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1.
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What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money system necessarily stable? What is the opt[...]
2014 | Text | Staff Working Paper - Document de travail du personnel |
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2.
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Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach[...]
2015 | Text | Staff Working Paper - Document de travail du personnel |
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3.
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This paper applies a mechanism design approach to construct a lower bound to the welfare cost of inflation that does not depend on quasi-linear preferences or details of [...]
2016 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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4.
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Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform’s business model choice between acc[...]
2022 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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5.
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Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the trade-off between public and pr[...]
2020 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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6.
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This article studies an economy with both centralized and decentralized monetary exchanges under search frictions. A degenerate asset distribution is featured under a bro[...]
2016 | Journal Article | Peer-Reviewed Publications - Publications à comité de lecture |
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7.
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Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH – (UXH)2 = 0 is [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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