Originally from Regensburg (Bavaria), I joined QED in 2004 (short CV).

I am currently interested in

  • Blockchain Economics
  • Digital Payments and DeFi
  • FinTech and financial market infrastructure (esp. privacy and open banking)
  • Rethinking fiscal policy for macroeconomics

+++ NEWS +++

May 15, 2024 -- Using Functional Shocks to Assess Conventional and Unconventional Monetary Policy in Canada (Canadian Journal of Economics)

May 6, 2024 -- Panel on "Access to Cash and Financial Services", Bank of Canada Workshop

April, 16-18, 2024 -- Crypto Masterclass on DeFi (2nd edition), ECB-SSM (EUI/FBF)

March 31, 2024 -- Report on Survey of Autoinsurance Brokers, FSRA

March 4-8, 2024 -- Cental Banking and Banking Supervision Executive Training, (EUI/FBF)

December 14, 2023 -- The Need for Speed: The Benefits of Faster Payments and How to Achieve Them, w/ Jeremy Kronick (CD Howe Commentary)

December 4-7, 2023 -- Keynote and Lectures for Foundational Week, EU-SDFA (EUI/FBF)

November 28-30, 2023 -- Crypto Masterclass on DeFi, ECB-SSM (EUI/FBF)

October 9-12, 2023 -- Keynote and Lectures for Foundational Week, EU-SDFA (EUI/FBF)

October 5, 2023 -- Panel on DLT/DeFi, CPMI/Iosco Workshop

September 1, 2023 -- Seminar at McGill, Finance, "A Theory of Decentralized Money Creation"

August 25, 2023 -- Understanding the DeFi Network through the Lens of a Production-Network Model w/ Jonathan Chiu, Hanna Yu and Shengxing Zhang (QED WP 1509)

August 15, 2023 -- Launch of Broker Survey, RIBO

June 13-16, 2023 -- Advanced Course on DLT, EU-SDFA (EUI/FBF)

June 7, 2023 -- One Day Workshop on DLT, ECB

June 3, 2023 -- Doug Purvis Memorial Prize for "The Consequences of the BoC's Ballooned Balance Sheet"

May 25-26 & 30, 2023 -- SSM Remote Masterclass: Cryptoassets

April 19, 2023 -- Using Functional Shocks to Assess Conventional and Unconventional Monetary Policy in Canada w/ Jeremy Kronick and James McNeil (QED WP 1499)

April 3-5, 2023 -- Digital Currencies Academy, EUI-FBF

March 31, 2023 -- Report on Vulnerability in the Autoinsurance Sector, FSRA

March 29-31, 2023 -- Crypto Assets and CBDC, Course at South African Reserve Bank

March 17, 2023 -- Seminar at Mount Allison, "Using Functional Shocks to Assess Conventional and Unconventional Monetary Policy in Canada"

March 3, 2023 -- Seminar at Wilfred Laurier, "Using Functional Shocks to Assess Conventional and Unconventional Monetary Policy in Canada"

December 1-5, 2022 -- SSM Remote Masterclass: Cryptoassets

December 1, 2022 -- Konrad Yakabuski on CD Howe Commentary

November 23, 2022 -- The Problem of the Bank of Canada's Ballooned Balance Sheet (Op Ed Financial Post)

November 22, 2022 -- The Consequences of the Bank of Canada's Ballooned Balance Sheet w/ Steve Ambler & Jeremy Kronick (CD Howe Commentary)

November 21, 2022 -- Market News Interview

November 16, 2022 -- Appointed Part-time Professor at Robert Schuman Centre for Advanced Studies (EUI)

November 6, 2022 -- Grasping De(centralized) Fi(nance) through the Lens of Economic Theory (Canadian Journal of Economics)

October 24, 2022 -- Lecture and Panel for Foundational Course EU-SDFA (EUI -- FBF)

October 23, 2022 -- The Economics of Cryptocurrency (Canadian Journal of Economics)

October 14, 2022 -- Discussion: An Economic Model of Consensus on Distributed Ledgers (Economics of Payments XI)

October 6, 2022 -- Seminar: PayTech and the DNA of BigTech (Board of Governors, Washington DC)

October-December, 2022 -- IADB: Course on Central Bank Digital Currencies (joint w/ Cyril Monnet)

September 1, 2022 -- Presentation: Future of Payments (RBC Senior Payments Leaders)

August 30, 2022 -- Lessons from the Yield Curve w/ Jeremy Kronick (CD Howe Commentary)

August 1, 2022 -- New Working Paper: PayTech and the D(ata) N(etwork) A(ctivities) of BigTech Platforms

May 31, 2022 -- Presentation: Lessons from the Yield Curve (CEA Annual Meetings)

May 26/27, 2022 -- Conference: Platforms and Data: Shaping the Future of Payments (joint with Bank of Canada)

April 26-28, 2022 -- Digital Currency Academy (at FBF)

April 8, 2022 -- New SSHRC Insight Grant "Payments and Privacy"

March 15, 2022 -- New Research Contract w/ FSRA "Vulnerable Consumers in the Auto Insurance Sector"

December 1, 2021 -- What Drives Bitcoin Fees? (Journal of Financial Markets Infrastructure)

November 22, 2021 -- David Parkinson on the DSM (Globe and Mail)

November 18, 2021 -- The 'Demand Stabilization Mechanism (DSM)' w/ Robin Boadway (CD Howe Commentary)

September 1, 2021 -- Appointed Dr. Robert McIntosh Faculty Fellow (Department of Economics, Queen's University)

September 17, 2021 -- Ottawa needs to build up fiscal reserves (Interview Globe and Mail)

September 16, 2021 -- Discussion: Monetizing Privacy w/ CBDC (7th BoC/PayCan Payments Symposium)

September 10, 2021 -- Housing Promises are Built on Unsound Foundations (Op Ed Financial Post)

August 25, 2021 -- Workshop on "Canada and the Digitization of Money" (Cigi/Bennett Jones)

August 12, 2021 -- Andrew Coyne on "Why not 2% or Below?" (Globe and Mail)

July 12, 2021 -- Revised Version of "The Economics of Cryptocurrency: Bitcoin and Beyond"

June 4, 2021 -- Revised Version of "What Drives Bitcoin Fees?"

May 23, 2021 -- Discussion of A Search-Theoretic Model of Double-Spending Fraud (Journal of Economic Dynamics and Control)

November 7, 2020 -- Payments & DNA of BigTech (Bank of Canada Annual Conference)

October 9, 2020 -- Discussion: Crypto, Imp. Info & Fraud (Econ. of Digital Currency)

October 1, 2020 -- CCP Recovery and Resolution (FBF Online Seminar)

September 25, 2020 -- IM on Open Banking (CD Howe)

September 22, 2020 -- Why not 2% or Below? (McGill Conference on IT)

September 15, 2020 -- Helicopter Money (Op Ed Financial Post)

September 10, 2020 -- Open Banking in Canada (CD Howe)

August 27, 2020 -- Going Direct (CD Howe)

Selected Publications

Blockchain-based Settlement for Asset Trading (joint with Jonathan Chiu), Review of Financial Studies, 32, pp. 1716-1753

Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery (joint with Jonathan Chiu), Review of Economic Studies, 83, pp. 969-1000

Optimal Clearing Arrangements for Financial Trades (joint with Cyril Monnet and Ted Temzelides), Journal of Financial Economics, 103, pp. 189-203.

A Dynamic Model of Settlement (joint with Cyril Monnet and Ted Temzelides), Journal of Economic Theory, 142, pp. 233-246

Optimal Dynamic Risk Sharing When Enforcement is a Decision Variable, Journal of Economic Theory, 127, pp. 34-60

Current & Upcoming Teaching

2024/2025

Winter