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)

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.
AZAR, J., RAINA, S., SCHMALZ, M. (2021). Ultimate ownership and bank competition. Financial Management. doi:10.1111/fima.12368. (Online first)
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.
MUELLER-FRANK, M., NERI, C. (2021). A General analysis of boundedly rational learning in social networks. Theoretical Economics, 16 (1), 317-357. doi:10.3982/TE2974.
AZAR, J., MARINESCU, I., STEINBAUM, M., TASKA, B. (2020). Concentration in US labor markets. Evidence from online vacancy data. LABOUR ECONOMICS, 66, Article 101886. doi:10.1016/j.labeco.2020.101886.
TALAMÀS VILARDAGA, E., VOHRA, R. (2020). Free and perfectly safe but only partially effective vaccines can harm everyone. Games and Economic Behavior, 122, 277 - 289. doi:10.1016/j.geb.2020.05.001.
BAYONA, A., BRANDTS, J., VIVES, X. (2020). Information Frictions and Market Power. A Laboratory Study. Games and Economic Behavior, 122, 354-369. doi:10.1016/j.geb.2020.04.014.

Working Papers

IDE, E. (2021). Double-sided moral hazard and the innovator's dilemma.
ARGANDOÑA, A. (2020). El experto y el poder: el economista como asesor político (WP-1226). Barcelona: IESE.
XIFRÉ, R. (2020). Internal Devaluation as a Commitment Device in the Euro Area crisis (WP-1234-E).
XIFRÉ, R. (2020). Eloquent Silence: Civil Service Career Development in the EU Financial Assistance Programmes Conditionality (WP-1233-E).
XIFRÉ, R. (2020). Overlooked in the debate? Non-price competitiveness in the five largest Euro Area countries (WP-1235-E).


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.

Articles in other publications

TORIBIO, J. J., VIDELA, P. (2021). The Economic recovery: slower, with risks, but also hopeful. IESEconomics.
TORIBIO, J. J., VIDELA, P. (2021). La Recuperación económica: más lenta y con riesgos, pero también esperanzadora. IESEconomics.
IESE INSIGHT, (2021). Hernández de Cos: “La economía está mejorando”. IESEconomics.
IESE INSIGHT, (2021). What's next for interest rates in Europe? IESEconomics.
GUAL, J., VIDELA, P. (2021). Can we emerge from our current debt trap? 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. (2019). 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., 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.
VIVES, X., HERNÁNDEZ, M., GUARDANS I CAMBÓ, P., CAMPISTOL, J. M., CONESA, P., GRANDES, A., MAS-COLELL, A. (2019). El reto de sumar para multiplicar: la colaboración público-privada como eje de transformación de Barcelona.


TALAMÀS VILARDAGA, E., RIFAI, J., SAADE, J. (2021). Líbano: la reconstrucción económica de la posguerra. IESE, ECON-427.
TALAMÀS VILARDAGA, E., RIFAI, J., SAADE, J. (2021). Lebanon's Post-War Economic Reconstruction. IESE, ECON-427-E.
MUELLER-FRANK, M. (2021). Política monetaria no convencional posterior a la crisis financiera del 2007-2008. IESE, ECON-423.
MUELLER-FRANK, M. (2021). Unconventional Monetary Policy After the Financial Crisis of 2007/2008. IESE, ECON-423-E.
MUELLER-FRANK, M. (2021). The Turkish Lira Crisis of 2018. IESE, ECON-422-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.