Selected Publications

Monetary Policy, Macroprudential Policy, and Financial Stability (with David Martinez-Miera)
Annual Review of Economics, 11 (2019), pp. 809-832.

Hierarchical Bank Supervision
SERIEs – Journal of the Spanish Economic Association, 9 (2018), pp. 1-26.

Search for Yield (with David Martinez-Miera)
Econometrica, 85 (2017), pp. 351-378.

Cyclical Adjustment of Capital Requirements: A Simple Framework
Journal of Financial Intermediation, 22 (2013), pp. 608-626.

The Procyclical Effects of Bank Capital Regulation (with Javier Suarez)
Review of Financial Studies, 26 (2013), pp. 452-490.

Does Competition Reduce the Risk of Bank Failure? (with David Martinez-Miera)
Review of Financial Studies 23 (2010), pp. 3638-3664.

Mitigating the Procyclicality of Basel II (with Jesús Saurina and Carlos Trucharte)
Economic Policy 64 (2010), pp. 659-702.

Economic and Regulatory Capital in Banking: What is the Difference? (with Abel Elizalde)
International Journal of Central Banking 3 (2007), pp. 87-117.

Liquidity, Risk-Taking, and the Lender of Last Resort
International Journal of Central Banking 1 (2005), pp. 47-80.

Loan Pricing under Basel Capital Requirements (with Javier Suarez)
Journal of Financial Intermediation 13 (2004), pp. 496-521.

Venture Capital Finance: A Security Design Approach (with Javier Suarez)
Review of Finance 8 (2004), pp. 75-108.

Shareholder Activism is Non-Monotonic in Market Liquidity (with Antonio S. Mello)
Finance Research Letters 1 (2004), pp. 2-10.

Capital Requirements, Market Power, and Risk-Taking in Banking
Journal of Financial Intermediation 13 (2004), pp. 156-182.

A Model of the Open Market Operations of the European Central Bank (with Juan Ayuso)
Economic Journal 113 (2003), pp. 883-902. Online appendix

Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Central Bank (with Juan Ayuso)
Journal of International Money and Finance 20 (2001), pp. 857-870.

A Model of Takeovers of Foreign Banks
Spanish Economic Review 3 (2001), pp. 1-21.

Entrepreneurial Moral Hazard and Bank Monitoring: A Model of the Credit Channel (with Javier Suarez), European Economic Review 44 (2000), pp. 1931-1950.

Who Should Act as Lender of Last Resort? An Incomplete Contracts Model
Journal of Money, Credit and Banking 32 (2000), pp. 580-605.

Some Remarks on Leland's Model of Insider Trading
Economica 66 (1999), pp. 359-374.

Monitoring, Liquidation, and Security Design (with Javier Suarez)
Review of Financial Studies 11 (1998), pp. 163-187