Research

Published Papers

• “Blockchain-based Settlement for Asset Trading” (accepted) with Thorsten Koeppl, Review of Financial Studies.

• “On the Welfare Effects of Credit Arrangements” (2018) with Mei Dong and Enchuan Shao, International Economic Review.

• “Innovation and Growth with Financial, and other, Frictions” (2017) with Cesaire Meh and Randall Wright, International Economic Review.

• “Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery” (2016) with Thorsten Koeppl, Review of Economic Studies.

• “Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand” (2014) Macroeconomic Dynamics.

• “A Model of Tiered Settlement” (2013) with James Chapman and Miguel Molico, Journal of Money, Credit, and Banking.

• “Central Bank Haircut Policy” (2011), with James Chapman and Miguel Molico, Annals of Finance.

• “Financial Intermediation, Liquidity and Inflation” (2011), with Cesaire Meh, Macroeconomic Dynamics.

• “Idiosyncratic Uncertainty, Welfare and Inflation” (2011), with Miguel Molico, Journal of Money, Credit, and Banking.

• “Liquidity, Redistribution, and the Welfare Cost of Inflation” (2010), with Miguel Molico, Journal of Monetary Economics.

Work in Progress

• “Central Bank Digital Currency and Banking” (with Seyed Mohammadreza Davoodalhosseini, Janet Jiang and Yu Zhu)

• “The Economics of Cryptocurrencies - Bitcoin and Beyond” (with Thorsten Koeppl)

•“Relationships in the Interbank Market” (with Cyril Monnet)

•“Livin' on the Edge with Ratings: Liquidity, Efficiency, and Stability” (with Thor Koeppl)

•“E-money: Efficiency, Stability and Optimal Policy” (with Russell Wong)

•“On the Essentiality of E-money” (with Russell Wong)

•“Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange” (with Miguel Molico)