Publications:
"Money and Barter under Private Information," B.E. Journal of Macroeconomics, Contributions, Vol. 9(1), 2009.
"Credit Rationing and Endogenous Monetary Policy," Applied Economics Letters, Vol 17, Issue 5, 2010.
"Modelling the Counterfeiting of Bank Notes: A Literature Review," Bank of Canada Review, Autumn, 2011
"Entry Costs and Labor Market Dynamics," with Pedro Silos, European Economic Review, Vol 63, October 2013.
"Accounting for the Cyclical Dynamics of Income Shares," with Pedro Silos, Economic Inquiry, Vol 52, Issue 2, April 2014.
"The Threat of Counterfeiting in Competitive Search Equilibrium," Journal of Economic Dynamics and Control, Vol 47, October 2014.
"Counterfeit Quality and Verification in a Monetary Exchange," with Ben S.C. Fung, Economic Modelling, Vol 52, January 2016.
"Wealth Inequality and Employment Fluctuations," with Pedro Silos, Economic Modelling, Vol 67, December 2017.
"On the Welfare Effects of Credit Arrangements," with Jonathan Chiu and Mei Dong, International Economic Review, Vol 59, August 2018.
"The Cash Paradox," with Janet Jiang, Review of Economic Dynamics, Vol 36, April 2020.
"The Impact of Return on Collateral in a Channel System," with Kwabena Bediako, Economic Inquiry, Vol 58, July 2020.
"Miner Competition and Transaction Fees," with Danusha Rajapaksa, Journal of Economic Behavior and Organization, Vol 227, November 2024.
Working Papers:
"Pricing Settlement Priority: Structural Evidence from Bitcoin Transaction Fees," 2026.
I collect unique mempool-at-broadcast data from my own Bitcoin node logger to conduct the structural estimation on the Bitcoin fee market.
"Transaction Data, Payment Services, and Bank Competition in Open Banking," 2026.
"Transaction Fees as Settlement-Priority Prices: A General-Equilibrium Model of Proof-of-Work," 2026.
It replaces the previous theory paper, "The Economics of Cryptocurrencies in a General Equilibrium Framework." Direct empirical evidence supporting the three-link mechanism is provided.
"The Microstructure of Stablecoin Price Alignment: Evidence from Tether," with Danusha Rajapaksa, 2026.
This paper substantially extends and supersedes an earlier manuscript, “On the Relationship between Tether and Other Cryptocurrencies,” by introducing new high-frequency order-book, paired-control, and finite-depth evidence.
"Deposit Insurance Reforms and Bank Risk-Taking: An International Perspective on Discipline and Moral Hazard," with Tarek Jareski Tuma and Abdullah Mamun, 2025.
"Deposit Insurance and Depositor Discipline: Evidence from FDIC Coverage Expansion," with Tarek Jareski Tuma and Abdullah Mamun, 2025.
"The Impact of Uncertainty on Two-Tiered Labor Markets," with Shutao Cao and Pedro Silos, 2021.
"The Entry of Bitcoin Mining and its Welfare Implications," with Danusha Rajapaksa, 2020.
"Fixed-Term and Permanent Employment Contracts: Theory and Evidence," with Shutao Cao and Pedro Silos, 2011.
"Search Frictions and Asset Price Volatility," with B. Ravikumar, 2010.
Work in Progress:
“Open Banking: Data Synergy and Capital Accumulation,” with Tarek Jareski Tuma.
"The Law of the Few in Stablecoin Arbitrage," with Danusha Rajapaksa.