Bruno Sultanum

Research Department
Federal Reserve Bank of Richmond
701 East Byrd Street, Richmond, Virginia 23219

"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


Published and accepted papers

"Financial fragility and over-the-counter markets", Journal of Economic Theory, 177 (2018), 616-658

"Preventing bank-runs" (with David Andolfatto & Ed Nosal), Theoretical Economics, 12 (2017), 1003–1028

"Optimal Diamond-Dybvig mechanism in large economies with aggregate uncertainty", Journal of Economic Dynamics and Control, 40 (2014), 95-102


Working papers

"Asset issuance in over-the-counter markets" (with Zach Bethune & Nicholas Trachter), R&R at Review of Economic Dynamics

"Private information in over-the-counter markets" (with Zach Bethune & Nicholas Trachter)

"A crisis-bailout game" (with Ruilin Zhou & Bruno Salcedo)


Work in progress

"An information-based theory of financial intermediation" (with Zach Bethune & Nicholas Trachter)

"Playing with money" (with Douglas Davis, Oleg Korenok, Peter Norman and Randall Wright)