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José Luis Peydró

José Luis Peydró

Universitat Pompeu Fabra

Social & Behavioural Sciences

Peydró is ICREA Professor at UPF, Professor at Barcelona School of Economics, Bundesbank Research Professor, CEMFI and CEPR Research Fellow, advisor of Bank of Spain, consultant in the European Central Bank, European Bank Authority and European Investment Bank, independent board member at Institut Català de Finances (ICF), and Member of the Group of Economic Advisers of the European Security Markets Authority (ESMA). He was board member at the European Systemic Risk Board and held visiting positions at Becker-Friedman Institute at Chicago University, MIT, IMF and World Bank. Peydró has had an ERC Consolidator grant until December 2021. 

As of December 2021, based on RePEc (Research Papers in Economics, main ranking for academic economists) Peydró is number 5 in the world for economists who finished their PhD in 2005, and, over the last 10 years, number 5 in the European Union and number 1 for economists in Spain or Spanish economists abroad.

Research interests

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 reseach 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).

Selected publications

– Irani R, Iyer R, Meisenzahl RR & Peydró JL 2021, ‘The rise of shadow banking: Evidence from capital regulation’, Review of Financial Studies, vol. 34, no. 5, pp. 2181-2235. Lead Article (Editor’s choice).

Peydró JL, Polo A & Sette E 2021, ‘Monetary policy at work: Security and  credit application registers evidence‘, Journal of Financial Economics, vol. 140, no. 3, pp. 789-814.

– Akin O, Coleman NS, Fons-Rosen C & Peydró JL 2021, ‘Political connections and informed trading: Evidence from TARP‘, Financial Management, vol. 50, no. 3, pp.  619-644. Voted number 1 article in the Fall 2021 issue of FM

Selected research activities

  • Appointed in 2021 Member of the Group of Economic Advisers  of the European Security Markets Authority (ESMA).
  • Appointed in 2021 as consultant to evaluate the financing instruments of the European Investment Bank.
  • Appointed in 2021 as Secretary for the Bernacer Prize for the best academic under 40 in Macro and Finance in Europe.
  • Three presentations at the NBER Summer Institute.
  • Seminar presentations at IMF, Federal Reserve Board, Minnesota U, Boston U., HKUST.
  • Keynote speech: Central Bank of Ireland, ‘Borrower Finances, Financial Stability Assessment and Macroprudential Policies’.
  • “Risk Mitigating Versus Risk Shifting: Evidence from Banks Security Trading in Crises”. Winner of the 2021 ECGI Finance Prize. Jury: M. Burkart, F. Allen, J. Franks, M. Pagano, X. Vives & L. Zingales.
  • European Research Council Consolidator Grant on Debt and Persistence of Financial Shocks  (1,3 million euros), until December 2021.
  • Co-organizer of the 2021 Workshops ‘Financial Intermediation and Risk’ and ‘Financial Shocks, Channels, and Macro Outcomes’ within the Barcelona School of Economics Summer Forum.
  • Main advisor: PhD theses defended in 2021 by Eda Gülsen (placement: Central Bank of Turkey) and A. Fabiani (placement: Banca d’Italia).
  • Associate editor: Financial Management; Journal of Financial Stability; SERIEs; Revista de Estabilidad Financiera (Bank of Spain).

ICREA Memoir 2021