Papers




Uploaded: Feb 24, 2025
Central Bank Digital Currency and Financial Stability
We develop a model of financial intermediation with remunerated Central Bank Digital Currency (CBDC) as consumers’ alternative to...
Uploaded: Jan 1, 2025
Voting Choice
Traditionally, fund managers cast votes on behalf of fund investors. Recently, there is a shift towards "pass-through voting,"...
Uploaded: Jan 1, 2025
Bank fragility and risk management
Shocks to a bank’s ability to raise liquidity at short notice can trigger depositor panics. Why don’t banks...
Uploaded: Mar 22, 2025
Tragedy of Complexity
Complexity can create value. At the same time, understanding more complex goods requires more of an agent’s attention....
Uploaded: Jan 1, 2025
Green Capital Requirements
We study bank capital requirements as a tool to address climate-related financial risks and evaluate whether a prudential...
Uploaded: Jan 1, 2025
Artificial Intelligence and the Rents of Finance Workers
This paper studies how artificial intelligence (AI) affects the finance labor market when
humans and AI perform different tasks...