics, 30, 4, 1999, 575-603. “Social Learning and Costly Information Acquisition” (with R. Burguet), Economic Theory, 15, 1, 2000, 185-205. “Imperfect Competition, Risk Taking, and Regulation in Banking” (with C. Matutes), European Economic Review, 44, 2000, 1-34. “Restructuring Financial Regulation in the European Monetary Union”, Journal of Financial Services Research, 19, 1, 2001, 57-82. “Strategic Behavior and Price Discovery“ (with L. A. Medrano), Rand Journal of Economics, 32, 2, 2001, 221-248. “Competition in the Changing World of Banking“, Oxford Review of Economic Policy, 17, 4, 2001, 535-547. “Informational Externalities, Herding, and Incentives“ (with L. Bru), Journal of Institutional and Theoretical Economics, 158, 1, 2002, 91-105. WP. “Dollarization, Bailouts, and the Stability of the Banking System“ (with D. Gale), Quarterly Journal of Economics, 117, 2, 2002, 467-502. WP. “External Discipline and Financial Stability“, European Economic Review, 46, 4-5, 2002, 821-828. “Private Information, Strategic Behavior, and Efficiency in Cournot markets“, Rand Journal of Economics, 33, 3, 2002, 361-376. WP. “Strategic Incentives in Dynamic Duopoly” (with B. Jun), Journal of Economic Theory, 116, 2, 2004, 249-281. “Regulating Insider Trading When Investment Matters“ (with L.A. Medrano), Review of Finance, 8, 2004, 199-277. WP. “Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?“ (with J-Ch. Rochet), Journal of the European Economic Association, 2, 6, December 2004, 1116-1147. WP. “Games with Strategic Complementarities: New Applications to Industrial Organization“, International Journal of Industrial Organization¸ 23, 2005, 625-637. “Complementarities and Games: New Developments“, Journal of Economic Literature, 43, 2, 2005, 437-479. “Banking and Regulation in Emerging Markets: The Role of External Discipline“, The World Bank Research Observer, 21, 2, Fall 2006, 179-206. “Monotone Equilibria in Bayesian Games of Strategic Complementarities“ (with T. Van Zandt), Journal of Economic Theory, 134, 2007, 339-360. “Games of Strategic Complementarities: an Application to Bayesian Games“, Spanish Economic Review, 9, 2007, 237-247. WP. “Innovation and Competitive Pressure“, The Journal of Industrial Economics, 2008, 56, 3, 419-469. Recipient of the JIE “Best Article” Prize 2008. WP. “Complementarities and Information: An Introduction”, (with D. Gale), Journal of the European Economic Association, 2009, 7, 1, 1-10. “Strategic Complementarity in Multi-stage Games“, Economic Theory, 2009, 40, 151-171. WP. “Why and where do headquarters move?“ (with V. Strauss-Kahn), Regional Science and Urban Economics, 2009, 39, 2, 168-186. “Asset Auctions, Information, and Liquidity“, Journal of the European Economic Association, 2010, 8, 2-3, 467-477. WP. “Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity“ (with C. Manzano), Journal of Mathematical Economics, 2011, 47, 3, 346–369. WP. “Strategic Supply Function Competition with Private Information“, Econometrica, 2011, 79, 6, 1919-1966. WP. Web appendix “Competition Policy in Banking“, Oxford Review of Economic Policy 2011,  27, 479-497. WP. “Dynamic Trading and Asset Prices: Keynes vs. Hayek“ (with G. Cespa), Review of Economic Studies, 2012, 79, 2, 539-580.  “Introduction to Financial Economics” (with F. Allen and D. Vayanos), Journal of Economic Theory, 2014, 149, 1, 1-14. WP. “Competitive Rational Expectations Equilibria without Apology” (with A. Kovalenkov), Journal of Economic Theory, 2014, 149, 1, 211-235. WP. “On the Possibility of Informationally Efficient Markets“, Journal of the European Economic Association, 2014, 12, 5, 1200-1239. WP. “Strategic Complementarity, Fragility, and Regulation“, The Review of Financial Studies, 2014, 27, 12, 3547-3592. WP. “Information, Coordination, and Market Frictions: An Introduction” (with A. Pavan), 2015, 158, No. B, 407 – 426. WP. “The Beauty Contest and Short-Term Trading” & Internet appendix (with G. Cespa), Journal of Finance, 2015, 70, 5, 2099-2154. WP. “Endogenous Public Information and Welfare in Market Games”, Review of Economic Studies, 2017, 84, 2, 935-963. WP. “The Impact of Fintech on Banking”, European Economy. Banks, Regulation and the Real Sector, 2017, 2, 97-106. “Overlapping Ownership, R&D Spillovers and Antitrust Policy” & Online Appendix & Web simulation (with A. López), Journal of Political Economy, 2019, 127, 5, 2394-2437. “Competition and Stability in Modern Banking: A Post-Crisis Perspective”, International Journal of Industrial Organization, 2019, 64, 55-69. “Common Ownership and the Secular Stagnation Hypothesis” (with J. Azar), AEA Papers and Proceedings, 2019, 109, 322-326. “Competition Policy in Banking in the European Union” (with J. Maudos), Review of Industrial Organization, 2019, 55, 1, 27-46. “Common Ownership, Market Power, and Innovation”, International Journal of Industrial Organization, 2020, 70, 102528. “Digital Disruption in Banking”, The Annual Review of Financial Economics, 2019, 11, 243-272. “Diversification, Common Ownership, and Strategic Incentives” (with A. Banal-Estañol and J. Seldeslachts), AEA Papers and Proceedings, 2020, 110, 561-564. “Information Frictions and Market Power: A Laboratory Study” & Online Appendix (with A. Bayona and J. Brandts), Games and Economic Behavior, 2020, 122, 354-369. “Costly Interpretation of Asset Prices” (with J. Mondria and L. Yang), Management Science, 2021, 68,1, 52-74. Informs article. “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. “Market Power and Welfare in Asymmetric Divisible Good Auctions” (with C. Manzano), Theoretical Economics, 2021, 16, 1095-1137. “Exchange Competition, Entry, and Welfare” & Web appendix (with G. Cespa), The Review of Financial Studies, 2022, 35, 5, 2570-2624. WP “Monetary Policy, Market Power and SMEs” (with A. Ferrando, P. McAdam and F. Petroulakis), AEA Papers and Proceedings, 2023, 113, 105-109.