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A Minting Mold for the eFranc: A Policy Paper
(2020)Economic Working Paper SeriesWe suggest a blueprint for an eFranc as a possible complement for the Swiss monetary system to ensure the long-term stability of its money. An eFranc is a non-interest-bearing digital form of the legal tender available to the public. The public can convert banknotes or part of its bank deposits into eFrancs, subject to the banks’ ability to obtain the corresponding amount of eFrancs from the central bank.There is free conversion of eFrancs ...Working Paper -
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Flexible Majority Rules for Cryptocurrency Issuance
(2019)Economics Working Paper SeriesWorking Paper -
On banking regulation and lobbying
(2019)Economics Working Paper SeriesWe study the political economy of bank capital regulation from a positive and normative perspective. In a general equilibrium setting, capital requirements and lobbying contributions are determined as the outcome of bargaining between banks and politicians. We show that bankers and politicians agree on lobbying contributions and capital regulation that renders banks fragile, reducing efficiency and fairness. Consideration of all general ...Working Paper -
Incentive pay for policy-makers
(2018)Economics Working Paper SeriesWe study how to efficiently motivate policy-makers to solve political multitask problems. Political multi-task problems typically have outcomes that are difficult to measure. Moreover, there are conflicts among citizens about optimal policies and the agents have the power to tax the citizens to invest in better outcomes of some tasks. We develop a political agency model with two tasks and only one measurable outcome. In such an ...Working Paper -
Permit markets, carbon prices and the creation of innovation clusters
(2018)Economics Working Paper SeriesInnovation clusters combining public and private effort to develop breakthrough technologies promise greater technological advances to slow down climate change. We use a multi-country model with emissions permit trade to examine how international climate policy can incentivize countries to create such clusters. We find that a minimal carbon price is needed to attract applied research firms, but countries may nevertheless fail to invest ...Working Paper -
Economic rationales for investments in science
(2018)Economics Working Paper SeriesWorking Paper -
Macroprudential policy in the new Keynesian world
(2018)Economics Working Paper SeriesWorking Paper