The U.S. payments system has proven to be vibrant, adaptable, and innovative. And yet, it has also revealed areas in need of urgent improvement. Lower-income households and communities of color continue to struggle to access the full suite of benefits available within a rapidly digitizing...

The 1944 "Bretton Woods Agreement" gave birth to the new international financial system marked by the centrality of the US dollar which is a crucial pillar of the global power of the United States. Over the past eight decades, the asymmetry of the shrinking US economic weight in the world...

We show that there cannot be common knowledge trade in a truly decentralised environment, such as in a blockchain. A trade is an agreement to buy and sell a security that pays according to some state of nature; it is settled when the security's value is verified by an oracle, an intermediary who...