Profile

Carolina Manzano Tovar is a tenured professor in the Department of Economics at the Universitat Rovira i Virgili. She earned a degree in Mathematics in 1991 from the University of Barcelona, obtained a Master’s in Economic Analysis in 1993 from the Universitat Autònoma de Barcelona, and received her PhD in Economic and Business Sciences (General Economics) in 1996, also from the Universitat Autònoma de Barcelona. Between 1996 and 1999, she was a visiting professor at the Universidad Carlos III de Madrid, and at the end of 1999, she joined the Universitat Rovira i Virgili, where she has continued her teaching and research activities to the present.

Her research focuses on three areas of Economic Analysis: General Equilibrium Theory, Financial Market Theory, and Fiscal and Monetary Policy Theory. She has published in leading journals in finance, including The Journal of Finance, Journal of Financial Intermediation, and Journal of Financial Markets, as well as in the field of Economic Theory, including Theoretical Economics, Journal of Economic Theory, International Journal of Central Banking, and Journal of Mathematical Economics, among others.

In the area of academic and scientific management, she has served as a reviewer for numerous national and international journals, including Econometrica, Journal of Finance, Journal of Economic Theory, and Journal of Macroeconomics, and has been a member of the scientific committee for multiple national and international conferences. She has also collaborated with various national and regional agencies in the evaluation of projects, faculty, programs, and research groups, including ANEP, AQU, AQUIB, and AVAP. She was Head of the Bachelor’s Degree in Economics at URV (2003–2005) and, since 2023, has served as Secretary of the Department of Economics at URV.

Publications

Articles in journals JCR

• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2025): "Fiscal disciplining effect of central bank opacity: Stackelberg versus Nash equilibrium [Comment]", Economics Bulletin ,44 (4), 1333-1337
• Bayona, A.; Manzano Tovar, Carolina (2024): "Competition in Schedules with Cursed Traders", Journal of Economic Theory ,doi.org/10.2139/ssrn.4085637,
• Ferré Carracedo, Montserrat; Macaya, O.; Manzano Tovar, Carolina (2024): "Central bank communication: Inflation target transparency with fiscal policy", Contemporary Economic Policy ,42(4), 642-659
• Bayona, A.; Dumitrescu, A.; Manzano Tovar, Carolina (2023): "Information and optimal trading strategies with dark pools", Economic Modelling ,126, 106376
• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2022): "The Macroeconomic Impact of Radical Right Populist Parties in Government", Journal of Macroeconomics ,103471,
• Ferré Carracedo, Montserrat; Garcia, J.; Manzano Tovar, Carolina (2021): "The Effects of Corruption in a Monetary Union", Open Economies Review ,32(3), 539-557
• Manzano Tovar, Carolina; Vives, X. (2021): “Market power and welfare in asymmetric divisible good auctions", Theoretical Economics ,16(3), 1095-1137
• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2020): "Independent Central Banks: Low Inflation at no Cost? A Model with Fiscal Policy", International Journal of Central Banking ,16, 233-286
• Manzano Tovar, Carolina; Vives, X. (2020): “Market power and welfare in asymmetric divisible good auctions", Theoretical Economics ,forthcoming,
• Ferré Carracedo, Montserrat; García, J.; Manzano Tovar, Carolina (2018): "Tax Efficiency, Seigniorage and Central Bank Conservativeness", Journal of Macroeconomics ,56, 2018-230
• De Frutos, M. Ángeles; Manzano Tovar, Carolina (2014): "Market Transparency, Market Quality, and Sunshine Trading", Journal of Financial Markets ,17, 174-198
• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2014): "Rational Partisan Theory with fiscal policy and an independent central bank", Journal of Macroeconomics ,42, 27-37
• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2013): “Central Bank Coordinated Intervention: a Microstructure Approach”, European Journal of Finance ,19, 113-126
• Manzano Tovar, Carolina; X. Vives (2011): "Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity", Journal of Mathematical Economics ,47, 3, 346-369
• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2009): "When do central banks prefer to intervene secretly?", International Journal of Finance and Economics ,14, 378-393
• Manzano Tovar, Carolina; Frutos, M. (2005): "Trade disclosure and price dispersion", Journal of Financial Markets ,8, 183-216
• Manzano Tovar, Carolina (2002): "The effect of the transparency of order flows in a dealer market with several securities", Journal of Financial Intermediation ,11 (2), 212-227
• Manzano Tovar, Carolina; De Frutos, M.A. (2002): "Risk aversion, transparency and market perfomance", Journal of Finance ,57 (2), 959-984
• Manzano Tovar, Carolina (1999): "Price-signal relations in an imperfectly competitive financial market with public and private information", Journal of Accounting Research ,37(2), 451-464
• Manzano Tovar, Carolina (1998): "The structure of the set of critical equilibria in an incomplete financial markets framework", Journal of Mathematical Economics ,30, 147-173

Articles in journals not indexed in the JCR

• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2020): "Macroeconomic Effects of Populist Radical Parties in a Rational Partisan Model", Economics Bulletin ,40, 3211-3218
• Ferré Carracedo, Montserrat; Manzano Tovar, Carolina (2012): ''Designing the optimal conservativeness of the central bank'', Economics Bulletin ,Vol. 32 No. 2, 1461-1473

Projects

Competitive calls

• Title:

  Principal Investigator: Bernd Theilen; Ricardo Flores-Fillol

  Members: Mañé Vernet, Ferran; Ferré Carracedo, Montserrat; Iranzo Sancho, Susana; Aslanidis, Nektarios; Manzano Tovar, Carolina; Vilella Bach, Cori; Llerena Garrés, Francesc; Giménez-Gómez, José-Manuel; jordi.andreu

  Reference: PID2019-105982GB-I00_20201116 Start Year: 2020 End Year: 2023

  Entity: MICINN - Ministerio de Ciencia e Innovación

• Title:

  Principal Investigator: Theilen, Bernd

  Members: Flores-Fillol, Ricardo; Manzano Tovar, Carolina; Sardà Pons, Jordi; Mañé Vernet, Ferran; Llerena Garrés, Francesc; Vilella Bach, Cori; Aslanidis, Nektarios; Ferré Carracedo, Montserrat; Iranzo Sancho, Susana; Pérez Laborda, Alejandro; Flamand, Sabine; Giménez-Gómez, José-Manuel; Osório Costa, Antonio Miguel

  Reference: ECO2016-75410-P Start Year: 2016 End Year: 2019

  Entity: MEYC-Ministerio de Economía y Competividad

• Title: Diseño institucional bajo la influencia de factores políticos

  Principal Investigator: Theilen, Bernd

  Members: Manzano Tovar, Carolina; Mañé Vernet, Ferran; Flores-Fillol, Ricardo; Ferré Carracedo, Montserrat; guiomar.ibanez; judit.garcia; Sardà Pons, Jordi; Iranzo Sancho, Susana; Aslanidis, Nektarios; Pérez Laborda, Alejandro; Olga.Slivko; Helmut Herwartz; Xavier Fageda; Volodymyr Bilotkach

  Reference: ECO2013-42884-P Start Year: 2014 End Year: 2016

  Entity: MEYC - Ministerio de Economía y Competitividad

• Title:

  Principal Investigator: matthias.dahm

  Members: Manzano Tovar, Carolina; Ferré Carracedo, Montserrat; Flores-Fillol, Ricardo; danilo.guaitoli

  Reference: ECO2010-19733 Start Year: 2011 End Year: 2014

  Entity: MCIN - Ministerio de Ciencia e Innovación

• Title:

  Principal Investigator: antonio.quesada

  Members: Llerena Garrés, Francesc; Theilen, Bernd; Vilella Bach, Cori; Manzano Tovar, Carolina; danilo.guaitoli; matthias.dahm; Flores-Fillol, Ricardo; mabelmariel.ficosecco; Ferré Carracedo, Montserrat

  Reference: 2009SGR900 Start Year: 2009 End Year: 2013

  Entity: AGAUR - Agència de Gestió d'Ajuts Universitaris i de Recerca. Generalitat de Catalunya.

• Title: Grup de recerca en organització i decisió econòmiques (GRODE)

  Principal Investigator: antonio.quesada

  Members: Llerena Garrés, Francesc; Theilen, Bernd; Vilella Bach, Cori; Manzano Tovar, Carolina; danilo.guaitoli; matthias.dahm; Flores-Fillol, Ricardo; Mabel Ficosecco; Ferré Carracedo, Montserrat

  Reference: 2009SGR900 Start Year: 2009 End Year: 2013

  Entity: Generalitat de Catalunya

• Title: Mecanismos de organización político-económica

  Principal Investigator: antonio.quesada

  Members: Theilen, Bernd; Manzano Tovar, Carolina; matthias.dahm

  Reference: SEJ2007-67580-C02-01 Start Year: 2007 End Year: 2010

  Entity: MEDU - Ministerio de Educación y Ciencia

• Title:

  Principal Investigator: antonio.quesada

  Members: Llerena Garrés, Francesc; Theilen, Bernd; Vilella Bach, Cori; Manzano Tovar, Carolina; danilo.guaitoli; matthias.dahm; Flores-Fillol, Ricardo

  Reference: 2005SGR-00949 Start Year: 2005 End Year: 2008

  Entity: AGAUR - Agència de Gestió d'Ajuts Universitaris i de Recerca. Generalitat de Catalunya.

• Title: Grup de recerca en organització i decisió econòmiques (GRODE)

  Principal Investigator: antonio.quesada

  Members: Llerena Garrés, Francesc; Theilen, Bernd; Vilella Bach, Cori; Manzano Tovar, Carolina; danilo.guaitoli; matthias.dahm; Flores-Fillol, Ricardo

  Reference: 2005SGR-00949 Start Year: 2005 End Year: 2008

  Entity: AGAUR - Agència de Gestió d'Ajuts Universitaris i de Recerca, Generalitat de Catalunya

• Title: Mercados: Organización, información, contratos y Estado

  Principal Investigator: antonio.quesada

  Members: Carles Lavila, Misericòrdia; Corbella Domènech, Teresa; coia.domingo; Llop Llop, Maria; Manzano Tovar, Carolina; Bové Sans, Miquel Àngel; joan.mogas; marti.oliva; Theilen, Bernd

  Reference: SEJ2004-07477 Start Year: 2004 End Year: 2007

  Entity: MCYT - Ministerio de Ciencia y Tecnología

• Title:

  Principal Investigator: Manzano Tovar, Carolina

  Members: Ferré Carracedo, Montserrat; Llerena Garrés, Francesc; Theilen, Bernd; matthias.dahm; Flores-Fillol, Ricardo; antonio.quesada; Giménez-Gómez, José-Manuel; Osório Costa, Antonio Miguel; Vilella Bach, Cori; judit.garcia

  Reference: 2014SGR631 Start Year: 2014 End Year: 2016

  Entity: AGAUR - Agència de Gestió d'Ajuts Universitaris i de Recerca. Generalitat de Catalunya.

Curriculum