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Privacy, Regulation, and Censorship
Regulating Decentralized Systems: Evidence from Sanctions on Tornado Cash
(with Anders Brownworth, Jon Durfee, and Antoine Martin)
NY Fed Staff Report 1112 [Latest Version]
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Monetizing Privacy with Central Bank Digital Currencies
(with Rod Garratt)
NY Fed Staff Report 958 [Latest Version] [Non-Technical Summary]
Tor-Periphery Insider Networks
(with Selman Erol)
Journal of Economic Theory, forthcoming
NY Fed Staff Report 862 [Latest Version] [Non-Technical Summary]
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Money and Financial System Architecture
Programming Money Without Programmable Money NEW
(with Antoine Martin)
[Latest Version]
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Optimal Design of Tokenized Markets
(with Antoine Martin and Robert Townsend)
NY Fed Staff Report 1121 [Latest Version]
R&R, Review of Financial Studies
Zero Settlement Risk Token Systems
(with Antoine Martin and Robert Townsend)
NY Fed Staff Report 1120 [Latest Version]
Rent-Seeking Platforms
(with Rod Garratt, Antoine Martin, and Robert Townsend)
NY Fed Staff Report 892 [Latest Version] [Non-Technical Summary]
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Cyber and Technology Risks
Financial System Architecture and Technological Vulnerabilities NEW
(with Selman Erol)
NY Fed Staff Report 1122 [Latest Version]
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When it Rains, it Pours: Cyber Vulnerability and Financial Conditions
(with Thomas Eisenbach and Anna Kovner)
Economic Policy Review. 2025. 31(1).
NY Fed Staff Report 1022 [Latest Version]
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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]
Cyber Risk Definition and Classification for Financial Risk Management
(with Filippo Curti, Jeffrey Gerlach, Sophia Kazinnik, and Atanas Mihov)
Journal of Operational Risk, 2023, 18(2), 37-58 [Link]
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Crises, Regulation, and Other Works
Collateral Quality and Intervention Traps
(with Daniel Neuhann)
Journal of Financial Economics, 2023, 147(1), 159-171
NY Fed Staff Report 894 [Latest Version]
Market Structure and the Availability of Credit: Evidence from Auto Credit
(with Donghoon Lee and Reed Orchinik)
[Latest Version]
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Labor Reactions to Credit Deterioration: Evidence from Linkedin Activity
(with Jeff Gortmaker and Jessica Jeffers)
Reject & Resubmit, Management Science
Uncertain Booms and Fragility
NY Fed Staff Report 861 [Latest Version]
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Works in Progress
Credit Market Interventions for the Long-Run
(with Daniel Neuhann)
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The (in)Security of Platforms
(with Selman Erol)
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Other Publications
Data Security, AI, and Infrastructure: Examining Cyber Risk in the Financial System
(with Rinku Sinha)
Federal Reserve Bank of New York The Teller Window, Aug 2025 [Link]
Interoperability of Blockchain Systems and the Future of Payments
(with Jon Durfee, Joe Torregrossa, and Sarah Wang)
Federal Reserve Bank of New York Liberty Street Economics, Mar 2025 [Link]
An Interoperability Framework for Payment Systems
(with Jon Durfee and Joe Torregrossa)
Federal Reserve Bank of New York Liberty Street Economics, Aug 2025 [Link]
How Censorship Resistant Are Decentralized Systems?
(with Jon Durfee)
Federal Reserve Bank of New York Liberty Street Economics, Feb 2025 [Link]
Cyber Risk to Financial Stability: Evolving Threats and New Approaches to Resilience
(with Anna Kovner)
Federal Reserve Bank of New York The Teller Window, Aug 2024 [Link]
What Makes Cryptocurrencies Different?
(with Anders Brownworth, Jon Durfee, and Antoine Martin)
Federal Reserve Bank of New York Liberty Street Economics, Aug 2023 [Link]
FedNow is Coming in July. What is it, and What does it do?
(with Antoine Martin)
Federal Reserve Bank of New York The Teller Window, Jun 2023 [Link]
2023 State-of-the-Field Conference on Cyber Risk to Financial Stability
(with Nitansha Bansal, Jason Healey, Anna Kovner, Patricia Mosser, and Virpratap Vikram Singh)
Federal Reserve Bank of New York Liberty Street Economics, June 2023 [Link]
What is Atomic Settlement?
(with Antoine Martin and Benjamin Müller)
Federal Reserve Bank of New York Liberty Street Economics, Nov 2022 [Link]
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]
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]