Bank for International Settlements
An impossibility theorem on truth-telling in fully decentralised systems, with C. Monnet, BIS Working Papers No 1117.
The oracle problem and the future of DeFi, with C. Dulley, L. Gambacorta and P. Koo Wilkens, BIS Bulletin No 76.
Trust bridges and money flows, with T. Adrian, D. He and T. Mancini-Griffoli, BIS Working Papers No 1112.
The Crypto Multiplier, with M. van Oordt, BIS Working Papers No 1104.
Intraday liquidity around the world, with B. A. Kabadjova, A. Badev, S. B. Bastos, E. Benos, F. Cepeda- Lopéz, J. Chapman, M. Diehl, I. Duca-Radu, R. Heijmans, A. Kosse, A. Martin, T. Nellen, T. Nilsson, J. Paulick, A. Pustelnikov, F. Rivadeneyra, M. Rubem do Coutto Bastos and S. Testi, BIS Working Papers No 1089.
The tokenisation continuum, with I. Aldasoro, S. Doerr, L. Gambacorta and P. Koo Wilkens, BIS Bulletin No 72.
Stablecoins versus tokenised deposits: implications for the singleness of money, with H. Song Shin, BIS Bulletin No 73.
The case for convenience: how CBDC design choices impact monetary policy pass-through, with J. Yu and H. Zhu, BIS Working Papers No 1046.
Central bank cryptocurrencie, with M. Bech, BIS Quarterly Review, September 2017.
Bank of Canada
How Banks Create Gridlock to Save Liquidity in Canada’s Large Value Payment System, with Z. Lu and P. Tian, Staff Working Paper, 2023-26.
Regulatory Requirements of Banks and Arbitrage in the Post-Crisis Federal Funds Market, with S. Priazhkina, Staff Working Paper 2022-48.
Estimating Policy Functions in Payments Systems using Deep Reinforcement Learning, with P. S. Castro, A Desai, H. Du and F. Rivadeneyra, Staff Working Paper 2021-7.
Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies, with M. van Oordt, Satff Working Paper 2020-27.
An Application of Shapley Value Cost Allocation to Liquidity Savings Mechanisms, Staff Working Paper 2019-26.
Privacy as a Public Good: A Case for Electronic Cash, with M. van Oordt, Staff Working Paper 2019-24.
Entrepreneurial Incentives and the Role of Initial Coin Offerings, with M. van Oordt, Staff Working Paper 2019-18.
Project Jasper: A Canadian Experiment with Distributed Ledger Technology for Domestic Interbank Payments Settlement, September 29, 2017 (technical white paper written by contributors from the Bank of Canada, Payments Canada and R3).
Which Bank is the ‘Central’ Bank? An Application of Markov Theory to the Canadian Large Value Transfer System, with M. Bech and J. Chapman, Staff Working Papers 08-42, Bank of Canada, 2008.
Bank of England
The economics of distributed ledger technology for securities settlement, with E. Benos and P. Gurrola-Perez, Staff Working Paper No. 670, 2017.
Variations in liquidity provision in real-time payment systems, with E. Denbee and P. Zimmerman, Bank of England Working Paper #513, October, 2014.
Bank behaviour and risks in CHAPS following the collapse of Lehman Brothers, with E. Benos and P. Zimmerman, Bank of England Working Paper #451, June, 2012.
Using Shapley’s Asymmetric Power Index to Measure Banks’ Contributions to Systemic Risk, with L. Webber and M. Willison, Bank of England Working Paper #468, October, 2012.
Mapping systemic risk in the international banking network, with L. Mahadeva and K. Svirydzenka, Bank of England Working Paper #413, March 2011.
FRBNY Discussion Papers/Staff Reports
Monetizing Privacy, with M. Lee, FRB of New York Staff Report No 958, 2022.
Rent Seeking Platforms, with M. Lee, A. Martin and R. Townsend, FRB of New York Staff Report No 892, 2021.
Nonlinear Pricing with Competition: The Market for Settling Payments, with Adam Copeland, FRB of New York Staff Report No. 737, 2015.
Segregated Balance Accounts, with A. Martin, J. McAndrews and E. Nosal, Federal Reserve Bank of New York Staff Report no. 730, May 2015.
Does a Central Clearing Reduce Counterparty Risk in Realistic Financial Networks? with P. Zimmerman, Federal Reserve Bank of New York Staff Report no. 717, March 2015.
Mapping Change in the Federal Funds Market, with Morten Bech, C. Bergstrom and M. Rosvall, Federal Reserve Bank of New York Staff Report no. 507, August 2011.
Illiquidity in the Interbank Payment System following Wide-Scale Disruptions, with M. Bech, Federal Reserve Bank of New York Staff Report, no. 239, March 2006.
Committee on Payments and Market Infrastructures
Central Bank Digital Currencies, report submitted by working groups of the CPMI and Markets Committee, Bank for International Settlements, March 2018 (significant contributor).
Digital Currencies, with fellow members of the CPMI working group on retail payments, Bank for International Settlements, November 2015.
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