Cryptocurrencies, Currency Competition, and the Impossible Trinity, July 2019 (last update April 2021), accepted Feb 2022

with Pierpaolo Benigno and Harald Uhlig, accepted - Journal of International Economics [pdf], [JIE]

mentioned in: Marginal Revolution, VOX EU, Le Monde, Wall Street Journal, Bloomberg, BITCOIN Magazine

Crypto Review, livemint, Bitcoin News Update, Crypto Currency News, Medium, Cream Crypto News, Mostly Economics: `Creating a World wide currency`

♦ ICO versus Credit versus Venture Capital Financing under Stochastic Demand: A comment on 'Entrepreneurial Incentives and the Role of Initial Coin Offerings' by Rodney Garratt and Maarten van Oordt, June 2021, Journal of Economic Dynamics and Control [pdf], [JEDC]

Central Bank Digital Currency: Central Banking for All? Jan 2021, Review of Economic Dynamics [pdf]

with Jesus Fernandez-Villaverde, Daniel Sanches and Harald Uhlig

mentioned in: Marginal Revolution, Vox EU, Wall Street Journal (2020), Wall Street Journal (2022), Forbes, yahoo finance

Cointelegraph, Coindesk, Coindesk (2), Bitcoin Exchange Guide,, cryptoknowmics,, The Bridge Mercatus Center, Ledger Insights, crowdfund insider, the coin republic, token hell

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

mentioned in: Marginal Revolution VOX EU reposted on the World Economic Forum Chicago Booth Review and dailyhunt

CATO by Lawrence White 2019, The Economics of Fintech and Digital Currencies by Antonio Fatas, Vox EU ebook Investorplace

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

Working Papers

♦ Voters, Bailouts, and the Size of the Firm, Nov 2020 [pdf]

[presented at: World Finance Conference Norway 2021, ETH and U Zurich, LSE, Goethe U Frankfurt, Seminars in Economic Theory (SET) ]

♦ Central Bank Digital Currency: When Price and Bank Stability Collide, June 2020 (last update May 2021), [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.'

mentioned in: ECB Press cointelegraph

[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, `Proofs, Consensus, and Decentralizing Society Reunion’ Simons Institute at UC Berkeley, ASSA Chicago 2021, Bank of England, Institut Louis Bachelier, CBER, CEPR ESSIM, Stony Brook workshop on Distributed Ledger and Economics, Banque de France, Sveriges Riksbank, World Finance Conference Norway 2021, Bank for International Settlements, Barcelona GSE, OxFit, Berkeley Haas]

Optimal Forbearance of Bank Resolution, Nov 2017 (last update March 2022), r&r Journal of Finance (2nd round)

version 1 (Dec 2017) [pdf], version 2 (Dec 2019) [pdf], version 3 (August 2020) [pdf], version 4 (March 2022) [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, Carnegie Mellon Tepper, MIT Sloan]

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

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]

♦ 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]

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

Opinion and Media (selected)

Nur keine Panik, in SPIEGEL GELD, February 2022

Cryptocurrency versus Central Bank Money, UC San Diego Roundtable with James Hamilton, 7th Sept. 2021 [slides] [youtube]

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]