We develop an economic model to compare equilibrium security of Proof-of-Work (PoW) versus Proof-of-Stake (PoS) blockchains. We derive...

In a dynamic model of large traders who manage inventory risk, we show that a daily market closure...

We develop a two-asset search-and-bargaining model of OTC trading to estimate frictions and welfare losses in the UK...

How should we expect firms to communicate with their shareholders in the presence of uncertainty? This paper studies...

Regulating externalities is a major challenge when economic agents face uncertainty and disagreement. Traditional Pigouvian and Coasean approaches...

Shocks to a bank’s ability to raise liquidity at short notice can trigger depositor panics. Why don’t banks...