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Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

Speech
Transcript of Moderated Conversation at UC Berkeley Event, US Economy: 10 Years after the Crisis: November 27, 2017
Dudley, William (2017-11-27)
Transcript of Moderated Conversation at UC Berkeley Event, US Economy: 10 Years after the Crisis: November 27, 2017.
Speech , Paper 264

Report
President's Message: Importance of Studying Innovations in Payment Technologies
Bullard, James B. (2021)
For several years, economists at the St. Louis Fed have been studying innovations in payment technologies such as cryptocurrencies and blockchain.
Annual Report

Journal Article
Corporate Crypto Crowdfunding
Sablik, Timothy (2019-01)
The technology behind cryptocurrencies shows promise for raising capital but has also drawn scrutiny from regulators
Econ Focus , Issue 1Q , Pages 14-17

Briefing
The Cryptic Nature of Black Consumer Cryptocurrency Ownership
Bradford, Terri (2022-06-01)
Owning cryptocurrency has become especially popular among Black consumers for reasons related to historical context as well as the forward-looking views of young consumers. While cryptocurrencies have the potential to meet Black consumers’ expectations, they also pose risks to privacy and financial security.
Payments System Research Briefing , Issue June 1, 2022 , Pages 6

Working Paper
Can currency competition work?
Sanches, Daniel R.; Fernández-Villaverde, Jesús (2016-04-03)
Can competition work among privately issued fiat currencies such as Bitcoin or Ethereum? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including entrepreneurs who can issue their own fiat currencies in order to maximize their utility. Otherwise, the model is standard. We show that there exists an equilibrium in which price stability is consistent with competing private monies but also that there exists a continuum of equilibrium trajectories with the ...
Working Papers , Paper 16-12

Working Paper
On the Economics of Digital Currencies
Sanches, Daniel R.; Fernández-Villaverde, Jesús (2018-02-02)
Can a monetary system in which privately issued cryptocurrencies circulate as media of exchange work? Is such a system stable? How should governments react to digital currencies? Can these currencies and government-issued money coexist? Are cryptocurrencies consistent with an efficient allocation? These are some of the important questions that the sudden rise of cryptocurrencies has brought to contemporary policy discussions. To answer these questions, we construct a model of competition among privately issued .at currencies. We .nd that a purely private arrangement fails to implement an ...
Working Papers , Paper 18-7

Discussion Paper
Bitcoin Is Not a New Type of Money
Lee, Michael Junho; Martin, Antoine (2020-06-18)
Bitcoin, and more generally, cryptocurrencies, are often described as a new type of money. In this post, we argue that this is a misconception. Bitcoin may be money, but it is not a new type of money. To see what is truly new about Bitcoin, it is useful to make a distinction between “money,” the asset that is being exchanged, and the “exchange mechanism,” that is, the method or process through which the asset is transferred. Doing so reveals that monies with properties similar to Bitcoin have existed for centuries. However, the ability to make electronic exchanges without a trusted ...
Liberty Street Economics , Paper 20200618

Working Paper
Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies
Auer, Raphael (2019-02-01)
This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, i.e., ?proof-of-work.? Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first, that Bitcoin counterfeiting via ?double-spending? attacks is inherently profitable, making payment finality based on proof-of-work extremely expensive. Second, the transaction market cannot generate an adequate level of ?mining? income via fees as users free-ride on the fees of other transactions in a ...
Globalization Institute Working Papers , Paper 355

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