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

I am currently interested in

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

+++ NEWS +++

October 18, 2019 -- What Drives Bitcoin Fees? (New QED Working Paper)

September 6, 2019 -- I am No Fan of Preemptive Rate Cuts! (Interview Globe and Mail)

August 29, 2019 -- Monetary Policy Council Recommendation (CD Howe Institute)

July 11, 2019 -- Facebook's Libra Shows it's Time for Central Banks to Step Up (Op-ed Globe and Mail)

May 31, 2019 -- SNB-CIF Conference: The Economics of Cryptocurrency

May 22, 2019 -- Seminar: The Economics of Cryptocurrency (Department of Economics/EUI)

May 22, 2019 -- CCPs: Risk and Regulation (Podcast FBF/EUI)

May 20-22, 2019 -- Financial Markets Infrastructure in the Digital Age (Executive Short Course FBF/EUI)

May 6-7, 2019 -- Tokenomics Conference: The Economics of Cryptocurrency

May 3, 2019 -- NBER Conference: The Economics of Cryptocurrency

May 2, 2019 -- CCPs and Systemic Risk (Webinar FBF/EUI)

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