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

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

Accepted at the Review of Economic Studies

"The Cost of Information in the Blockchain: A Discussion of Routledge & Zetlin-Jones (2018)"

Journal of Economic Dynamics and Control, 2021

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

Journal of Economic Behavior & Organization, 2020

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


Working papers

"Is Money Essential? An Experimental Approach" (with J. Jiang, P. Norman, D. Puzzello & R. Wright)

Online appendix: Instructions, surveys and additional results

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

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


Work in progress

"Self-fulfilling debt crisis and limits to arbitrage" (with Gaston Chaumont & Grey Gordon)

"Sovereign default and credit default swaps: The role of dealers' liquidity provision" (with Gaston Chaumont, Grey Gordon & Elliot Tobin)