Central bankers argue that programmable digital currencies may compromise the uniformity or singleness of money. We explore this view in a stylized model where programmab[...]

Why do BigTech platforms introduce payment services? And do their users benefit? Digital platforms often run business models where activities on the platform generate dat[...]

This replication package contains the data, code, figures and documentation required to reproduce the calibration targets, model solutions, comparative statics, and welfa[...]

Supplemental material for peer-reviewed article published in Management Science. Paper published online August 31, 2023. When citing this dataset, please also cite the as[...]

This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks[...]

Many central banks are considering issuing a central bank digital currency (CBDC). How will the CBDC affect the macroeconomy? Will its design matter? To answer these ques[...]

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[...]

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[...]

The data and programs replicate tables and figures from "Grasping De(centralized) Fi(nance) through the Lens of Economic Theory" by Chiu, Kahn, and Koeppl. Please see the[...]

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[...]