José-Luis Peydró is ICREA Professor of Economics at UPF, Barcelona GSE Research Professor and Research Associate of CREI. He is also Research Fellow of CEPR. Professor Peydró is Associate Editor of the Review of Finance (the journal of the European Finance Association). He is a member of the European Systemic Risk Board’s Advisory Scientific Committee, is currently Research Professor at the Bundesbank, has been an advisor to the Bank of Spain’s Financial Stability Department since 2011, and consulted other central banks and international organizations since 2011. José Luis has written a book with Xavier Freixas and Luc Laeven on Systemic Risk, Crises and Macroprudential Policy, MIT Press, June 2015, and has published in top academic journals such as Review of Financial Studies, Journal of Financial Economics, Journal of Finance, American Economic Review, Econometrica and Journal of Political Economy. In 2015, he received a Consolidator Grant from the European Research Council (ERC) to study the persistence effects of financial crises.