Papers

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Jan 18, 2025

Hongda Zhong, Zhen Zhou | Working Paper No. 00147-00

Dynamic Coordination and Bankruptcy Regulations

Many regulations aim at promoting coordination among creditors in bankruptcy by ex post restricting their ability to exit...

Feb 24, 2025

Toni Ahnert, Peter Hoffmann, Agnese Leonello, Davide Porcellacchia | Working Paper No. 00100-04

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...

Jan 26, 2025

Uday Rajan | Working Paper No. 00148-00

Data Regulation in Credit Markets

We study a credit market in which lending decisions depend on a borrower's digital profile, and the borrower...

Mar 22, 2025

Adam Zawadowski | Working Paper No. 00055-01

Tragedy of Complexity

Complexity can create value. At the same time, understanding more complex goods requires more of an agent’s attention....

Jan 18, 2025

Hongda Zhong | Working Paper No. 00146-00

Optimal Integration: Human, Machine, and Generative AI

I study the optimal integration of humans and technologies in multi-layered decision-making processes. Each layer can correct existing...

May 12, 2025

Daniel Andrei | Working Paper No. 00152-00

The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement

Regulating externalities is particularly challenging in the presence of uncertainty and disagreement among economic agents. Traditional Pigouvian and...