New!

• Runs on Tokenized Debt (with Luis Araujo and Fabrizio Mattesini)

  • Tokenization makes demandable debt tradable, adding another source of coordination failure and increases fragility when secondary markets are thin, but when markets are deep, it instead eliminates fragility altogether.

• Slides for Spring 2026 Midwest Macro Meeting and the Annual Conference of Central Bank of Brazil

  • Runs on Tokenized Debt

  • Environmental Externalities when Firms Lack Commitment

Working Papers (* indicate Wesleyan undergraduate students)

"Runs on Tokenized Debt," with Luis Araujo and Fabrizio Mattesini

"Environmental Externalities when Firms Lack Commitment," with David Arseneau (Draft available upon request)

"Trademarks, Confusion and Financial Contagion," with Antonis Kotidis and Paul Soto

"Bank Runs and Policy Interventions under Uncertainty," with Jennie Ebihara*, R&R, Macroeconomic Dynamics

"In Search of Countercyclical Capital Inflow Controls," with Aaron Leong* and Balazs Zelity, R&R, Journal of International Money and Finance

Publications

"Opacity, Signaling, and Bail-Ins," with Kentaro Asai and Bruce Grundy, Review of Finance, forthcoming, June 2026

"Bank Runs and Interventions with Wholesale Funding," with Luis Araujo and Fabrizio Mattesini, Journal of Economic Theory, Vol. 232, March 2026, 106143

"Payment Flows, Bank Lending, and Central Bank Digital Currencies," with Yuteng Cheng, Journal of Money, Credit and Banking, forthcoming, February 2026

"Financial Stability with Fire Sale Externalities," with Yang Li, Journal of Money, Credit and Banking, forthcoming, September 2025

"Rapid Bank Runs and Delayed Policy Responses," with Yang Li, Journal of Financial Stability, Vol. 79, August 2025, 101422

"Opacity: Insurance and Fragility," Review of Economic Dynamics, Volume 40, April 2021, Pages 146-169

"Financial Stability with Sovereign Debt," Journal of Financial Stability, Volume 51, December 2020, 100795

"Regional Integration and Financial Regulation," with Sahoko Kaji, Public Policy Review, Ministry of Finance Japan, vol. 12(2), pages 291-316, March 2016.

Discussion

"Implied Impermanent Loss for Concentrated Liquidity” by T. Li, A. Papanicolaou, and L. Schönleber, at the 4th Annual Conference of the Banco Central do Brasil, May 2026

"CBDC and Payment Platform Competition” by Y. Liu, E. Reshidi, and F. Rivadeneyra, at the 1st Annual Conference of the Banco Central do Brasil, May 2023

Conference/Workshop

• Workshop: Monetary Economics in the Digital Era: Research and Pedagogy in Money, Banking, and Payments

  • at Grinnell College, from March 7-8, 2026. Program. Funded by the AALAC.

Referee

American Economic Journal: Macroeconomics, Annals of Finance, European Economic Review, Economic Theory, Finance Research Letters, International Economic Review, International Journal of Economic Theory, Journal of Economic Dynamics and Control, Journal of Financial Stability, Journal of Macroeconomics, Journal of Public Economic Theory, Macroeconomic Dynamics