Research

Publications and Forthcoming Papers

Asymmetric Group Loan Contracts: Experimental Evidence
with B. Uras, S. Suetens, and P. Visser.
Journal of the Economic Science Association 2025;11(2):270-278.
The Role of Risky Debt and Safe Assets in Unregulated Financial Intermediaries with Costly State Verification
with P. Gomis-Porqueras. Economic Theory 80, 203–239 (2025).
E-Money, Risk Sharing, and Welfare
with B. Uras. European Economic Review 169 (2024), 104832.
Imperfect Competition in the Banking Sector and Macroeconomic Instability
with L. Modesto and T. Loyd-Braga. Journal of Mathematical Economics 112 (2024), 102968.
Sovereign Default, Fiscal Policy, and Macroeconomic Instability
with L. Modesto. Journal of Public Economic Theory 24 (2022), 1386–1412.
Transparency and Collateral: Central versus Bilateral Clearing
with G. Antinolfi and F. Carapella. Theoretical Economics 17 (2022), 185–217.
Real Consequences of Open Market Operations: The Role of Limited Commitment
with P. Gomis-Porqueras. European Economic Review 132 (2021).
Endogenous Credit and Investment Cycles with Asset Price Volatility
with L. Modesto. Macroeconomic Dynamics 22(7) (2018), 1859–1874.
Joint Liability with Endogenously Asymmetric Group Loan Contracts
with B. Uras. Journal of Development Economics 127 (2017), 72–90.
Costly Monitoring, Dynamic Incentives, and Default
with G. Antinolfi. Journal of Economic Theory 159 (2015), 105–119.

Social Norms and Excess Transfer Progressivity in the Village
(with Albert Rodriguez Sala and Raul Santaeulalia-Llopis)

Optimal Monetary Policy under Incomplete Financial Markets when Money Is Essential
(with Gaetano Antinolfi and Enrique Kawamura)