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

Working papers

"Dealer costs and customer choice" (with Andre Silva and Lucas Dyskant)

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

Published and accepted papers

"Sovereign default and credit default swaps" (with Gaston Chaumont, Grey Gordon & Elliot Tobin)

Journal of International Economics (accepted)

"Is money essential? An experimental approach" (with J. Jiang, P. Norman, D. Puzzello & R. Wright)

Journal of Political Economy (accepted)

Replication package (Harvard Dataverse): Data and code

Online appendix: Instructions, surveys and additional results

"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

Work in progress

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

"A theory of money and banking" (with Zach Bethune)