DeFi-ying the Fed?
Monetary Policy Transmission to Stablecoin Rates
Do Federal Reserve rates affect stablecoin yields? We show monetary policy has a limited but significant passthrough to stablecoin lending rates, explaining only a small share of their variation.
Highlighted Working Paper
Publications
Management Science
On The Quality Of Cryptocurrency Markets: Centralized Versus Decentralized Exchanges
Review of Asset Pricing Studies
Quantitative Easing and Equity Prices: Evidence from the ETF Program of the Bank of Japan
