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Financial Economist [cv]
Federal Reserve Bank of New York

Contact Information
 

33 Liberty St

New York, NY 10045

michaeljunholee @ gmail.com

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My research interests are broadly in financial intermediation, financial markets, and corporate finance. 

Recent work explores the intersection of technology and finance. Relevant topics include digital assets, the design and safeguarding of financial and information networks, the economics and regulation of data, and financial market design.

 

                                                Publications

Cyber Risk in the U.S. Financial System: A Pre-mortem Analysis

(with Thomas Eisenbach and Anna Kovner)

Journal of Financial Economics, 2022, 145(3), 802–826

NY Fed Staff Report 909 [Latest Version]

Collateral Quality and Intervention Traps

(with Daniel Neuhann) 

Journal of Financial Economics, 2023, 147(1), 159-171

NY Fed Staff Report 894 [Latest Version]

                                                Working Papers

When it Rains, it Pours: Cyber Risk and Financial Conditions

(with Thomas Eisenbach and Anna Kovner)

NY Fed Staff Report 1022 [Latest Version]

Market Structure and the Availability of Credit: Evidence from Auto Credit

(with Donghoon Lee and Reed Orchinik)

[Latest Version]

Optimal Design of Tokenized Markets

(with Antoine Martin and Robert Townsend)

[Latest Version]

Zero Settlement Risk Token Systems

(with Antoine Martin and Robert Townsend)

[Latest Version]

Monetizing Privacy with Central Bank Digital Currencies

(with Rod Garratt)

NY Fed Staff Report 958 [Latest Version]  [Non-Technical Summary]

Rent-Seeking Platforms

(with Rod Garratt, Antoine Martin, and Robert Townsend)

NY Fed Staff Report 892 [Latest Version]  [Non-Technical Summary]

Labor Reactions to Credit Deterioration: Evidence from Linkedin Activity

(with Jeff Gortmaker and Jessica Jeffers)

[Latest Version]

Insider Networks

(with Selman Erol)

R&R Journal of Economic Theory

NY Fed Staff Report 862 [Latest Version]  [Non-Technical Summary

Corporate Culture as an Implicit Contract

(with Jessica Jeffers)

[Latest Version]

Uncertain Booms and Fragility

NY Fed Staff Report 861 [Latest Version]

                                                Works in Progress

The (in)Security of Platforms

(with Selman Erol)

                                                Other Publications

The Future of Payments is not Stablecoins

(with Rod Garratt, Antoine Martin, and Joseph Torregrossa)

Federal Reserve Bank of New York Liberty Street Economics, Feb 2022 [Link]

Why Central Bank Digital Currencies?

(with Raphael Auer, Jon Frost, Antoine Martin, and Neha Narula)

Federal Reserve Bank of New York Liberty Street Economics, Dec 2021 [Link]

Central Banks and Digital Currencies

(with Tobias Adrian, Tommaso Mancini-Griffoli, and Antoine Martin)

Federal Reserve Bank of New York Liberty Street Economics, June 2021 [Link]

Hey, Economist! What's the Case for Central Bank Digital Currencies?

(with Antoine Martin)

Federal Reserve Bank of New York Liberty Street Economics, Apr 2021 [Link]

Monetizing Privacy and Central Bank Digital Currencies

(with Rod Garratt)

Federal Reserve Bank of New York Liberty Street Economics, Nov 2020 [Link]

COVID-19 and the Search for a Digital Alternatives to Cash

(with Rod Garratt and Aaron Plesset)

Federal Reserve Bank of New York Liberty Street Economics, Sep 2020 [Link]

Insider Networks

(with Selman Erol)

Federal Reserve Bank of New York Liberty Street Economics, Jun 2020 [Link]

Bitcoin is Not a New Type of Money

(with Antoine Martin)

Federal Reserve Bank of New York Liberty Street Economics, Jun 2020 [Link]

How Does Information Affect Liquidity in Over-the-Counter Markets?

(with Antoine Martin)

Federal Reserve Bank of New York Liberty Street Economics, Jan 2020 [Link]

Cyber Risk Definition and Classification for Financial Risk Management

(with Filippo Curti, Jeffrey Gerlach, Sophia Kazinnik, and Atanas Mihov)

Cyber Risk Workshop whitepaper, Aug 2019 [Link]

What Do Cryptocurrencies Do?

(with Erin Denison and Antoine Martin)

Journal of Investing Cryptocurrency Special Issue 2019, 28 (3) 57-61

Deciphering Americans' Views on Cryptocurrencies

(with Sean Hundtofte, Antoine Martin, and Reed Orchinik)

Federal Reserve Bank of New York Liberty Street Economics, March 2019 [Link]

Hey, Economist! What Do Cryptocurrencies Have to Do with Trust?

(with Antoine Martin)

Federal Reserve Bank of New York Liberty Street Economics, Feb 2018 [Link]

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