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 +++

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