We address the determination of bitcoin prices and decentralized security. Users forecast
the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners …

Is asset liquidity a source of price volatility? We answer this question within a continuous-
time, New Monetarist economy under extrinsic uncertainty where the role of an asset to …

A large literature in macroeconomics concludes that disruptions in financial markets have
large negative effects on output and (un) employment. Though diverse, most papers in this …

I develop a continuous-time, competitive model of zombie firms—firms with negative
fundamental values but positive market prices. Firms finance negative cash flows by issuing …

This paper studies a model of credit based on Gu et al.(2013) with limited commitment and
endogenous debt limits in a competitive search market. The credit market exhibits inherent …

Purpose: With the occurrence of financial crises, many commercial companies that have
extensive activities at the level of the capital market, suffer from the poisoning of assets that …

I develop a New-Monetarist framework to study the private information acquisition about the
quality of liquid assets in bilateral trades. I investigate the implications of private information …

This paper studies the interplay between liquidity and fundamental risks in an asset pricing
framework with a frictional, decentralized secondary market and endogenous trading …

Asset liquidity, crucial for understanding asset pricing anomalies and the transmission
mechanism of monetary policy, is significantly interacted with information frictions among …

The US corporate bond market is massive and growing, with over $10 trillions outstanding in
2022. Despite this, it is still a relatively decentralized OTC market. Insurance companies …