Research

Published Papers

• Digital Currencies & Blockchain Technologies

  • “Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design” (accepted) with Mohammad Davoodalhosseini, Management Science.

  • “Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment” (2023) with Mohammad Davoodalhosseini, Janet Jiang and Yu Zhu, Journal of Political Economy.

  • “Grasping De(centralized) Fi(nance) through the Lens of Economic Theory” (2023) with Charlie Kahn and Thorsten Koeppl, Canadian Journal of Economics.

  • “The Economics of Cryptocurrencies - Bitcoin and Beyond” (2023) with Thorsten Koeppl, Canadian Journal of Economics.

  • “Payments on Digital Platforms: Resiliency, Interoperability and Welfare” (2022) with Russell Wong, Journal of Economic Dynamics and Control.

  • “Blockchain-based Settlement for Asset Trading” (2019) with Thorsten Koeppl, Review of Financial Studies.

• Frictions in OTC Markets

  • “Relationships in the Interbank Market” (2020) with Jens  Eisenschmidt and Cyril Monnet, Review of Economic Dynamics.

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

• Distributional Effects of Monetary Policy 

  • “Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange” (2020) with Miguel Molico, Review of Economic 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.  

• Financial Frictions, Intermediation and Infrastrcture

  • “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.

  • “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.

Book Chapter and Others

• "The Economics of Digital Currencies: Progress and Open Questions," with Todd Keister, Journal of Economic Dynamics and Control, Vol. 142, 2022.

• Book Review of "Blockchain Technologies, Applications and Cryptocurrencies: Current Practice and Future Trends," Journal of Economic Literature, March, 2022.

• “Central Bank Digital Currency, Bank Intermediation and Payments” (with Francisco Rivadeneyra) in CEPR Ebook Central Bank Digital Currency: Considerations, Projects, Outlook, 2021.

• “An Overview of the Bank of Canada CBDC project” (with Francisco Rivadeneyra) in CEPR Ebook Central Bank Digital Currency: Considerations, Projects, Outlook, 2021.

• “Incentive Compatibility on the Blockchain” (with Thorsten Koeppl) in W. Trockel and L. Hurwicz (Eds) Social design : essays in memory of Leonid Hurwicz. Cham: Springer, 2019.

Work in Progress

• “On the Fragility of DeFi Lending” (with Emre Ozdenoren, Kathy Yuan and Shengxing Zhang) 

• “PayTech and the D(ata) N(etwork) A(ctivities) of BigTech Platforms” (with Thorsten Koeppl) 

Older Projects

• “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)