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


Journal Articles (refereed)

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:
MUELLER-FRANK, M., MOSSEL, E., SLY, A., TAMUZ, O. (2020). Social learning equilibria. Econometrica, 88 (3), 1235 - 1267. doi:
VIVES, X. (2020). Common Ownership, Market Power, and Innovation. International Journal of Industrial Organization, 70. doi:10.1016/j.ijindorg.2019.102528.
AZAR, J. (2020). The Common ownership trilemma. University of Chicago Law Review, 87 (2), 263 - 295.
VIVES, X. (2019). Digital Disruption in Banking. Annual Review of Financial Economics, 11, 243 - 272. doi:10.1146/annurev-financial-100719-120854.
DÍAZ GIMÉNEZ, J., PIJOAN-MAS, J. (2019). Investment expensing and progressivity in flat-tax reforms. SERIEs Journal of the Spanish Economic Association, 20 (3-4), 365 - 399. doi:10.1007/s13209-019-0193-9.
LÓPEZ, Á. L., VIVES, X. (2019). Overlapping Ownership, R&D Spillovers, and Antitrust Policy. Journal of Political Economy, 127 (5), 2394 - 2437. doi:10.1086/701811.
VIVES, X. (2019). Competition Policy in Banking in the European Union. Review of Industrial Organization, 55 (1), 27 - 46. doi:10.1007/s11151-019-09687-5.
ARIELI, I., MUELLER-FRANK, M. (2019). Multidimensional Social Learning. Review of Economic Studies, 86 (3), 913 - 940. doi:10.1093/restud/rdy029.

Working Papers

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).
AZAR, J., VIVES, X. (2018). Oligopoly, Macroeconomic Performance, and Competition Policy (WP-1220-E).
AZAR, J., MARINESCU, I., STEINBAUM, M., TASKA, B. (2018). Concentration in US Labor Markets: Evidence from Online Vacancy Data (WP-1221-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.
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.
VIVES, X., TORRENS, L. (2009). La geografia econòmica de la Unió Europea i el potencial de l'Euroregió Pirineus-Mediterrània. Aportacions a la Recerca i al Debat en Economia a Catalunya. Jornada Acadèmica i Commemorativa de la Societat Catalana d'Economia; Barcelona, dimarts 5 de juny de 2007 (pp. 85 - 109).

Articles in other publications

PASTOR, A. (2020). Principles or practical rules? #IESEconomics.
MUELLER-FRANK, M. (2020). Globalization, diversification and COVID-19. #IESEconomics.
MAS, N. (2020). Facing the present to prepare for the future. #IESEconomics.
TORIBIO, J. J. (2020). 10 basic ideas to understand the crisis that follows COVID-19. #IESEconomics.
ARGANDOÑA, A. (2020). How to live in an indebted economy. ieseconomics.


DÍAZ GIMÉNEZ, J. (2019). Macroeconomics for nearly everyone.
VIVES, X. (2016). Competition and Stability in Banking: The Role of Regulation and Competition Policy. Oxford: Princeton University Press.
ARGANDOÑA, A., LOSADA MARRODÁN, C., TORRALBA I ROSELLÓ, F. (2015). Una economia al servei de la persona. Lleida: Pagès Editors.
POU, V. (2014). Les noves negociacions entre Andorra i la Unió Europea. Andorra: Crèdit Andorrà.
VIVES, X. (2012). Information and Learning in Markets. The Impact of Market Microstructure. China: Social Sciences Academic Press.

Edited books

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.
CANALS, J. (2015). Shaping Entrepreneurial Mindsets. Innovation and Entrepreneurship in Leadership Development. Basingstoke [England]: Palgrave Macmillan.

Book Chapters

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). 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.
ARGANDOÑA, A. (2018). Comparative Advantage. In Robert W. Kolb (Ed.), The Sage Encyclopedia of Business Ethics and Society (pp. 572 - 574). Chicago: Sage Publications.
ARGANDOÑA, A. (2018). Friedman, Milton. In Robert W. Kolb (Ed.), The Sage Encyclopedia of Business Ethics and Society (pp. 1523 - 1523). Chicago: Sage Publications.


CARLETTI, E., CLAESSENS, S., FATÁS, A., VIVES, X. (2020). The Bank Business Model in the Post-Covid-19 World.
PIEDRA, J., RICART, J. E. (2019). Cap Djinet Sea Water Desalination Plant (Algeria).
BOLTON, P., CECCHETTI, S., DANTHINE, J.-P., VIVES, X. (2019). Sound At Last? Assessing a Decade of Financial Regulation.
FERRADANS, H., TAPIA, A., RODRÍGUEZ PLANAS, M., BANAL ESTANOL, A., RICART, J. E. (2018). Shaping the Cities of Tomorrow. Renewable energies and sustainable urban ecosystems. IESE.
NAVARRO, J., RODRÍGUEZ PLANAS, M., TRILLAS, F., RICART, J. E. (2018). Barcelona Telecare Program (Spain). Case Studies PPP for Cities. IESE.


MAS, N., SASTRE BOQUET, I. (2016). Restoring Japan: Abenomics. IESE, ECON-421-E.
OLSEN, M., MCBRIDE, E. (2016). Hurricane Sandy: Supply, Demand and Appropriate Responses to the Gas Shortage. IESE, ECON-420-E.
MAS, N., CIRERA, L., VIÑOLAS, G. (2013). The Implementation of Cost-Sharing Systems in Europe and the Spanish Dilemma. IESE, ECON-419-E.
ARGANDOÑA, A. (2006). The U.S. Economy at the Turn of the Century. IESE, ASE-412-E.
ARGANDOÑA, A. (2005). The Dollar, the Euro and the Yuan at the Start of the 21st Century. IESE, ECON-417-E.

Technical Notes

PASTOR, A. (2011). The AS/AD Model. IESE, ECONN-243-E.
CARRASQUERO C.,, ARGANDOÑA, A. (2008). Research Resources for Economics and Finance on the Internet. IESE, ECONN-229-E.
ARGANDOÑA, A. (2004). Money: How it is Created and Controlled. IESE, ASEN-209-E.
ARGANDOÑA, A. (2004). Aggregate Demand. IESE, ECONN-225-E.
ARGANDOÑA, A. (2004). Interest Rates. IESE, ECONN-223-E.