"We must conduct research and then accept the results. If they don't stand up to experimentation, Buddha's own words must be rejected."
--- Dalai Lama XIV.
"The problem in this business isn't to keep people from stealing your ideas; it's making them steal your ideas!"
--- Howard H. Aiken.
Research fields
Macroeconomics, banking & financial economics
Working papers
"Dealer costs and customer choice" (with Andre Silva and Lucas Dyskant)
Published and accepted papers
"A crisis-bailout game" (with Ruilin Zhou & Bruno Salcedo)
European Economic Review, 2025
"Is money essential? An experimental approach" (with J. Jiang, P. Norman, D. Puzzello & R. Wright)
Journal of Political Economy, 2024
Replication package (Harvard Dataverse): Data and code
Online appendix: Instructions, surveys and additional results
"Sovereign default and credit default swaps" (with Gaston Chaumont, Grey Gordon & Elliot Tobin)
Journal of International Economics, 2024
"Is it still an econ course? The effect of a standardized personal finance test on the learning of economics" (with Stephen Day & Evelyn Nunes)
The American Economist, 2022
"An information-based theory of financial intermediation" (with Zach Bethune & Nicholas Trachter)
Review of Economic Studies, 2022
"The cost of information in the blockchain: A discussion of Routledge & Zetlin-Jones (2018)"
Journal of Economic Dynamics and Control, 2022
"Playing with money" (with Douglas Davis, Oleg Korenok, Peter Norman & Randall Wright)
Journal of Economic Behavior & Organization, 2022
Online appendix: Instructions used in the experiments and additional results
"Asset issuance in over-the-counter markets" (with Zach Bethune & Nicholas Trachter)
Review of Economic Dynamics, 2019
"Financial fragility and over-the-counter markets"
Journal of Economic Theory, 2018
"Preventing bank-runs" (with David Andolfatto & Ed Nosal)
Theoretical Economics, 2017
"Optimal Diamond-Dybvig mechanism in large economies with aggregate uncertainty"
Journal of Economic Dynamics and Control, 2014