José Luis Peydró

José Luis Peydró

Universitat Pompeu Fabra

Social & Behavioural Sciences

Peydró is ICREA Research Professor at UPF and at Barcelona GSE, CREI Research Associate, CEPR Research Fellow, Bundesbank Research Professor, advisor of the Bank of Spain, consultant in several central banks and international organizations, and an independent board member at the Catalan Finance Institute (ICF). He has previously been Professor of Banking and Finance at Cass BS, economist at the ECB, member of the advisory scientific committee at the European Systemic Risk Board, and has held visiting positions at Banque de France, Becker Friedman Institute (U. Chicago), MIT-Sloan, IMF, and the World Bank. Peydró is recipient of an ERC Consolidator grant, an ECB Wim Duisenberg Research Fellowship, a senior Houblon-Norman and George Fellowship from the Bank of England, three MINECO grants and a Fundación BBVA grant. He has also received grants from MICINN (Ramón y Cajal fellowship –declined), the National Bank of Belgium, Bocconi University and the Czech National Bank.

Research interests

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, 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).

Selected publications

- Morais B, Peydró JL & Ruiz C 2019, 'The International Bank Lending Channel of Monetary Policy Rates and Quantitative Easing: Credit Supply, Reach-for-Yield, and Real Effects', Journal of Finance, Vol74 (1) pp.55-90.  

- Abuka C, Alinda R, Minoiu C, Peydro JL & Presbitero A 2019, 'Monetary policy and bank lending in developing countries: Loan applications, rates, and real effects', Journal Of Development Economics, 139, 185-202.  

Selected research activities

  • European Central Bank Wim Duisenberg Research Fellowship 2019.
  • Ministry of Science, Innovation and Universities 2019 Grant on Long-term Effects of Financial Crises and Inequality.
  • 2019 Keynote speeches at Banca d’Italia-ECB Research Workshop Macroprudential Policy: Effectiveness, Interactions and Spillovers (Rome), Knut Wicksell Conference on Financial Intermediation (Lund) and 10th European Banking Center Network Conference ‘Banking, Financial Regulation, and Financial Stability’ (Luxembourg).
  • Co-organizer: CREI-UPF-Bank of Canada Conference on Recent Developments in Macroeconomic Modelling (Barcelona); Barcelona GSE Summer Forum: Workshop on Financial Intermediation and Risk and Workshop on Financial Shocks, Channels and Macro Outcomes (Barcelona), LSE-Imperial College ‘Monetary Policy Low Rates and Banks’ Workshop (London), Galatina Summer Finance Meetings (Galatina) and UPF Economics Departmental Seminar.
  • Associate Editor at SERIEs, Journal of the Spanish Economic Association.
  • Associate editor at the Consejo Editorial Revista Estabilidad Financiera (Bank of Spain).
  • Associate editor, Journal of Financial Stability.
  • Teaching: European Commission DG FISMA course ‘Banks, Nonbanks, and Financial Policies’; Barcelona GSE Banking Summer School; graduate courses on banking and systemic risk at Barcelona GSE-UPF.