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Aplicaciones anidadas




The School of Economics and Business Administration provides an active and demanding research atmosphere with a highly international profile. Professors meet weekly to attend the presentation of studies by colleagues from major Spanish and foreign universities. Attendance to these seminars is compulsory for the Master in Economics and Finance's students.


Mirko AbbrittiPhD in International Economics, Graduate Institute of International Studies, Geneva.

Assistant Professor, Universidad de Navarra

His research is in the intersection of international macroeconomics, monetary policy and labor economics.


Graduate Institute Geneva

Miguel Antón SanchoPhD in Finance, London School of Economics

Assistant Professor of Finance, IESE Business School, Universidad de Navarra

His research interests are: empirical asset pricing, the impact of institutional trading in asset prices, mutual fund performance, contagion in credit markets, and determinants of systemic risk


Alex ArmandPhD in Economics, University College London

Assistant Professor, Navarra Center for International Development, Universidad de Navarra

His research interests are: Development Economics, Applied Microeconomics and Policy Evaluation



University College London

José AzarPh.D. in Economics, Princeton University

B.A. in Economics, Universidad Torcuato Di Tella


Raúl Bajossistant Director of the Master in Economics and Finance

Ph.D. in Economics, Rice University, 2016

M.A. in Economics, Rice University, 2016 M.Sc. in Economics and Finance, University of Navarra, 2012

B.A. in Economics and Law (double major), University of Navarra, 2011

Exchange student at Yale University (2010), IESE Business School (2010) and Warsaw School of Economics


 Universidad de Navarra

Miguel Angel BorrellaI am an Assistant Professor in the Economics Department at the University of Navarra. I am also a Resident Fellow in the Navarra Center for International Development (NCID), University of Navarra.




 Universidad de Navarra


Christine Choirat PhD in Applied Mathematics, Université Paris Dauphine, France

Research Associate, IQSS, Harvard University

Her research interests are: Statistics, Decision Sciences, Psychology and Econometrics


Université Paris Dauphine

PhD University of La Sapienza


Juan EquizaAssistant Professor (Tenure Track) at Universidad de Navarra (Pamplona, Spain)

Ph.D. in Economics & Management, ECARES–ULB (Brussels, Belgium) Dissertation: Fiscal policy analysis of highly indebted economies.



 Universidad de Navarra

Luis A. Gil-AlañaPhD in Economics, London School of Economics

Professor, Universidad de Navarra

Senior Researcher at the Navarra Center of International Development, Universidad de Navarra

His research interests are Econometrics, time series, macroeconomics; fractional integration, long memory; data analysis, climate change, poverty and development


London School of Economics

PhD in Economics, University of Arizona

Visiting Professor, Vienna University of Economics and Business

Permanent Visiting Associate Professor, University of Iceland

Her research interests are: Economics, Financial and Strategic Decision-Making, Environmental Economics, Experimental and Behavioural Game Theory


University of Arizona

Markus KinatederPhD in Economics, Universitat Autònoma de Barcelona

Assistant Professor, Universidad de Navarra

Director, Master of Economics and Finance, Universidad de Navarra

His research focuses on game theory, particularly on dynamic games and social networks.


Danilo LeivaI am a Senior Research Economist at the DG Economics and Statistics of the Bank of Spain. Previously, I held positions at the Bank of Canada and Central Bank of Chile. My research interests are in empirical macroeconomics, business cycles and time series econometrics, with a special focus on forecasting, nonlinear modelling and Bayesian methods.


Germán López EspinosaPhD in Business Administration, Universidad de Alicante

Associate Professor, Universidad de Navarra

His research emphasizes the link between finance and accounting systems, and between financial analysts and capital markets



Universidad de Alicante


Pedro MendiPhD in Economics, Northwestern University

Associate Professor, Universidad de Navarra

Senior Researcher at the Navarra Center of International Development, Universidad de Navarra

His research interests focus on the study of international technology transfer and on vertical relations


Northwestern University

Antonio MorenoDirector of the Master in Economics and FInance

PhD in Economics, Columbia University

Associate Professor, Universidad de Navarra

His research is in the intersection of Monetary Policy, Macroeconomics, Banking and Fixed Income Finance. He works on theoretical models as well as a broad array of empirical applications in these areas.


Columbia University

Gabriel Pérez Currently on leave at the European Central Bank

Economic Developments Department

DG Economics, Statistics and Research






 Universidad de Navarra

José Luis Pinto C.V.






 Universidad de Navarra

Martín RodePhD in Economics, Universidad de Cantabria

Assistant Professor, Universidad de Navarra

Vice Director, Degree in Leadership and Governance, Universidad de Navarra

His research interests are: Institutional Economics, Political Economy, Economics of Happiness and Public Policy


Universidad de Cantabria



Isabel RodríguezPhD in Economics, University of Maryland at College Park

Assistant Professor, Universidad de Navarra

Associate Dean of Faculty, Universidad de Navarra

Her research interests are: Primary: Fiscal federalism, Applied macroeconomics, Ethics and corruption; Secondary: Fiscal institutions, International trade, Regional economics


University of Maryland at College Park

Stella SalvatierraPhD in Statistics, Carnegie Mellon University

Professor, Universidad de Navarra

Her research interests are:  Multivariate statistical methods for classification and discrimination, especially for large data bases


Carnegie Mellon University

Ph.D., Department of Engineering - Economic Systems, Stanford University

Professor for Finance and Endowment Management, Wirtschafts universität Wien (Vienna Austria)

Co-director of the Institut für Strategische Kapitalmarktforschung (WU Endowment Center)

Associate Editor and member of the Advisory Board, Review of Finance

"Professor Stoughton is an authority on asset management structure, university endowments, corporate finance, strategic financial management and pension fund management from the corporate point of view. His recent research focuses on the investment management industry and the relationship between investors and advisory services.  His latest research looks at risk-taking by mutual funds in response to strategic tournament incentives."


Stanford University

Claudio TebaldiPhD, cum laude International School for Advanced Studies, (SISSA Trieste)

Associate Professor Bocconi University Department of Finance

Affiliations: Carefin Fellow, IGIER Affiliate.

Membership: American Finance Association, Econometric Society, European Finance Association.

Scientific Interests: Derivative and Asset Pricing, Quantitative Methods in Economics and Finance.


Tommaso TraniPhD in International Economics, Graduate Institute of International Studies, Geneva

Assistant Professor, Universidad de Navarra

His research interests are: International finance and macroeconomics


Graduate Institute Geneva



Bajo-Buenestado, R., Borrella-Mas, M.A., “The heterogeneous tax pass-through under different vertical relationships.” Economic Journal (2022), 1-50.

Antón, M., Azar,J. Giné, M., Xin, L.X. "Beyond the target: M&A decisions and rival ownership", Journal of Financial Economics 144(1), 44-66.

Azar, J., Vives, X.. "General Equilibrium Oligopoly and Ownership Structure." Econometrica 89.3 (2021): 999-1048.

Azar, J., Duro, M., Kadach, I., Ormazabal, G.. "The big three and corporate carbon emissions around the world." Journal of Financial Economics 142(2), (2021): 674-696.

Bajo-Buenestado, Raúl. "The effect of blackouts on household electrification status: Evidence from Kenya." Energy Economics 94 (2021): 105067.

Gomez-Biscarri, J., López-Espinosa, G., Mesa-Toro, A.. "The risk implications of the business loan activity in credit unions." Journal of Financial Stability 56 (2021): 100932.

Cristofaro, L., Gil-Alana, L. A., Chen, Z., Wanke, P. "Modelling stock market data in China: Crisis and Coronavirus." Finance Research Letters 41 (2021): 101865.

Canarella, G., Gil-Alana, L., Gupta, R., Miller, S. M. "Persistence and cyclical dynamics of US and UK house prices: Evidence from over 150 years of data." Urban Studies 58.1 (2021): 53-72.

Mayordomo, S., Moreno, A., Ongena, S., Rodriguez-Moreno, M. "Bank capital requirements, loan guarantees and firm performance." Journal of Financial Intermediation 45 (2019): 100825.

Bandi, F. M., Perron, B., Tamoni, A., Tebaldi, C. "The scale of predictability." Journal of Econometrics 208.1 (2019): 120-140.

Abritti, M., Dell'Erba, S., Moreno, A., "Global factors in the term structure of interest rates", International Journal of Central Banking 53 (2018): 301-339.

Gadea, A., Gómez‐Loscos, G., Pérez‐Quirós, G. "Great Moderation and Great Recession: from plain sailing to stormy seas?" International Economic Review (2018) 59 (4), 2297-2321.

Camacho, M., Perez-Quiros, G., Poncela, P.. "Markov-switching dynamic factor models in real time." International Journal of Forecasting 34.4 (2018): 598-611.

Arrieta, A., García‐Prado, A., González, P. Pinto‐Prades,J.L., "Risk attitudes in medical decisions for others: an experimental approach" Health Economics (2017) 26, 97-113.

López-Espinosa, G., Mayordomo, S., Moreno, A. "When does relationship lending start to pay?" Journal of Financial Intermediation 31, 16-29.

Kinateder, M., Merlino, L.P. "Public goods in endogenous networks." American Economic Journal: Microeconomics 9.3 (2017): 187-212.

Attema, A.E., Brouwer, W.B.F., l’Haridon, O., Pinto, J.L., "An elicitation of utility for quality of life under prospect theory" (2016), Journal of Health Economics 48, 121-134.

Gadea, A., Pérez‐Quirós, G. "The failure to predict the great recession—a view through the role of credit." Journal of the European Economic Association (2015) 13 (3), 534-559.





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