José Luis Peydró
Universitat Pompeu Fabra
Department of Economics and Business
Ramon Trias Fargas, 25-27
Support staff: Mariona Novoa, firstname.lastname@example.org
Earlier title: ‘Dressing up for the regulator: Evidence from the largest-ever supervisory review’
Watch a presentation at the Asociación Española de Finanzas (AEFIN) ‘25th Foro de Finanzas’ (2017) YOUTUBE
Previously circulated as ‘Macroprudential Policy and Household Leverage: Evidence from Administrative Household-Level Data’
Previously circulated as ‘US Monetary Policy and Exchange Rate: Micro Evidence on the Brazilian Credit Channel’
Previously circulated as ‘Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country’
R&R Review of Economic Studies
See Nada es Gratis
Previously circulated as ‘Credit Demand Forever?’ On the Strengths of Bank and Firm Balance-Sheet Channels in Good and Crisis Times’
NOTE : In the case of publications that are not open-access, downloading, copying or printing for, or on behalf of, any for-profit commercial firm or other commercial purpose should not be done without the explicit permission of the corresponding publisher.
Journal of International Economics, accepted.
Previously circulated as ‘International financial integration, crises and monetary policy: Evidence from the Euro Area interbank crises’
Expansionary yet Different: Credit Supply and Real Effects of Negative Interest Rate Policy (with M. Bottero, C. Minoiu, A. Polo, A. Presbitero, E. Sette)
Journal of Financial Economics, accepted.
Financial Crises and Political Radicalization: How Failing Banks Paved Hitler’s Path to Power (with S. Doerr, S. Gissler and H.-J. Voth)
Journal of Finance, forthcoming.
Earlier version: ‘From finance to fascism’
Political Connections and Informed Trading: Evidence from TARP (with O. Akin, N. S. Coleman and C. Fons-Rosen)
Financial Management, 50 (3), 2021, 619-644. DOI (Open Access). Voted number 1 article in the Fall 2021 issue of Financial Management.
Journal of Financial Economics, 140 (3), 2021, 789-814. DOI.
Review of Financial Studies, 34 (5), 2021, 2181-2235. Editor’s choice. DOI (Open Access)
Journal of Money, Credit and Banking, 2020, 52 (S1), 197-231. DOI (Open Access)
Special Issue on the 50th year anniversary of the JMCB.
Economic Policy, 35 (102), 2020, 213-267. Editor’s choice. DOI.
Journal of Monetary Economics, 115, 2020, 162-179. DOI (Open Access)
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
Journal of Development Economics, 139, 2019, 185-202. DOI (Open Access)
Journal of Finance, 74 (1), 2019, 55-90. DOI.
Economic Policy, 33 (96), 2018, 531-586. DOI.
Within the Highly Cited Articles in Economic Policy
Journal of International Economics, 108 (S1), 2017, 15-22. DOI (Open Access)
Macroprudential Policy, Countercyclical Bank Capital Buffers, and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments (with G. Jiménez, S. Ongena and J. Saurina)
Journal of Political Economy, 125 (6), 2017, 2126-2177. DOI.
‘In the Short Run Blasé, in the Long Run Risqué’. On the Effects of Monetary Policy on Bank Credit Risk-Taking in the Short versus Long Run (with S. Ongena and G. Jiménez)
Schmalenbach Business Review, 18 (3), 2017, 181-226. DOI.
Securities Trading by Banks and Credit Supply: Micro-Evidence from the Crisis (with P. Abbassi, R. Iyer and F. Rodríguez-Tous)
Journal of Financial Economics, 121 (3), 2016, 569-594. DOI.
Review of Economic Dynamics, 18(4), 2015, 979-1002. DOI.
Isaac Kerstenetzky Award 2010 Honourable Mention
IMF Economic Review 63 (4), 2015, 698-750. DOI.
Open Economies Review, 26 (3), 2015, 407-445. DOI.
Review of Finance, 19(1), 2015, 95-144. DOI.
Previously circulated as ‘Monetary Policy and Subprime Lending: A Tall Tale of Low Federal Funds Rates, Hazardous Loans, and Reduced Loan Spreads’
Econometrica, 82 (2), 2014, 463-505. DOI.
SERIEs-Journal of the Spanish Economic Association, 5 (2-3), 2014, 223-243. DOI (Open Access)
Winner of the 2nd edition of the SERIEs award
Review of Financial Studies, 27 (1), 2014, 347-372. DOI.
Journal of Finance, 68 (3), 2013, 1179-1228. DOI.
Previously circulated as ‘Financial Integration and Business Cycle Synchronization’
Economic Policy, 28 (75), 2013, 459-512. DOI.
International Journal of Central Banking, 1, 2013, 121-169.
American Economic Review, 102 (5), 2012, 2301-2326. DOI.
Review of Financial Studies, 24 (6), 2011, 2121-2165. DOI.
Review of Financial Studies, 24 (4), 2011, 1337-1377. DOI.
Previously circulated as ‘How Does a Shock Propagate? A Model of Contagion in the Interbank Market Due to Financial Linkages’
Journal of International Economics, 81 (1), 2010, 75–88. DOI.
El papel de la banca (pública y privada) en la crisis del COVID-19 in Á. de la Fuente Moreno, T. Roldán, & J.F. Jimeno (Eds.), La economía española en tiempos de pandemia: una primera aproximación (719-731). Editorial Debate, 2020.
Securities Trading and Lending in Banks (with A. Polo and A. Sette) in C. Mayer, S. Micossi, M. Onado, M. Pagano, & A. Polo (Eds.), Finance and Investment: The European Case (363-372). Oxford University Press, 2018. Book chapter (Pdf)
Systemic Risk in Banking after the Great Financial Crisis (with O. de Bandt and P. Hartmann) in A. Berger, P. Molyneux & J.O.S Wilson (Eds.), The Oxford Handbook of Banking, Oxford Handbooks in Finance (2nd ed., 633-672). Oxford University Press, 2015.
The Credit Channel of Monetary Policy in the Euro Area (with A. Maddaloni), in H. Badinger & V. Nitsch (Eds.), Routledge Handbook of the Economics of European Integration (132-142). Routledge, 2015.
Five Years of Crisis (resolution) – Some Lessons (with T. Beck) in R. Baldwin & F. Giavazzi (Eds.) The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions (63-71). CEPR Press, 2015. Read the chapter on VoxEU
Interbank Markets as a Source of Contagion (with R. Iyer) in R. Kolb (Ed.), Financial Contagion: The Viral Threat to the Wealth of Nations, Kolb Series in Finance: Essential Perspectives (321-324). John Wiley & Sons, Inc., 2011.
Systemic Risk in Banking: An Update (with O. de Bandt and P. Hartmann) in A. Berger, P. Molyneux & J.O.S Wilson (Eds.), The Oxford Handbook of Banking, Oxford Handbooks in Finance (633-672). Oxford University Press, 2009.
Short Bio and Picture
Peydró is ICREA Professor at UPF and CREi, Professor at Barcelona GSE, CEPR Research Fellow, Bundesbank Research Professor, CEMFI Research Fellow, advisor of Bank of Spain, consultant in several central banks, and independent board member at Institut Català de les Finances (ICF). He was member of the advisory scientific committee at the European Systemic Risk Board and held visiting positions at Banque de France, Becker Friedman Institute at Chicago University, MIT-Sloan, IMF and World Bank. Peydró is recipient of a European Research Council Consolidator grant (@persistdebt), a European Central Bank Wim Duisenberg Fellowship, a senior Houblon-Norman Fellowship (Bank of England), three MINECO grants and a Fundación BBVA grant. Peydró teaches at Barcelona Graduate School of Economics and Imperial College. As of December 2020, Peydró is number 4 in the world in research impact for economists who finished their PhD in 2005 and number 1 over the last 10 years for Spanish economists (in Spain or abroad) based on Research Papers in Economics (RePEc) data.
Peydró specializes in Finance and Macroeconomics, mainly on systemic risk, financial crises, endogenous risk, central bank policies, monetary and prudential policy, financial globalization, financial contagion, financial innovation, macroeconomics and credit markets, banking, fintech, capital and liquidity. He is also working on the effects of financial distress on households’ welfare. His research has been published in the top-5 journals in economics: Econometrica (lead article), American Economic Review and Journal of Political Economy, and in the top-3 journals on finance (Review of Financial Studies, Journal of Finance, and Journal of Financial Economics). He has also co-written the book Systemic Risk, Crises and Macroprudential Policy (MIT Press, 2015) and several book chapters such as in the Oxford Handbook of Banking (OUP, 2009) or in Finance and Investment: The European Case, (OUP, 2018).
- Posts by Prof. Peydró in VOX, CEPR policy portal
- Posts by Prof. Peydró in Economics blog Nada es gratis
- World Bank Blog All about Finance
- Peydró, J.-L. (2015). ‘Financial Crises: Benefits and Fiscal Costs of Banking and Monetary Policies‘ in IEB Report on Supranational Policies to Overcome the Crisis, 4, 7-8.
- Peydró, J.-L. (2013). Credit Cycles and Systemic Risk, Els Opuscles del CREI, 35.
- Peydró, J.-L. (2013). Comment on ‘Risk Heterogeneity and Credit Supply: Evidence from the Mortgage Market,’ in D. Acemoglu, K. Rogoff & M. Woodford (Eds.), NBER Macroeconomics Annual 2012, 27, Chicago University Press, 420-428.
- Peydró, J.-L. (201o). Discussion of “The Effects of Bank Capital on Lending: What Do We Know, and What Does It Mean?” International Journal of Central Banking: Special Issue on The Theory and Practice of Macroprudential Regulation, 6(4), 55-70.
- Ioannidou, V., Peydró, J.-L. & Ongena, S. (2008). The Impact of Short-Term Interest Rates on Risk-Taking: Hard Evidence in C. Reinhart & A. Felton (Eds.), The First Global Financial Crisis of the 21st Century, 34-37. CEPR Press. Read the chapter on VoxEU.
Banking Summer School · Systemic Risk and Prudential Policy Course et al at Barcelona GSE