Published and accepted papers
7) Central Bank Digital Currency: When Price and Bank Stability collide [youtube] with Harald Uhlig and Jesus Fernandez-Villaverde, [older version]
January 2024, Journal of Monetary Economics
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.'6) Optimal Forbearance of Bank Resolution, December 2023, Journal of Finance, [slides] latest version 2022
the following previous version of the paper demonstrates the main result in a simpler model [version:2017/20]
5) Cryptocurrency, Currency competition, and the Impossible Trinity, 2022, Journal of International Economics, [youtube] with Pierpaolo Benigno, and Harald Uhlig
4) 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, 2021, Journal of Economic Dynamics and Control
3) Central Bank Digital Currency: Central Banking for All?, 2021, Review of Economic Dynamics, with Jesus Fernandez-Villaverde, Daniel Sanches, and Harald Uhlig
mentioned at Wall Street Journal, Wall Street Journal pro,
2) Some Simple Bitcoin Economics, 2019, Journal of Monetary Economics, with Harald Uhlig
simplified version presented as key note at UC San Diego here: [youtube] [slides]
see also the interview with Authority Magazine (medium) here
1) Currency Substitution under Transaction Costs, 2019, AEA P&P, [youtube] with Harald Uhlig
Active working papers
9) Accounting Under Pressure: How Accounting Rules Shape Bond Prices and Firm Investment Post Crises, July 2025, with John Barrios and Andreas Neuhierl
8) Losing Grip? The Quantity Theory of Money under Currency Competition, with Jasmina Arifovic and Isabelle Salle, July 2025
The paper was formerly titled ``Currency competition, Monetary policy and Transaction costs: theory and experiments''
[presented at the European Winter Meeting of the Econometric Society Mallorca, University of Amsterdam, (Back to) The Futures of Money II, Paris]
7) The Uncertainty of Machine Learning Predictions, with Yuan Liao, Xinjie Ma, Andreas Neuhierl, March 2025
6) Pitfalls and Optimal Design of Emergency Liquidity Assistance, May 2025 (first version 2024) (originally part of ``Smooth Regulatory Intervention'') , [Non-technical Summary]
5) Stability-Equivalence of Bailouts and Bailins with Welfare consequences February 2024
[presented at the FTG meeting Toronto 2024]
4) Smooth Regulatory Intervention, February 2024, [first version: Dec 2022]
presented at Crei Pompeu Fabra, Bocconi University, Federal Reserve Board, NASM Econometric Society Los Angeles 2023, IFABS Oxford 2023, Regulating Financial Markets CEPR and Deutsche Bundesbank, scheduled: Cambridge Corporate Finance Theory Symposium 2023, Wharton Liquidity conference 20233) Data Redundancies and Cyber Attacks with Rodney Garratt, November 2024
[presented at the UC Santa Barbara Defi seminar, FTG meeting Barcelona 2024, Boston University, Gerzensee 2024, AFA 2025]
2) Voters, Bailouts, and the Size of the Firm, March 2025, older versions [2021]
[presented at the Oxford Financial Intermediation conference 2019, 'Financial Intermediation in a Globalized World' at Deutsche Bundesbank, IWH and CEPR, HEC Paris, London School of Economics, Seminars in Economic Theory (SET), FIRS Berlin 2024, Gerzensee Corporate Finance 2024]
1) Bank runs and the Repo market,
[presented at the UECE Lisbon Meetings on Game Theory 2018, EBC network workshop Luxembourg 2017, NASM ES 2017]
Resting working papers
3) The Value of the Bank under Endogenous Liquidity Risk: The Modigliani-Miller Theorem Revisited,
2) Regulated Competition on Health Insurance Markets: Budget Balancing, Opt-out and Price Caps, with Ben Schickner
1) Capital Structure, Liquidity, and Miscoordination on Runs