Publications

Some Simple Bitcoin Economics, with Harald Uhlig, 2019Journal of Monetary Economics,  [SSRN] short: [JME]

[to be presented at Bank of Finland and CEPR "Money in the Digital Age";  2nd MMCN conference by CEPR and Hoover, Stanford; the Cleveland FED, BFI Macro Financial Modeling Summer Session 2018 Cape Cod, Federal Reserve Board of Governors, Wharton 'Liquidity and Financial Fragility' 2018, JME-SNB-SCG conference Gerzensee 2018, ASSA meetings Atlanta 2019, University of Iowa, Bank of England macro-finance forum London 2019, Asian Meeting Econometric Society (AMES) keynote Xiamen, ESSFM Gerzensee 2019, Singapur Economic Review conference 2019, Macro Finance Research Program BFI Chicago 2020]


MENTIONS and COMMENTS:   

Marginal Revolution

VOX EU reposted on the World Economic Forum

Chicago Booth Review  by Chana Schoenberger 2019  and dailyhunt

CATO  by Lawrence White 2019

The Economics of Fintech and Digital Currencies  by Antonio Fatas, Vox EU ebook


Currency Substitution under Transaction Costs, with Harald Uhlig, Jan 2019,  AEA P&P,  [pdf]]  [slides]

[presented at Tokenomics Paris 2019, Macro Finance Research Program BFI Chicago 2020]




Working Papers


  On the (Ir)relevance of Firm Size for Bailouts under Voter-Neutrality: The Case of Foreign Stakeholders, Nov 2020  [pdf]

Central Bank Digital Currency: When Price and Bank Stability Collide, Nov 2020,  [pdf]

   with Jesus Fernandez-Villaverde and Harald Uhlig

I conducted this work under the Lamfalussy fellowship of the ECB titled as 'Central Bank digital currency and the reorganization of the banking system.' The project also circulated under the title 'Central Bank Digital Currency in a nominal world.'


[presented at the Chicago Booth Banking Workshop, Virtual Finance Theory Seminar, Bank of Canada, IWH Halle, Macro Finance Research Program BFI Chicago 2020, Bath University, (scheduled:) `Proofs, Consensus, and Decentralizing Society Reunion’ Simons Institute at UC Berkeley]

Central Bank Digital Currency: Central Banking for All?  Jan 2020,  r&r  Review of Economic Dynamics  [pdf]
   with Jesus Fernandez-Villaverde, Daniel Sanches and Harald Uhlig
[presented at the Cryptocurrencies and Blockchain conference at the BFI and University of Chicago 2019,  CBER Webinar on Crypto and Blockchain, [scheduled: ASSA Chicago 2021]

MENTIONS and COMMENTS:  

  Cryptocurrencies, Currency Competition, and the Impossible Trinity, Aug 2020    [pdf]
    with Pierpaolo Benigno and Harald Uhlig

[presented at ESSFM Gerzensee 2019, Simons Institute UC Berkeley, Dallas Fed, 'Digital currencies, 'Central Banks and the blockchain: policy implications' at Oesterreichische Nationalbank, DIW Berlin, Kings College London, Cryptocurrencies and Blockchain conference at the BFI and University of Chicago 2019, PSE, Hong-Kong Baptist U - National Taiwan U - Renmin U of China, IWH Halle, Macro Finance Research Program BFI Chicago 2020, ES World Congress Bocconi 2020, The Future of Money and Payments: Implications for Central Banking’ at the Bank of Canada 2020; CBER Webinar on Crypto and Blockchain, [scheduled:] ASSA Chicago 2021 

MENTIONS and COMMENTS  
Marginal Revolution,  VOX EULe Monde by Patrick Artus, 2019
'World-wide Currency Warning' by Isaac Taylor, Wall Street Journal, Oct 2019  
BITCOIN Magazine by David Hollerith 2019,
Mostly Economics: `Creating a World wide currency`
  
                                          

Too many Voters to Fail: Influencing and Political Bargaining for Bailouts   August, 2019   [pdf]

(prev. 'Subsidized Coordination and Political Bargaining for Bail-outs'),

[presented at the Oxford Financial Intermediation conference 2019, 'Financial Intermediation in a Globalized World' at Deutsche Bundesbank, IWH and CEPR, HEC Paris]

Optimal Forbearance of Bank Resolution,  April 2020, r&r  Journal of Finance (2nd round)  [pdf]

[to be presented at the Bank for International Settlements, SED Mexico city 2018, University College Dublin, UNSW Sydney (JM/S), University of Copenhagen, (JM), BI Norwegian Business School (JM), Ecole Polytechnique, CREST (JM), IWH Halle/University of Leipzig (JM), Bank of Canada (JM), University of Aarhus (JM), University of Gothenburg (JM), Bank for International Settlements, Olin Business School Washington U, University of Bonn (Zoom), Insead Singapore (Zoom), Virtual Finance Theory Seminar]

The paper in a nutshell: BFI Research Brief, thanks to David Fettig


♦  Regulated Competition on Health Insurance Markets: Budget Balancing, Opt-out and Price Caps [pdf]
     with Ben Schickner,  Oct 2017
 (prev. 'Redistributional Effects of Health Insurance in Germany: Private and Public Insurance, Premia and Contribution Rates)   



Work in Progress

The Value of the Bank under Endogenous Liquidity Risk: The Modigliani-Miller Theorem revisited,   Oct 2017   [pdf]


Bank Runs and the Repo Market  (prev.  'The Impact of Recovery Value on Bank Runs'),  January, 2018   [pdf]

[presented at the UECE Lisbon Meetings on Game Theory 2018, EBC network workshop Luxembourg 2017, NASM ES 2017]


DD meets MM  (with Harald Uhlig)


Currency Competition: Theory and Experiment  (with Jasmina Arifovic and Isabelle Salle)




Opinion and Media


  Coindesk  [coverage of Stellar Meridian conference in Mexico City November 2019]


  Risks involved with CBDC: On Cash, Privacy and Information Centralization,  Nov 2019  [pdf]

[prepared for the Reinventing Bretton Woods Committee: Dialogue of the Continents 2019, Hamburg]



♦  Thrive Global Authority Magazine  January 2019



Old Working Papers (not for publication)




♦ Capital Structure, Liquidity and Miscoordination on Runs  [pdf]

[presented at the NASM ES Philadelphia 2016, the EEA/ESEM meetings in Geneva 2016, the UECE Lisbon Meetings in Game Theory and Applications 2016]