Payments, Settlements and Smart Contracts
"The case for a new floating rate Treasury note" (with Donald Wilson), Brookings Institution, December 2025.
"A Note on Canada's Stablecoin Act" (with Odunayo Olowookere and Andreas Veneris), Graduate School of Business, Stanford University, November, 2025.
"Smart Contracting in Network Markets" (with Chaojun Wang), Working paper, Graduate School of Business, Stanford University, November 2025.
"Where will stablecoins have a big impact?," Economic Policy Working Group, Hoover Institution, October 8, 2025 [slides].
"Comment in response to the U.S. Treasury Department's Advanced Notice of Proposed Rulemaking on the Guiding and Establishing National Innovation for U.S. Stablecoins Act Implementation," with Odunayo Olowookere and Andreas Veneris, November, 2025.
"Tokenizing Reserves and Treasuries," Chapter 7 in Finishing the Job and New Challenges, forthcoming, edited by Michael Bordo and John Cochrane, Monetary Policy Conference, Hoover Institution, Stanford University, May 2025, Hoover Press.
"A Note on Privacy and Compliance for Stablecoins," with Odunayo Olowookere and Andreas Veneris, Graduate School of Business, Stanford University, May, 2025.
"Major roadblocks to CBDC adoption by the United States," 2024 International Conference on Economics, Technology, and Interdisciplinary Science, Shanghai Institute for Mathematical and Interdisciplinary Sciences, Fudan University, November, 2024.
"Global reliance on the dollar: Challenges and Policy Responses," speech, 2nd Annual International Roles of the U.S. Dollar Conference, Federal Reserve Bank of New York, May, 2023, Slides.
Technology and Finance, with Thierry Foucault, Laura Veldkamp, and Xavier Vives, CEPR Press, 2022.
"The economics of US digital currency policy," Bies Lecture, Northwestern University, April, 2022.
"Can China Conquer Crypto? Beijing's Dangerous Quest to Control Digital Currencies," Foreign Affairs, April 22, 2022.
"Excited About a Digital Dollar? Not So Fast," Bloomberg News, March 9, 2022.
"Digital Currencies: The US, China, And The World At A Crossroads," co-edited with Elizabeth Economy, Hoover Press, March, 2022.
“Central Bank Digital Currencies,” Evidence session, Economic Affairs Committee, House of Lords, UK Parliament, October 12, 2021.
"What's Next for Digital Currencies," Barron's Live Podcast, July, 2021.
Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy hearing on “Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency,” June 9, 2021.
Project advisor, "Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead," Working Group on Digital Currencies, Group of 30, Washington, D.C., July, 2020.
"CCPs should prep to quash Sifi swap termination stays," Risk, February 22, 2017.
"Resolution of Failing Central Counterparties," in Making Failure Feasible: How Bankruptcy Reform Can End 'Too Big To Fail', edited by Thomas Jackson, Kenneth Scott and John E. Taylor, Hoover Institution Press, 2015.
"Financial Market Infrastructure: Too Important to Fail," in The U.S. Financial System – Five Years After the Crisis, edited by Martin Bailey and John Taylor, Hoover Institution and Brookings Institute, 2014.
"Does a Central Clearing Counterparty Reduce Counterparty Risk?" (with Haoxiang Zhu), Review of Asset Pricing Studies 2011, Volume 1: 74-95.
"A Note on Canada's Stablecoin Act" (with Odunayo Olowookere and Andreas Veneris), Graduate School of Business, Stanford University, November, 2025.
"Smart Contracting in Network Markets" (with Chaojun Wang), Working paper, Graduate School of Business, Stanford University, November 2025.
"Where will stablecoins have a big impact?," Economic Policy Working Group, Hoover Institution, October 8, 2025 [slides].
"Comment in response to the U.S. Treasury Department's Advanced Notice of Proposed Rulemaking on the Guiding and Establishing National Innovation for U.S. Stablecoins Act Implementation," with Odunayo Olowookere and Andreas Veneris, November, 2025.
"Tokenizing Reserves and Treasuries," Chapter 7 in Finishing the Job and New Challenges, forthcoming, edited by Michael Bordo and John Cochrane, Monetary Policy Conference, Hoover Institution, Stanford University, May 2025, Hoover Press.
"A Note on Privacy and Compliance for Stablecoins," with Odunayo Olowookere and Andreas Veneris, Graduate School of Business, Stanford University, May, 2025.
"Major roadblocks to CBDC adoption by the United States," 2024 International Conference on Economics, Technology, and Interdisciplinary Science, Shanghai Institute for Mathematical and Interdisciplinary Sciences, Fudan University, November, 2024.
"Global reliance on the dollar: Challenges and Policy Responses," speech, 2nd Annual International Roles of the U.S. Dollar Conference, Federal Reserve Bank of New York, May, 2023, Slides.
Technology and Finance, with Thierry Foucault, Laura Veldkamp, and Xavier Vives, CEPR Press, 2022.
"The economics of US digital currency policy," Bies Lecture, Northwestern University, April, 2022.
"Can China Conquer Crypto? Beijing's Dangerous Quest to Control Digital Currencies," Foreign Affairs, April 22, 2022.
"Excited About a Digital Dollar? Not So Fast," Bloomberg News, March 9, 2022.
"Digital Currencies: The US, China, And The World At A Crossroads," co-edited with Elizabeth Economy, Hoover Press, March, 2022.
“Central Bank Digital Currencies,” Evidence session, Economic Affairs Committee, House of Lords, UK Parliament, October 12, 2021.
"What's Next for Digital Currencies," Barron's Live Podcast, July, 2021.
Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy hearing on “Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency,” June 9, 2021.
Project advisor, "Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead," Working Group on Digital Currencies, Group of 30, Washington, D.C., July, 2020.
"CCPs should prep to quash Sifi swap termination stays," Risk, February 22, 2017.
"Resolution of Failing Central Counterparties," in Making Failure Feasible: How Bankruptcy Reform Can End 'Too Big To Fail', edited by Thomas Jackson, Kenneth Scott and John E. Taylor, Hoover Institution Press, 2015.
"Financial Market Infrastructure: Too Important to Fail," in The U.S. Financial System – Five Years After the Crisis, edited by Martin Bailey and John Taylor, Hoover Institution and Brookings Institute, 2014.
"Does a Central Clearing Counterparty Reduce Counterparty Risk?" (with Haoxiang Zhu), Review of Asset Pricing Studies 2011, Volume 1: 74-95.