How well can a cryptocurrency serve as a means of payment? Cryptocurrencies need to overcome double‐spending by costly mining and by delaying settlement. We formalize thi[...]

Since the introduction of Bitcoin in 2008, thousands of different cryptocurrencies have been developed and hundreds of exchanges have opened for trading these currencies.[...]

This paper studies the effects of monetary policy in an inventory-theoretic model of money demand. In this model, agents keep inventories of money, despite the fact that [...]

This paper studies the effects of monetary policy in an inventory theoretic model of money demand. In this model, agents keep inventories of money, despite the fact that [...]

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[...]

This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects allocation and welfare. Regardi[...]

This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Reg[...]

In this viewpoint article, we provide an analysis of the value proposition of decentralized finance (DeFi) and its limitations using a simple stylized model of collateral[...]

A blockchain is a digital ledger that keeps track of a record of ownership without the need for a designated party to update and enforce changes to the record. The updati[...]

The generation of ideas and their implementation are crucial for economic performance. We study this in a model of endogenous growth, where productivity increases with in[...]