- ICREA Professor of Economics, Universitat Pompeu Fabra, CREI and Barcelona GSE
- Research Fellow of the Centre for Economic Policy Research (CEPR) - Financial Economics, London
- European Research Council Consolidator Grant 2015-2020 on Debt and Persistence of Financial Shocks
- Member of the Advisory Scientific Committee, European Systemic Risk Board (ESRB), 2015-2019
- Deutsche Bundesbank Research Professor, 2017
- Advisor at Bank of Spain, Financial Stability Department, Madrid, since 2011
- Senior Houblon Norman Fellowship at the Bank of England, 2016-2017
- Associate Editor, Review of Finance, the journal of the European Finance Association
- Administrative duties: UPF Departamental Seminar and senior recruiting
- Link to my Google Scholar citations, IDEA-RePEc page, Curriculum Vitae, SSRN working papers, firstname.lastname@example.org and administrative assistant (Mariona
Novoa, email@example.com, (+34) 935421398)
- PhD in Finance, INSEAD, 2005; MSc in Finance, INSEAD, 2002 (Scholarships from INSEAD and Bank of Spain)
- Master in Economics, CEMFI, 1999 (Scholarship from Bank of Santander)
- B.A. in Economics, Universitat de Barcelona, 1997
- Banking; Systemic Risk; Financial Crises; Macroeconomics and Credit; Monetary Policy; International Finance; Macroprudential Supervision and Regulation
- "Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments," (with Gabriel Jiménez, Steven Ongena and Jesús Saurina). Forthcoming at Journal of Political Economy.
“Capital Flows and the International Credit
Channel,” (with Yusuf Soner Baskaya, Julian di Giovanni, Sebnem Kalemli-Özcan and
Mehmet Fatih Uluk). Accepted at the Journal of International Economics.
- "Double Bank Runs and Liquidity Risk Management," (with Filippo Ippolito, Andrea Polo and Enrico Sette). Journal of Financial Economics,
122 (1), 135-154, October 2016.
- "Securities Trading by Banks and Credit Supply: Micro-Evidence," (with Puriya Abbassi, Raj Iyer and Francesc Tous). Forthcoming at the Journal of Financial Economics,
121 (3), 569-594 September 2016.
- "Monetary Policy, Risk-Taking and Pricing: Evidence from a Quasi-Natural Experiment" (with Vasso Ioannidou and Steven Ongena). Review of Finance, 19, 1, 95-144. 2015.
- "Shocks Abroad, Pain at Home? Bank-Firm Level Evidence on Financial Contagion during the 2007-2009 Crisis," (with Steven Ongena and Neeltje van Horen). IMF Economic Review, 63 (4), 698-750, 2015.
- "Trusting the Bankers: Another Look at the Credit Channel of Monetary Policy" (with Matteo Ciccarelli and Angela Maddaloni). Review of Economic Dynamics, 18, 979-1002, 2015.
- "Hazardous Times for Monetary Policy: What do 23 Million Loans Say About the Impact of Monetary Policy on Credit Risk-Taking?" (with Gabriel Jiménez, Steven Ongena and Jesús Saurina), Econometrica, 82 (2), 463-505, 2014 (Lead Article).
- "The Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007-09 Crisis" (with Rajkamal Iyer, Samuel Lopes and Antoinette Schoar), Review of Financial Studies, 27 (1): 347-372, 2014.
- "Financial Regulation, Globalization and Synchronization of Economic Activity" (with Sebnem Kalemli-Ozcan and Elias Papaioannou), Journal of Finance, vol 68-3, 1179-1228, June 2013.
- "Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications" (with Gabriel Jiménez, Steven Ongena and Jesús Saurina), American Economic Review, August Vol. 102, No. 5, 2301-26, 2012.
- "Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro Area and U.S. Lending Standards" (with Angela Maddaloni), Review of Financial Studies, 24, 2121-65, 2011.
- “Interbank Contagion at Work: Evidence from a Natural Experiment” (with Rajkamal Iyer), Review of Financial Studies, 24, 1337-77, 2011.
- "What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade" (with Sebnem Kalemli-Ozcan and Elias Papaioannou), Journal of International Economics, 81, 75–88, 2010.
- "The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects," (with Bernardo Morais and Claudia Ruiz). Revise and resubmit at the Journal of Finance.
- "The Real Effects of the Bank Lending Channel"(with Gabriel Jiménez, Atif Mian and Jesús Saurina). Revise and resubmit at the Journal of Monetary Economics.
- "Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis," (with Puriya Abbassi, Falk Bräuning and Falko Fecht).
- "Financial Fragility, Banks and Non-Bank Financial Intermediaries: Supervisory Security Register Evidence," (with Puriya Abbassi, Rajkamal Iyer and Yannick Timmer).
Other journal publications:
- Discussion of "Risk Heterogeneity and Credit Supply: Evidence from the Mortgage Market," in Twenty-Seventh Annual Conference on Macroeconomics, NBER Macroeconomics Annual, Daron Acemoglu, Jonathan Parker and Michael Woodford, Editors.
- "Monetary conditions and banks’ behaviour in the Czech Republic," (with Geršl Adam, Petr Jakubík, Dorota Kowalczyk and Steven Ongena), Open Economies Review, 26-3, 407-445, 2015.
- “The Real State and Credit Bubble: Evidence from Spain,” (with Ozlem Akin, José Garcia Montalvo, Jaume Garcia Villar and Josep M. Raya). SERIEs, the Journal of the Spanish Economic Association special issue on "The Crisis of the Spanish Economy" (Special Issue Editors: Juan Francisco Jimeno and Tano Santos), vol. 5, pp. 223-243, 2014.
- "Heterogeneous Transmission Mechanism: Monetary Policy and Financial Fragility in the Euro Area," (with Matteo Ciccarelli and Angela Maddaloni), Economic Policy, vol 28-75, 459-512, July 2013.
- "Monetary Policy, Macroprudential Policy and Banking Stability: Evidence from the Euro Area," (with Angela Maddaloni), International Journal of Central Banking, March 2013, 121-69.
- “Combating Corruption in International Business Transactions” (with Marco Celentani and Juan-José Ganuza), Economica, 71, 417-448, 2004.
- "Systemic Risk in Banking after the Great Financial Crisis" (with Olivier de Bandt and Philipp Hartmann) Oxford Handbook of Banking, ed. by A. Berger, P. Molyneux and J. Wilson, Oxford University Press, 2015.
- "Five years of crisis (resolution) – some lessons," (with Thorsten Beck) in "The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions" edited by Richard Baldwin and Francesco Giavazzi, VoxEU.
- “The Credit Channel of Monetary Policy
in the Euro Area,” (with Angela Maddaloni), in Routledge Handbook of theEconomics of European Integration (edited by Harald Badinger and Volker
Nitsch), Oct 5 2015.
- "Macroprudential Policy and Credit Supply Cycles," Banque de France Financial Stability Review, April 2014.
- "Systemic Risk, Monetary and Macroprudential Policy," Revista de Estabilidad Financiera Banco de España, May 2014.
- "Credit Cycles and Systemic Risk," CREI Opuscles 35, December 2013.
- “Loose Monetary Policy and Excessive Credit and Liquidity Risk-taking by Banks” (with Steven Ongena) in The Future of Banking, ed. T. Beck, CEPR Vox EU, 2011.
- "Interbank Markets as a Source of Contagion" (with Raj Iyer) in Financial Contagion: The Viral Threat to the Wealth of Nations, ed. R. Kolb, forthcoming from Hoboken, NJ: John Wiley & Sons, Inc.
- "Discussion of The Effects of Bank Capital on Lending: What Do We Know, and What Does It Mean?” International Journal of Central Banking, 2010.
- "The Euro Area Bank Lending Survey Matters: Empirical Evidence for Credit and Output Growth" (with Gabe de Bondt, Angela Maddaloni and Silvia Scopel), European Central Bank WP 1160, 2010.
- "Summary of Low Interest Rates, Bank Risk and the Recent Crisis: Evidence from the Euro Area and the U.S. Lending Standards," (with Angela Maddaloni) Evanoff D. (ed.), Federal Reserve Bank of Chicago Conference on Bank Structure and Competition Proceedings, 2010.
- "Euro Area Household Credit Growth: Demand or Supply Driven?" (with Gabe de Bondt, Angela Maddaloni and Silvia Scopel), Revue Bancaire et Financière - Bank- en Financiewezen, 2010.
- "Systemic Risk in Banking: an Update" (with Olivier de Bandt and Philipp Hartmann) Oxford Handbook of Banking, ed. by A. Berger, P. Molyneux and J. Wilson, Oxford University Press, 2009.
- "Financial Integration and Risk Sharing: The Role of Monetary Union" (with Sebnem Kalemli-Ozcan, Simone Manganelli, and Elias Papaioannou) in: Mackowiak, B., Mongelli, F. P., Noblet, G., Smets, F. (Ed.), The Euro at Ten: Lessons and Challenges, 116-155, European Central Bank, 2009.
- "The Impact of Short-Term Interest Rates on Risk-Taking: Hard Evidence" (with Vasso Ioannidou and Steven Ongena) The First Global Financial Crisis of the 21st Century, VoxEU CEPR, ed. by A. Felton and C. Reinhart, 2008.
- "Evidence on the Impact of Monetary Policy on Bank Credit Risk," (with Gabriel Jiménez, Steven Ongena and Jesús Saurina) in Evanoff D. (ed.), Federal Reserve Bank of Chicago Conference on Bank Structure and Competition Proceedings, 417-421, 2008.
- “Bank Lending Standards and the Origins and Implications of the Current Banking Crisis,” (with Angela Maddaloni), ECB Research Bulletin, 2010.
- "Contagion through Interbank Markets: Evidence from India," (with Raj Iyer), Vox EU, CEPR, 2010.
- "The Euro’s Financial Integration of Europe," (with Sebnem Kalemli-Ozcan and Elias Papaioannou), Vox EU, CEPR, 2009.
- "The Impact of Short-Term Interest Rates on Risk-Taking: Hard Evidence" (with Vasso Ioannidou and Steven Ongena), Vox EU, CEPR, 2007.
- "Contagion via Interbank Markets: a Survey" Committee on Global Financial Stability-Bank of Japan-Fed Board-ECB 2007.
Selected Recent Seminars/Conferences:
Stanford; Berkeley; LSE (macro); European Commission (FISMA); Copenhagen Business School; University of Copenhagen; Bank of England; European Central Bank conference on "Monetary policy pass-through and credit markets" (organiser); Barcelona GSE Summer Forum conference on financial intermediation (organiser); Barcelona GSE Summer Forum workshop on "Asset Prices, Finance and Macroeconomics" (discussant); European Systemic Risk Board annual conference (organiser); BIS-JFI-CCA-CGDFS Conference on "The impact of Macroprudential Policies and their interaction with monetary policy: An empirical analysis using credit registry data” at Mexico DF (discussant); First Annual ECB Macroprudential Policy and Research Conference (organised by IMF and ECB) (discussant); Institute for Financial Research (SIFR) conference on “Credit Markets After the Crisis; NBER International Seminar on Macroeconomics; IMF/HKMA/BoE Conference on "Monetary, Financial and Prudential Policy Interactions in the Post-Crisis World" at Hong Kong (discussant); ECB and Banco de Portugal workshop on “Transmission and Effectiveness of Macroprudential Policies” (Keynote speaker) (2016)
NBER Summer Institute Macro, Money and Financial Frictions (jointly with Monetary Economics); NBER Summer Institute International Finance
& Macroeconomics (discussant);
Oxford University; CEPR-Assonime “Workshop on Corporate Financing and European Investment Financing” at Oxford University (discussant); Einaudi Institute for Economics and Finance in Rome; Banca d’Italia; G-20 Turkey CBRT-BIS-IMF “Macroprudential Policy: Effectiveness and Implementation Challenges” (invited speaker); World Bank;
Federal Reserve Board at DC; 62nd Economic Policy Panel Meeting (discussant); La Caixa; CEPR-FGN-University of St. Gallen “Finance,
Capital Reallocation and Growth” conference (Keynote speaker);
Conference on Corporate Debt at the European Commission's DG for
Economic and Financial Affairs (Keynote speaker); ECMI
National Bank of Belgium - Imperial College-Brevan Howard Centre for Financial
Analysis Conference on “Navigating the storm: Setting long-term goals in
volatile market conditions? (Keynote
speaker); Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA); American Finance Association and American Economic Association (2015)
- Columbia (Finance); Princeton; Imperial (Tanaka); Zurich University; Universidad de Navarra; NBER conference on "Monetary Policy and Financial Stability in Emerging Markets"; Tilburg; Maastricht; Banque de France; European Central Bank; Bank of England workshop on regulating bank funding; LSE Economic Networks and
Finance Conference; Journal of Monetary of Economics 2014 Conference (discussant); Deutsche Bank (London); Middlesex; European Finance Association Lugano (discussant); Becker Friedman Institute-INET conference on Macroeconomic Fragility, University of Chicago; CEPR CREI Ninth Annual Workshop on Macroeconomics of Global Interdependence (discussant); CEPR Conference on Financial Stability and Regulation at IESE (discussant); CEMLA-Association of Central Banks in Latin America and the Caribbean; Safe Assets Conference at the London Business School (discussant); Barcelona GSE Summer Forum "Asset Prices and the Business Cycle" and "Financial Intermediation, Risk and Liquidity" (co-organizing); World Bank / Bank of Spain "Financing growth: Levers, Boosters and Brakes" (discussant); Keynote speaker at the 14th Eurasia Business and Economics Society Conference (2014)
- European Central Bank "High Level Academics meeting on Counter Cyclical Capital Buffers"; The French Prudential Supervisory Authority conference on “Risk Taking in Financial Institutions, Regulation and the Real Economy”; CEPR-EBRD-EBC-RoF Conference on "Understanding Banks in Emerging Markets" at the at the European Bank for Reconstruction and Development (discussant); Keynote at the ERSA-South Africa First Annual Financial Economics Workshop Cape Town; Foro de Finanzas (Segovia) (Fall/Winter 2013)
- NBER International Seminar on Macroeconomics (discussant); Adam Smith Corporate Finance CEPR Conference at Oxford; Federal Reserve Board; HEC Paris; CEPR Regulatory Reform Forum "A long term environment of low nominal interest rates" London; U Free of Amsterdam-UvA-Tinbergen Institute; IESE-ESADE-UPF (Accounting); Bank for International Settlements; LBS Conference on "Macroeconomic Dynamics with Heterogeneous Agents" (discussant); Barcelona GSE Summer Forum on "International Capital Flows" (discussant), on "Information, Competition and Market Frictions" (discussant) and on "Financial Intermediation, Risk and Liquidity Management" (co-organizer); Coface-Spain (Spring-Summer 2013)
- New York University Stern (Finance); XXV Moneda y Crédito Symposium; XIII Madrid Finance Workshop; AFA 2013 San Diego (paper+discussion) (Fall-Winter 2012)
- London School of Economics (Finance); London Business School (Econ); "The Macroeconomics of Financial Stability" at LBS (discussant) (October-December 2012)
- NBER Summer Institute 2012 "Finance & Macro Meeting"; CEPR Gerzensee Corporate Finance week; EEA invited session on “New Approaches to Financial Regulation"; European System of Central Banks Day Ahead Conference on "Financial Stability: Measurement, Theory and Policy Analysis" (discussion) (Summer 2012)
- NBER Macro Annual 2012 (discussant); EUI Florence (Macro); Duke Fuqua (Finance); UNC Kenan-Flagler (Finance); AEA 2012 Chicago (co-author presents); Corporate Finance Conference at U. of Minnesota (Jan-May 2012)
- CEPR Banca d´Italia "Macroprudential Policies, Regulatory Reform and Macroeconomic Modeling" at Rome; CEPR CREI on "Asset Prices and the Business Cycle"; CEPR National Bank of Belgium "Financial Intermediation and Macroeconomics: Directions Since the Crisis" at Brussels (discussant); IMF Jacques Polak Annual Research Conference on "Monetary and Macroprudential Policies"; Bocconi Carefin on "Bank Competitiveness in the Post-Crisis World: Implications of Regulatory Reforms and Exit Strategies"; IX Trobada Barcelona GSE at CSIC IAE; CEPR 20th ESSET Gerzensee "Financial Intermediation, Regulation, and the Crisis" week (morning session); CEPR-EBC-HEC-NYSE/Euronext-RoF "Financial Intermediation and the Real Economy" @ Paris NYSE/Euronext (discussant); CEPR-CREI Conference on Institutions and International Capital Flows (attended, co-author presented); ECB (Summer and Fall 2011)
- Harvard (applied theory); MIT (micro applications/ labor); Federal Reserve Board at DC; IMF (research); IESE (February-April 2011); AEA (3 papers + discussion), AFA (1 paper) 2011 Denver
- Bank of Santander; Universitat Pompeu Fabra; ECB; EFA (discussion); Econometric Society World Congress 2010 Shanghai (August 2010); NBER Summer Institute Monetary Economics group; WFA 2010 at Victoria; Kauffmann Foundation "Entrepreneurial Finance and Innovation" Conference; CEPR conference on “Bank Crisis Prevention and Resolution” Amsterdam (discussion); IESE & ESADE joint seminar; BIS Basel; Goethe University; CEPR conference on "Procyclicality and Financial Regulation" Tilburg (discussion); Workshop on Industrial Organization and Banking at IESE; New York Fed; Darmouth College (econ); De Nederlandsche Bank; AFA Atlanta (discussion) (2010)
- ECARES-Université Libre de Bruxelles; University of Amsterdam-Tinbergen Institute; NBER Summer Institute - Risk and Financial Institutions group; NBER Summer Institute - Capital Markets and the Macroeconomy group; RFS Financial Crisis Conference at Yale; CEPR conference on Financial Crisis, Barcelona; CEPR conference on Money, Banking and Finance, Rome; CEPR conference on Global Interdependence, Florence; Financial Intermediation Research Society, Prague; AFA San Francisco (2009)
- ECB Staff Paper on The Euro at Ten - 5th ECB Central Banking Conference, 13-14 Nov 2008
- American Economic Review, Journal of Finance, Review of Financial Studies, Journal of Financial Economics; Review of Economic Studies, Quarterly Journal of Economics, Journal of Political Economy, Review of Economics and Statistics, Review of Finance, Journal of Monetary Economics, Journal of International Economics, Journal of the European Economic Association, Journal of Financial Intermediation, AEJ Macroeconomics; Journal of Money, Credit and Banking, Journal of Economic Dynamics and Control, Economic Policy, Economica, Journal of Applied Econometrics, International Journal of Central Banking, Journal of Banking and Finance, ECB Working Papers, Social Sciences and Humanities Research Council of Canada, Research Grants Council of Hong Kong, La Agencia Nacional de Evaluación y Prospectiva, Management Science.
Publications in Spanish Journals and Seminars in Spain:
- "Bank Credit Standards, Demand, Pro-cyclicality and the Business Cycle," (with Angela Maddaloni), Moneda y Crédito, #230, 2010.
- “Las Implicaciones Macroeconómicas de la Integración Financiera,” Papeles de Economía Española, November, 2009.
- “Bancos, Crédito y Mecanismo de Transmisión de la Política Monetaria: Nuevas Perspectivas,” (with Santiago Carbó Valverde and David Marqués), Perspectivas del Sistema Financiero, #95, 2009.
- "Interbank Contagion," Moneda y Crédito, #224, 2007.
- Seminars: Banco de España, Banco Santander, La Caixa, Universitat Pompeu Fabra, Universidad Carlos III, IESE, ESADE, Instituto de Empresa, Universidad de Navarra, Coface Spain, MadBar Conference 2016.
- Contributor to the Blog Nada es Gratis, since 2014