Working Papers


Some Simple Bitcoin Economics  (with Harald Uhlig),  Nov 2018      [pdf]


[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]

On Marginal Revolution

On VOX EU reposted on the World Economic Forum


Optimal Forbearance of Bank Resolution - (Job Market Paper December 2018  [pdf]

[to be presented at SED Mexico ciy 2018, University College Dublin, UNSW Sydney, 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)]

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


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


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



Work in Progress

Subsidized Coordination and Political Bargaining for Bail-outs (December 10, 2017)   [pdf]


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]


Bank Runs and the Repo Market (former "The Impact of Recovery Value on Bank Runs") (January 1, 2018)  [pdf]

[presented at the EBC network workshop Luxembourg 2017, NASM ES 2017]



DD meets MM
(with Harald Uhlig)