Economics Department

Future managers must understand the macroeconomic context and the socio-economic factors that affect the business environment in which they make decisions. To prepare them, our Department of Economics focuses on the analysis of critical socio-economic factors that affect the business environment. Paramount among the areas of study is the macroeconomic context of a free market economy. One of the department’s key areas of research involves the role of government in fostering a favorable environment for business development, particularly policies relating to labor markets, technology and social programs. Importance is also given to the international business context, especially in emerging economies. Department members have held public office and acted as advisors for the Spanish government both on the national and regional level. They also have experience as members of international organizations such as the World Bank and think tanks such as CESifo.

Coursework includes Global Economics, Applied International Economics, Emerging Economies, Ideologies, and Markets, Competition and Government.

Through their research, the department’s faculty is exploring the most current and influential economic topics.

The department produces a monthly newsletter, IESE’s International Economic Overview, where its members contribute their opinions on current issues in financial and general media.

Economics Seminars Blog


  • Association of Competition Economics (ACE) – Spanish Meeting
  • Conference on the Economics of the Public-Private Partnerships
  • Workshops on Industrial Organization
  • Armand Carabén Workshop on Sports Economics

Areas of expertise

  • Macroeconomics
  • Globalization and banking
  • Pension systems
  • Regulation, competition & public policy
  • Health economics
  • International economics
  • Fiscal policy
  • European Union
  • Emerging economies
  • Public-Private sector relations

Former Collaborators


Journal Articles (refereed)

AZAR, J., BARRIOLA, X. (2022). Did the MillerCoors joint venture strengthen the craft beer revolution? International Journal of Industrial Organization, 85, article 102890. doi:10.1016/j.ijindorg.2022.102890.
ARIELI, I., BABICHENKO, Y., MUELLER-FRANK, M. (2022). Naive learning through probability overmatching. Operations Research, 70 (6), 3420-3431. doi:10.1287/opre.2021.2202.
CESPA, G., VIVES, X. (2022). Exchange competition, entry, and welfare. The Review of Financial Studies, 35 (5), 2570-2624. doi:10.1093/rfs/hhab101.
CHEN, Y.-C., MUELLER-FRANK, M., PAI, M. M. (2022). Continuous implementation with direct revelation mechanisms. Journal of Economic Theory, 201, Article 105422. doi:10.1016/j.jet.2022.105422.
AZAR, J., RAINA, S., SCHMALZ, M. (2022). Ultimate ownership and bank competition. Financial Management, 51 (1), 227-269. doi:10.1111/fima.12368.
KOREN, M., MUELLER-FRANK, M. (2022). The welfare costs of informationally efficient prices. Games and Economic Behavior, 131, 186-196. doi:10.1016/j.geb.2021.11.014.
ARIELI, I., MUELLER-FRANK, M. (2021). A General analysis of sequential social learning. Mathematics of Operations Research, 46 (4), 1235-1249. doi:10.1287/moor.2020.1093.
MANZANO, C., VIVES, X. (2021). Market power and welfare in asymmetric divisible good auctions. Theoretical Economics, 16 (3), 1095-1137. doi:10.3982/TE3675.
VIVES, X., AZAR, J. (2021). General equilibrium oligopoly and ownership structure. Econometrica, 89 (3), 999-1048. doi:10.3982/ECTA17906.
AZAR, J., SCHMALZ, M. C., TECU, I. (2021). Research on the competitive consequences of common ownership. A Methodological critique. The Antitrust Bulletin, 66 (1), 113-122. doi:10.1177/0003603X20985799.

Working Papers

IDE, E. (2023). Cross-market mergers with common customers. When (and why) do they increase negotiated prices?.
IDE, E. (2022). Dual moral hazard and the tyranny of success.
BANAL-ESTAÑOL, A., SELDESLACHTS, J., VIVES, X. (2022). Ownership diversification and product market pricing incentives.
VIVES, X., VRAVOSINOS, O. (2022). Free entry in a Cournot market with overlapping ownership.
IDE, E., MONTERO , J.-P. (2022). Monopolization with must-haves.


VIVES, X., BANAL-ESTAÑOL, A., SELDESLACHTS, J. (2020). Diversification, common ownership, and strategic incentives. (pp. 561 - 564). AEA Papers and Proceedings.
AZAR, J., VIVES, X. (2019). Common Ownership and the Secular Stagnation Hypothesis. AEA Papers and Proceedings, Vol. 109 (pp. 322 - 326). American Economic Association.
ARGANDOÑA, A. (2014). Los profesionales al servicio de la empresa y la responsabilidad social. En J.L. Fernández y S. Paz (Ed.), Construir confianza: Intuiciones y propuestas desde la Ética para la empresa sostenible. XXI Congreso Anual de EBEN España (pp. 1 - 13).
ARGANDOÑA, A. (2012). El desarrollo al servicio del bien común. Proceedings of the Congreso Social "La persona en el corazón del desarrollo. Una mirada desde el pensamiento actual" (pp. 129 - 140). Pontificia Universidad Católica de Chile.
VIVES, X. (2010). Competition and Stability in Banking. A New World for Competition Policy? In Sylvester C. W. Eijffinger (Ed.), The CEPR/ESI 13th Annual Conference on "Financial Supervision in an Uncertain World"; 25-26 September 2009; Venice International University, Italy.

CESPA, G., VIVES, X. (2022). Market opacity and fragility. Market Design Working Group Meeting, Fall 2022. Cambridge, MA: National Bureau of Economic Research.
VIVES, X. (2022). Market opacity and fragility. Finance Seminar. Los Angeles, California: UCLA Anderson School of Management.
VIVES, X. (2022). (In)efficiency in information acquisition and aggregation through prices. Ulric B. and Evelyn L. Bray Social Sciences Seminar. Pasadena, California: Caltech - California Institute of Technology.
VIVES, X. (2022). (In)efficiency in information acquisition and aggregation through prices. Economics Seminar (Theory). Tucson, Arizona: UA - Eller College of Management.

Articles in other publications

AZAR, J. (2022). Lo que la propiedad común esconde. Implicaciones de compartir accionistas. IESE Business School Insight (162), pp. 68-75.
VIVES, X. (2022). Cuatro pasos para hacer frente a la crisis energética. IESEconomics.
IESE INSIGHT, (2022). Winter is coming in Europe. IESEconomics.
IESE INSIGHT, (2022). Se acerca el invierno en Europa. IESEconomics.
ARGANDOÑA, A., PASTOR, A. (2022). Verdades sobre la transición energética, y otros retos de la economía. IESEconomics.


ARGANDOÑA, A. (2021). La empresa, una comunidad de personas. Cultura empresarial para un tiempo nuevo. Barcelona: Plataforma Editorial.
DÍAZ GIMÉNEZ, J. (2019). Macroeconomics for nearly everyone.
DÍAZ GIMÉNEZ, J. (2019). Macroeconomía para casi todos.
POU, V. (2017). ¿Hacia la deconstrucción de la Unión Europea?. La Europa del futuro. Lleida: Editorial Milenio.
VIVES, X. (2016). Competition and Stability in Banking: The Role of Regulation and Competition Policy. Oxford: Princeton University Press.

Edited books

ARGANDOÑA, A., MALALA, J., PEATFIELD, R. C. (2021). The Home in the Digital Age. Abingdon, Oxon ; New York: Routledge.
CANALS, J., HEUKAMP, F. (2020). The Future of management in an AI world. Redefining purpose and strategy in the fourth industrial revolution. London: Palgrave Macmillan.
ARGANDOÑA, A., INSA, F. J. (2018). Work in a Human Economy. Business and Common Good in a Changing Society. Roma: EDUSC S.r.l.
ARGANDOÑA, A. (2018). The Home: Multidisciplinary Reflections. Aldershot, UK: Edward Elgar.
CANALS, J. (2016). IESE's Global Development. The Purpose and Impact of the Harvard Business School-IESE Committee. Barañáin: EUNSA. Ediciones Universidad de Navarra.

Book Chapters

ARGANDOÑA, A. (2021). Ethics and digital technologies in the home. In Argandoña, A.; Malala, Joy ; Peatfield, Richard C. (Eds.), The Home in the Digital Age (pp. 25). Abingdon, Oxon ; New York: Routledge.
CANALS, J. (2019). The Evolving Role of General Managers in the Age of AI. In Jordi Canals, Franz Heukamp (Eds.) (Eds.), The Future of Management in an AI World: Redefining Purpose and Strategy in the Fourth Industrial Revolution (pp. 37 - 64). Basingstoke [England]: Palgrave Macmillan.
ARGANDOÑA, A. (2018). Paul A. Samuelson y la creación de la economía moderna. En Paul A. Samuelson (Ed.), Fundamentos del análisis económico.
ARGANDOÑA, A. (2018). Work in the Firm: Collective Action and Common Good. In Antonio Argandoña & Francisco J. Insa (Ed.), Work in a Human Economy: Business and Common Good in a Changing Society (pp. 163 - 179). Roma: EDUSC S.r.l.
ARGANDOÑA, A., INSA, F. J. (2018). Work in a Human Economy: Foreword. In Antonio Argandoña y Francisco Javier Insa (Ed.), Work in a Human Economy. Business and Common Good in a Changing Society (pp. 7 - 22). Roma: EDUSC S.r.l.


VIVES, X., DUFFIE, D., FOUCAULT, T., VELDKAMP, L. (2022). Technology and finance.
VIVES, X., BOLTON, P., HONG, H., KACPERCZYK, M. (2021). Resilience of the financial system to natural disasters.
MAS, N., VALL, J., FUNDACIÓN GALATEA, COL.LEGI OFICIAL DE METGES DE BARCELONA (2020). Impacto de la Covid-19 sobre la salud de los profesionales sanitarios.
CARLETTI, E., CLAESSENS, S., FATÁS, A., VIVES, X. (2020). The Bank Business Model in the Post-Covid-19 World.
BARCELÓ, S. P., CORONA, J. F., PUIG, M., ARGANDOÑA, A., CANALS, J., DÍAZ GIMÉNEZ, J., ... VIVES, X. (2020). El impulso del empleo y el relanzamiento de la empresa. algunas reflexiones para la acción.


TALAMÀS, E. (2023). Trump, Powell y la cuenta corriente de Estados Unidos. IESE, ECON-432.
TALAMÀS, E. (2023). Trump, Powell, and the US Current Account. IESE, ECON-432-E.
IDE, E., TALAMÀS, E. (2022). The Chilean Fiscal Rule. IESE, ECON-430-E.
TALAMÀS, E., DREBES SANTOS, H., FRALETTI, A. (2022). La montaña rusa macroeconómica de Brasil. Del boom de Lula al fiasco de Rousseff. IESE, ECON-429.
TALAMÀS, E., DREBES SANTOS, H., FRALETTI, A. (2022). Brazil's Macroeconomic Rollercoaster. From Lula's Boom to Rousseff's Bust. IESE, ECON-429-E.

Technical Notes

ARGANDOÑA, A. (2012). La crisis del euro. IESE, ECONN-251.
ARGANDOÑA, A. (2012). El modelo de oferta y demanda agregada. IESE, ECONN-247.
ARGANDOÑA, A. (2012). El sistema financiero y la crisis financiera. IESE, ECONN-250.
ARGANDOÑA, A. (2012). La demanda agregada. IESE, ECONN-246.
ARGANDOÑA, A. (2012). Un modelo macroeconómico elemental. IESE, ECONN-244.