Working Papers

"Interest Rates, Moneyness, and the Fisher Equation", with Lucas Herrenbrueck

We study monetary policy and asset pricing when a safe asset can be easily traded or pledged as collateral to obtain money, or even for goods and services directly.

"Payments and the Provision of Privacy by Digital Platforms", with Pedro Gomis-Porqueras

We study how payments -- which are essential to trade between consumers and producers and therefore digital platforms' data monetization -- affect consumer privacy.

"Asymmetric Information, Asset Markets, and the Medium of Exchange", with Athanasios Geromichalos and Lucas Herrenbrueck

We study the liquidity role of a real asset when the asset is subject to asymmetric information, and the adoption of a medium of exchange is endogenous.

"Signaling in Competitive Search Equilibrium: Illiquidity vs. Partial Retention" 

This paper studies illiquidity and partial retention of assets as signals of asset quality in markets with private information. 

Publications

"Oligopoly Banking, Risky Investment, and Monetary Policy", with Lukas Altermatt (accepted version)

    European Economic Review 164, 2024

"Money Laundering and the Privacy Design of Central Bank Digital Currency" (accepted version)

    Review of Economic Dynamics 51, 2023 

"Liquidity and Private Information in Asset Markets: To Signal or not to Signal" (accepted version)

    Journal of Economic Theory 190, 2020 

Work in Progress

"Crypto 'Money': Means of Payment or Object of Speculation?", with Lucas Herrenbrueck

"Computational Liquidity Economics", with Lucas Herrenbrueck  

Other Work

"Tax Compliance, Payment Choice, and Central Bank Digital Currency"

Developed into "Money Laundering and the Privacy Design of Central Bank Digital Currency".

"Trading Motives in Asset Markets"

Developed into "Liquidity and Private Information in Asset Markets: To Signal or not to Signal" and "Signaling in Competitive Search Equilibrium: Illiquidity vs. Partial Retention".