Financial Economist [cv]
Federal Reserve Bank of New York

Contact Information

33 Liberty St

New York, NY 10045

michaeljunholee @

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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 the design and safeguarding of financial and information networks, the economics and regulation of data, and financial market design.


                                                Working Papers

Monetizing Privacy

(with Rod Garratt)

[Latest Version]

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

(with Thomas Eisenbach and Anna Kovner)

NY Fed Staff Report 909 [Latest Version]

Labor Reactions to Credit Deterioration: Evidence from Linkedin Activity

(with Jeff Gortmaker and Jessica Jeffers)

[Latest Version]

Who Sees the Trades? The Effect of Information on Liquidity in Inter-dealer Markets

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

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

Insider Networks

(with Selman Erol)

NY Fed Staff Report 862 [Latest Version]

A Dynamic Theory of Collateral Quality and Long-term Interventions

(with Daniel Neuhann) 

R&R Journal of Financial Economics

NY Fed Staff Report 894 [Latest Version]

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

Optimal Design of Tokenized Markets

(with Antoine Martin and Robert Townsend)


                                                Other Publications

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]

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]

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]

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]