FMG

This paper develops an overlapping generations model to analyse the inflationary consequences of introducing cryptocurrency alongside fiat money in an...

We develop a theory of liquidity transformation performed by market participants. An in-kind wrapper (e.g., a corporate bond ETF), issued by a fee...

Portfolio choice involves substituting across many assets at once, complicating inference about asset demand. An elementary condition often captures...

This paper explains why institutional reforms often fail to stimulate investment despite improving long-run fundamentals. We develop a real options...