Home: Academic Webpage of Jose Luis Peydro Alcalde


Research Interests:

  • Banking; Systemic Risk; Financial Crises; Macroeconomics and Credit; Monetary Policy; International Finance; Macroprudential Supervision and Regulation
Selected publications:

Working Papers:

Other journal publications:

  • "Shocks Abroad, Pain at Home? Bank-Firm Level Evidence on Financial Contagion during the 2007-2009 Crisis," (with Steven Ongena and Neeltje van Horen). Forthcoming at the IMF Economic Review.
  • "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, 2005.
  • "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.
  • 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.
  • “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.

Other Publications:


Selected Recent Seminars/Conferences:

  • NBER Summer Institute Macro, Money and Financial Frictions (jointly with Monetary Economics);  NBER Summer Institute International Finance & Macroeconomics (discussant);  Oxford University;  LSE (Macro); 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); Vienna Graduate School of Finance (Vienna University of Economics and Business, the University of Vienna and the Institute of Advanced Studies);  World Bank;  Federal Reserve Board at DC; 62nd Economic Policy Panel Meeting (discussant); Copenhagen Business School; La Caixa; Banque de France;  Bank of England;  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  (2015/16)

  • 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)
  • ECB "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 (October-December 2011)
  • 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 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) (scheduled) 2011 Denver 
  • Bank of Santander (discussant) (November 2010)  
  • Universitat Pompeu Fabra; ECB (September-October 2010)
  • EFA Frankfurt 2010 (discussion); Econometric Society World Congress 2010 Shanghai (August 2010)
  • NBER Summer Institute 2010, Monetary Economics group, July 2010
  • WFA 2010 Victoria; Review of Financial Studies and Kauffmann Foundation "Entrepreneurial Finance and Innovation" Conference (June 2010)    
  • CEPR conference on “Bank Crisis Prevention and Resolution” Amsterdam (discussion) (May 2010)  
  • IESE & ESADE joint seminar;  BIS Basel;  Goethe University (April-May 2010) 
  • CEPR conference on "Procyclicality and Financial Regulation" Tilburg (discussion); Workshop on Industrial Organization and Banking at IESE (March 2010)
  • New York Fed;  Darmouth College (econ);  De Nederlandsche Bank (February 2010)
  • AFA Atlanta 2010 (discussion) 
  • ECARES-Université Libre de Bruxelles;  University of Amsterdam-Tinbergen Institute  (October 2009)
  • NBER Summer Institute, Risk and Financial Institutions group, July 2009
  • NBER Summer Institute, Capital Markets and the Macroeconomy group, July 2009
  • Review of Financial Studies Financial Crisis Conference at Yale, July 2009
  • CEPR conference on Financial Crisis, Barcelona, May 2009
  • CEPR conference on Money, Banking and Finance, Rome, October 2009
  • CEPR conference on Global Interdependence, Florence, March 2009
  • Financial Intermediation Research Society, Prague, May 2009
  • 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, 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.


  • Teaching at the Barcelona GSE Summer School in Banking (also co-director), at the Barcelona Macroeconomics Summer School at CREI, at the Barcelona GSE professional courses on Systemic Risk and Prudential Policy(also co-director) and on Unconventional Monetary Policy, at several master and PhD courses at the Barcelona GSE at UPF and at CSIC-IAE UAB and at the UPF Barcelona School of Management, at the UPF undergraduate economic and business programs
  • Banking and other Financial Institutions, Undergrad 2012/13, 2013/14, 2014/15 UPF
  • Financial Institutions Management, Master, 2011/12, 2012/13, 2013/14, 2014/15 Barcelona GSE - UPF
  • Systemic Risk and Financial Crises, Master, 2012/13, 2013/14, 2014/15 Barcelona GSE - UPF
  • Empirical Finance, Master, 2013/14, 2014/15 Barcelona GSE - UAB
  • Financial Institutions Management, Master 2014/15 Barcelona School of Management
  • Systemic Risk and Prudential Policy, Continuing Education, 2012, 2013, 2014 and 2015, Barcelona GSE - UPF (co-director with X. Freixas; also teaching C. Brownlees, J. García-Montalvo, J. Galí, J. Ventura and X. Vives)
  • Banking Summer School, 2013, 2014, 2015 Barcelona GSE - UPF
  • Barcelona Macroeconomics Summer School, 2015, CREI 
  • Banking Theory, Master, 2011/12 and 2012/13, Barcelona GSE - UPF (with Xavier Freixas)

Publications in Spanish Journals and Seminars in Spain: