The rise of centralized mining pools for risk sharing does not necessarily undermine the decentralization required for … evidence from Bitcoin mining supports our model predictions. The economic insights inform many other blockchain protocols as …

currencies such as bitcoin appear to be viable competitors to central bank fiat currency, and their presence in the marketplace …

Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this … monies, of automata issuing money, and the role of network effects …

Using textual analysis and comparing cybersecurity-risk disclosures of firms that were hacked to others that were not …, we propose a novel firm-level measure of cybersecurity risk for all US-listed firms. We then examine whether … cybersecurity risk is priced in the cross-section of stock returns. Portfolios of firms with high exposure to cybersecurity risk …

This paper considers whether the development of electronic money' poses any threat to the ability of central banks to … base money for use in facilitating transactions is largely or even completely eliminated, monetary policy should continue …

The quality of the money stock declined during the banking crises of the early 1930s. Bank deposits did not serve as a … medium of exchange. This paper presents some evidence to show that the decline in the quality of the money stock contributed …

We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the “blockchain … reward to mining. The endogenous level of computational difficulty built into the Bitcoin protocol does not mitigate this …