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Luis Garicano

Luis Garicano

· Visiting Professor of Economics

University of Chicago · Microeconomics

Active 1998–2026

h-index49
Citations10.7k
Papers1987 last 5y
Funding—

Academic metrics are sourced from OpenAlex and public funding records; values may differ from Google Scholar.

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About

Luis Garicano is a Professor of Public Policy at the London School of Economics. His research focuses on innovation, technology, and policy, with a particular emphasis on Europe and AI. He has started a new Substack on these topics in 2024, working alongside Pieter Garicano.

Research topics

  • Political Science
  • Sociology
  • Political economy
  • Public administration
  • Law
  • Development economics
  • Economics

Selected publications

  • The Sovereign-Bank Diabolic Loop and ESBies

    American Economic Review · 2016-05-01 · 311 citations

    articleOpen access

    We propose a simple model of the sovereign-bank diabolic loop, and establish four results. First, the diabolic loop can be avoided by restricting banks' domestic sovereign exposures relative to their equity. Second, equity requirements can be lowered if banks only hold senior domestic sovereign debt. Third, such requirements shrink even further if banks only hold the senior tranche of an internationally diversified sovereign portfolio--known as ESBies in the euro-area context. Finally, ESBies ge…

    PublisherOA PDFDOI

  • The Returns to Knowledge Hierarchies

    The Journal of Law Economics and Organization · 2016-06-19 · 31 citations

    article1st authorCorresponding

    Hierarchies allow individuals to leverage their knowledge through others’ time. This mechanism increases productivity and amplifies the impact of skill heterogeneity on earnings inequality. This article analyzes the earnings and organization of US lawyers and uses an equilibrium model of knowledge hierarchies inspired by Garicano and Rossi-Hansberg (2006. “Organization and Inequality in a Knowledge Economy,” 121 Quarterly Journal of Economics 1383–436) to assess how much lawyers’ productivity an…

    PublisherDOI

  • Crisis Cycle

    Princeton University Press eBooks · 2025-04-24 · 3 citations

    book

    How the euro survived a series of crises, and how to make it more resilient The euro has survived crises unimagined at its founding: the financial meltdown of 2007–2009, the sovereign debt crisis of 2010–2012, the pandemic, and the Russian invasion of Ukraine. The European Central Bank fought these crises with dramatic policy innovations, buying up vast amounts of debt and providing large loans to banks. But now everyone expects the ECB to intervene routinely, and the euro is more fragile as a r…

    PublisherDOI

  • Blockchain: The birth of decentralized governance

    Repositori digital de la UPF (Universitat Pompeu Fabra) · 2018-04-01 · 2 citations

    preprintSenior author

    By allowing networks to split, decentralized blockchain platforms protect members against hold up, but hinder coordination, given that adaptation decisions are ultimately decentralized. The current solutions to improve coordination, based on premining cryptocoins, taxing members and incentivizing developers, are insufficient. For blockchain to fulfill its promise and outcompete centralized firms, it needs to develop new forms of soft decentralized governance (anarchic, aristocratic, democratic,…

    Publisher

  • Populism: Origins and Alternative Policy Responses

    Latin America Research Commons eBooks · 2022 · 1 citations

    Populist movements, parties and leaders have gained influence in many countries, disrupting long-established patterns of party competition, impugning the legitimacy of representative institutions and sometimes actively weakening or coarsening government capabilities. By positing an acute contrast between the will of the people and established elites, and advocating simplistic policy solutions careless of minority rights, populists have challenged the development and even the maintenance of liber…

    DOI

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Awards & honors

  • Distinguished Alumni Award

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