José Luis Peydró
Universitat Pompeu Fabra
Department of Economics and Business
Ramon Trias Fargas, 25-27
Support staff: Mariona Novoa, firstname.lastname@example.org
- Financial Economics, International Economics and Monetary Economics
CEPR VOXeu post (January 2023)
Watch a presentation by Prof. Peydró at the Annual ECB Banking Supervision Research Conference ‘Banking Supervision in a New Economy: Digitalisation, Climate and Financial Innovation’ (Frankfurt, May 2023): Link to Youtube · Link to conference
Revise & Resubmit at the American Economic Review
Earlier title: ‘Dressing up for the regulator: Evidence from the largest-ever supervisory review’
Revise & Resubmit at Management Science
Revise & Resubmit at the Journal of Finance
Revise & Resubmit at American Economic Journal: Macroeconomics
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’
Revise & Resubmit at the 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 Finance, forthcoming.
VOXeu column · CATO Institute Research Brief in Economic Policy no. 282 (Jan. 2022)
Management Science, accepted
Journal of International Economics, 2022, 139, 103657. DOI.
Previously circulated as ‘International financial integration, crises and monetary policy: Evidence from the Euro Area interbank crises’
Journal of Finance, 2022, 77(6), 2993-3425. DOI. VOXeu column
Earlier version: ‘From finance to fascism’
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, 2022, 146(2), 754-778. DOI.
CEPR VOXeu post (November 2021)
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. Listen to C. Fons-Rosen at the Financial Management Association Annual Meeting (Top Papers in Financial Management Session) held in October 2021. Link: https://youtu.be/tikCcZduxnI (duration: 13 minutes)
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.
Double Bank Runs and Liquidity Risk Management (with F. Ippolito, A. Polo and E. Sette)
Journal of Financial Economics, 122(1), 2016, 135-154. 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.
Macroprudential Policy and Credit Supply
Swiss Journal of Economics and Statistics, 152(4), 2016, 305-318. DOI (Open Access)
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.
Systemic Risk, Crises, and Macroprudential Regulation (with X. Freixas and L. Laeven), MIT Press, 2015. DOI. Vox column.
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)
Outreach: VoxEU · Watch video presentations by Polo et al. · Book cited in the European Investment Bank Report 2018/2019 · Book cited in Wikipedias’s entry ‘Capital Markets Union’
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.
Loose Monetary Policy and Excessive Credit and Liquidity Risk-taking by Banks (with S. Ongena) in T. Beck (Ed.), The Future of Banking (21-28). CEPR Press, 2011. Read a VoxEU column.
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, Full Professor of Economics at Universitat Pompeu Fabra, Research Professor at Barcelona School of Economics, Bundesbank Research Professor, Research Fellow at CEPR (London) and at CEMFI (Madrid), member of the group of economic advisors of the European Security Markets Authority (ESMA), advisor of Bank of Spain, and consultant at the European Central Bank, European Banking Authority and European Investment Bank. For the Institut Català de Finances (ICF) he is also independent director at the General Board of Directors, at the Executive Committee and president of the Strategy and Sustainability Committee.
Previous positions are: Board member at the European Systemic Risk Board (ESRB), European Central Bank’s Duisenberg Fellow, Houblon-Norman Fellow at the Bank of England, consultant at the Federal Reserve Board, IMF, European Commission, among other international institutions, and has held visiting positions at Becker-Friedman Institute at Chicago University, MIT, IMF and World Bank.
Among other research grants, he was the principal investigator of a European Research Council (ERC) grant (2015-2021) on Debt and Persistence of Financial Shocks (https://www.upf.edu/web/debt-persistence-financial-shocks)
Peydró specializes in Finance and Macroeconomics, mainly on banking, financial crises, systemic risk, monetary policy, macroprudential policy, globalization, financial contagion, financial innovation, credit, fintech, networks, capital and liquidity. His recent work analyzes credit/finance and (i) political radicalization, (ii) inequality, (iii) climate risk, (iv) digital economy, (v) negative interest rates, (vi) rise of shadow banks and fintech, (vii) fiscal policy and taxes, (viii) state-owned banks, (ix) financial and production networks and (x) COVID crisis. His research has more than 10,000 citations. 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 in Finance (Review of Financial Studies, Journal of Finance, and Journal of Financial Economics). He has also written the book Systemic Risk, Crises and Macroprudential Policy (MIT Press).
- 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.
- ERC project Debt and Persistence of Financial Shocks [Twitter]
- Catalan Institution for Research and Advanced Studies (ICREA)
- Universitat Pompeu Fabra, Department of Economics and Business
- Barcelona School of Economics (BSE)
- Centre for Economic Policy Research (CEPR)
- European Central Bank (ECB)
- European Systemic Risk Board (ESRB)
- Bank of Spain
- Institut Català de Finances (ICF)
- Deutsche Bundesbank (research)
- European Securities and Markets Authority (ESMA)
Banking Summer School · Systemic Risk and Prudential Policy Course et al at Barcelona School of Economics