Details about Jonathan Chiu

Access statistics for papers by Jonathan Chiu.

Last updated 2025-07-06. Update your information in the RePEc Author Service.

Short-id: pch353

Working Papers

2025

1. On the Programmability and Uniformity of Digital Currencies
   Staff Working Papers, Bank of Canada

2024

2. Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?
   Staff Working Papers, Bank of Canada

2023

3. Central Bank Digital Currencies and Banking: Literature Review and New Questions
   Discussion Papers, Bank of Canada View citations (13)
4. Decentralized finance: Innovations and challenges
   Staff Analytical Notes, Bank of Canada
5. On the Fragility of DeFi Lending
   Staff Working Papers, Bank of Canada View citations (2)
6. Understanding DeFi Through the Lens of a Production-Network Model
   Staff Working Papers, Bank of Canada View citations (4)
7. Understanding the DeFi Network Through the Lens of a Production-Network Model
   Working Paper, Economics Department, Queen's University View citations (4)

2022

8. Grasping De(centralized) Fi(nance) Through the Lens of Economic Theory
   Staff Working Papers, Bank of Canada View citations (4)
   Also in Working Paper, Economics Department, Queen's University (2022) View citations (4)
   See also Journal Article Grasping decentralized finance through the lens of economic theory, Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons (2022) View citations (4) (2022)
9. PayTech and the D(ata) N(etwork) A(ctivities) of BigTech Platforms
   Working Paper, Economics Department, Queen's University View citations (1)
   Also in Staff Working Papers, Bank of Canada (2022) View citations (1)
10. What Drives Bitcoin Fees? Using Segwit to Assess Bitcoin's Long-Run Sustainability
    Staff Working Papers, Bank of Canada View citations (1)
    Also in Working Paper, Economics Department, Queen's University (2019)

2021

11. Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design
    Staff Working Papers, Bank of Canada View citations (5)
    See also Journal Article Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design, Management Science, INFORMS (2023) View citations (3) (2023)
12. Payments on Digital Platforms: Resiliency, Interoperability and Welfare
    Working Paper, Federal Reserve Bank of Richmond
    Also in Staff Working Papers, Bank of Canada (2021) View citations (2)
    See also Journal Article Payments on digital platforms: Resiliency, interoperability and welfare, Journal of Economic Dynamics and Control, Elsevier (2022) View citations (1) (2022)

2020

13. Online Appendix to "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange"
    Online Appendices, Review of Economic Dynamics
    See also Journal Article Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2021) View citations (1) (2021)
14. Safe Payments
    Staff Working Papers, Bank of Canada
15. Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange
    Staff Working Papers, Bank of Canada
    See also Journal Article Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2021) View citations (1) (2021)

2019

16. Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
    Staff Working Papers, Bank of Canada View citations (57)
    See also Journal Article Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment, Journal of Political Economy, University of Chicago Press (2023) View citations (41) (2023)
17. Central Bank Digital Currency and Banking
    2019 Meeting Papers, Society for Economic Dynamics View citations (31)
18. Online Appendix to "Relationships in the Interbank Market"
    Online Appendices, Review of Economic Dynamics View citations (1)
    See also Journal Article Relationships in the Interbank Market, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (12) (2020)
19. The Economics of Cryptocurrencies -- Bitcoin and Beyond
    2019 Meeting Papers, Society for Economic Dynamics View citations (28)
    Also in Working Paper Series, Victoria University of Wellington, School of Economics and Finance (2017) View citations (8)
    Working Paper, Economics Department, Queen's University (2017) View citations (82)
    Staff Working Papers, Bank of Canada (2019) View citations (19)

2018

20. Blockchain-Based Settlement for Asset Trading
    Staff Working Papers, Bank of Canada View citations (7)
    Also in Working Paper, Economics Department, Queen's University (2018) View citations (7)
    See also Journal Article Blockchain-Based Settlement for Asset Trading, The Review of Financial Studies, Society for Financial Studies (2019) View citations (82) (2019)
21. Incentive Compatibility on the Blockchain
    Staff Working Papers, Bank of Canada View citations (2)

2016

22. On the essentiality of E-money
    Working Paper Series, Victoria University of Wellington, School of Economics and Finance
    Also in Staff Working Papers, Bank of Canada (2015) View citations (18)
23. Relationships in the Interbank Market
    Staff Working Papers, Bank of Canada View citations (6)
    Also in Working Paper Series, Victoria University of Wellington, School of Economics and Finance (2016)
    See also Journal Article Relationships in the Interbank Market, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (12) (2020)
24. Trading dynamics with adverse selection and search: Market freeze, intervention and recovery
    Working Paper Series, Victoria University of Wellington, School of Economics and Finance View citations (11)
    Also in Working Paper, Economics Department, Queen's University (2011) View citations (24)
    Staff Working Papers, Bank of Canada (2011) View citations (25)
    See also Journal Article Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery, The Review of Economic Studies, Review of Economic Studies Ltd (2016) View citations (54) (2016)

2015

25. Innovation and growth with financial, and other, frictions
    Working Paper Series, Victoria University of Wellington, School of Economics and Finance
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (20)
    Working Papers, Federal Reserve Bank of Minneapolis (2011) View citations (13)
    Staff Working Papers, Bank of Canada (2011) View citations (22)
    FRB Atlanta CQER Working Paper, Federal Reserve Bank of Atlanta (2013) View citations (3)
    See also Journal Article INNOVATION AND GROWTH WITH FINANCIAL, AND OTHER, FRICTIONS, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2017) View citations (3) (2017)
26. Public Policy Objectives and the Next Generation of CPA Systems: An Analytical Framework
    Discussion Papers, Bank of Canada View citations (6)

2014

27. E-Money: Efficiency, Stability and Optimal Policy
    Staff Working Papers, Bank of Canada View citations (16)
28. Livin' On The Edge With Ratings: Liquidity, Efficiency And Stability
    Working Paper, Economics Department, Queen's University View citations (1)

2013

29. Trading Dynamics With Adverse Selection and Search
    2013 Meeting Papers, Society for Economic Dynamics View citations (13)

2012

30. On the Welfare Effects of Credit Arrangements
    Staff Working Papers, Bank of Canada View citations (7)
    See also Journal Article ON THE WELFARE EFFECTS OF CREDIT ARRANGEMENTS, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2018) View citations (4) (2018)

2010

31. Central Bank Haircut Policy
    Staff Working Papers, Bank of Canada View citations (7)
    See also Journal Article Central bank haircut policy, Annals of Finance, Springer (2011) View citations (15) (2011)
32. Market Freeze and Recovery: Trading Dynamics under Optimal Intervention by a Market-Maker-of-Last-Resort
    2010 Meeting Papers, Society for Economic Dynamics View citations (6)

2008

33. A Model of Tiered Settlement Networks
    Staff Working Papers, Bank of Canada View citations (8)
    See also Journal Article A Model of Tiered Settlement Networks, Journal of Money, Credit and Banking, Blackwell Publishing (2013) View citations (4) (2013)
34. Financial Intermediation, Liquidity and Inflation
    Staff Working Papers, Bank of Canada View citations (9)
    See also Journal Article FINANCIAL INTERMEDIATION, LIQUIDITY, AND INFLATION, Macroeconomic Dynamics, Cambridge University Press (2011) View citations (10) (2011)
35. Monetary Policy, Price Dynamics, and Welfare
    2008 Meeting Papers, Society for Economic Dynamics
36. Uncertainty, Inflation, and Welfare
    Staff Working Papers, Bank of Canada View citations (20)
    See also Journal Article Uncertainty, Inflation, and Welfare, Journal of Money, Credit and Banking, Blackwell Publishing (2011) View citations (20) (2011)

2007

37. Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand
    Staff Working Papers, Bank of Canada View citations (16)
    Also in 2005 Meeting Papers, Society for Economic Dynamics (2005) View citations (19)
    See also Journal Article ENDOGENOUSLY SEGMENTED ASSET MARKET IN AN INVENTORY-THEORETIC MODEL OF MONEY DEMAND, Macroeconomic Dynamics, Cambridge University Press (2014) View citations (7) (2014)
38. Idiosyncratic Uncertainty, Inflation and Welfare
    2007 Meeting Papers, Society for Economic Dynamics View citations (1)
39. Liquidity, Redistribution, and the Welfare Cost of Inflation
    Staff Working Papers, Bank of Canada View citations (6)
    See also Journal Article Liquidity, redistribution, and the welfare cost of inflation, Journal of Monetary Economics, Elsevier (2010) View citations (81) (2010)
40. Modelling Payments Systems: A Review of the Literature
    Staff Working Papers, Bank of Canada View citations (7)

2006

41. Endogenously Segmented Market in a Search-Theoretic Model of Monetary Exchange
    2006 Meeting Papers, Society for Economic Dynamics View citations (5)

Journal Articles

2023

1. Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
   Journal of Political Economy, 2023, 131, (5), 1213 - 1248 View citations (41)
   See also Working Paper Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment, Staff Working Papers (2019) View citations (57) (2019)
2. Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design
   Management Science, 2023, 69, (11), 6708-6730 View citations (3)
   See also Working Paper Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design, Staff Working Papers (2021) View citations (5) (2021)
3. What Is a Crypto Conglomerate Like FTX? Economics and Regulations
   Richmond Fed Economic Brief, 2023, 23, (09)

2022

4. Grasping decentralized finance through the lens of economic theory
   Canadian Journal of Economics/Revue canadienne d'économique, 2022, 55, (4), 1702-1728 View citations (4)
   See also Working Paper Grasping De(centralized) Fi(nance) Through the Lens of Economic Theory, Staff Working Papers (2022) View citations (4) (2022)
5. Payments on digital platforms: Resiliency, interoperability and welfare
   Journal of Economic Dynamics and Control, 2022, 142, (C) View citations (1)
   See also Working Paper Payments on Digital Platforms: Resiliency, Interoperability and Welfare, Working Paper (2021) (2021)
6. The economics of cryptocurrency: Bitcoin and beyond
   Canadian Journal of Economics/Revue canadienne d'économique, 2022, 55, (4), 1762-1798 View citations (10)
7. The economics of digital currencies: Progress and open questions
   Journal of Economic Dynamics and Control, 2022, 142, (C) View citations (5)

2021

8. Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange
   Review of Economic Dynamics, 2021, 42, 133-155 View citations (1)
   See also Software Item Code and data files for "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange", Computer Codes (2020) (2020)
   Working Paper Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange, Staff Working Papers (2020) (2020)
   Working Paper Online Appendix to "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange", Online Appendices (2020) (2020)
9. Should Central Banks Worry About Facebook's Diem and Alibaba's Alipay?
   Richmond Fed Economic Brief, 2021, 21, (17)

2020

10. Relationships in the Interbank Market
    Review of Economic Dynamics, 2020, 35, 170-191 View citations (12)
    See also Working Paper Online Appendix to "Relationships in the Interbank Market", Online Appendices (2019) View citations (1) (2019)
    Working Paper Relationships in the Interbank Market, Staff Working Papers (2016) View citations (6) (2016)
    Software Item Code and data files for "Relationships in the Interbank Market", Computer Codes (2019) (2019)

2019

11. Blockchain-Based Settlement for Asset Trading
    The Review of Financial Studies, 2019, 32, (5), 1716-1753 View citations (82)
    See also Working Paper Blockchain-Based Settlement for Asset Trading, Staff Working Papers (2018) View citations (7) (2018)

2018

12. ON THE WELFARE EFFECTS OF CREDIT ARRANGEMENTS
    International Economic Review, 2018, 59, (3), 1621-1651 View citations (4)
    See also Working Paper On the Welfare Effects of Credit Arrangements, Staff Working Papers (2012) View citations (7) (2012)

2017

13. INNOVATION AND GROWTH WITH FINANCIAL, AND OTHER, FRICTIONS
    International Economic Review, 2017, 58, (1), 95-125 View citations (3)
    See also Working Paper Innovation and growth with financial, and other, frictions, Working Paper Series (2015) (2015)

2016

14. Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery
    The Review of Economic Studies, 2016, 83, (3), 969-1000 View citations (54)
    See also Working Paper Trading dynamics with adverse selection and search: Market freeze, intervention and recovery, Working Paper Series (2016) View citations (11) (2016)

2014

15. ENDOGENOUSLY SEGMENTED ASSET MARKET IN AN INVENTORY-THEORETIC MODEL OF MONEY DEMAND
    Macroeconomic Dynamics, 2014, 18, (2), 438-472 View citations (7)
    See also Working Paper Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand, Staff Working Papers (2007) View citations (16) (2007)

2013

16. A Model of Tiered Settlement Networks
    Journal of Money, Credit and Banking, 2013, 45, (2‐3), 327-347 View citations (4)
    Also in Journal of Money, Credit and Banking, 2013, 45, (2-3), 327-347 (2013) View citations (8)
    See also Working Paper A Model of Tiered Settlement Networks, Staff Working Papers (2008) View citations (8) (2008)

2011

17. Central bank haircut policy
    Annals of Finance, 2011, 7, (3), 319-348 View citations (15)
    See also Working Paper Central Bank Haircut Policy, Staff Working Papers (2010) View citations (7) (2010)
18. FINANCIAL INTERMEDIATION, LIQUIDITY, AND INFLATION
    Macroeconomic Dynamics, 2011, 15, (S1), 83-118 View citations (10)
    See also Working Paper Financial Intermediation, Liquidity and Inflation, Staff Working Papers (2008) View citations (9) (2008)
19. Liquidity Provision and Collateral Haircuts in Payments Systems
    Bank of Canada Review, 2011, 2011, (Autumn), 13-20 View citations (1)
20. Uncertainty, Inflation, and Welfare
    Journal of Money, Credit and Banking, 2011, 43, 487-512 View citations (20)
    Also in Journal of Money, Credit and Banking, 2011, 43, (s2), 487-512 (2011) View citations (5)
    See also Working Paper Uncertainty, Inflation, and Welfare, Staff Working Papers (2008) View citations (20) (2008)

2010

21. Liquidity, redistribution, and the welfare cost of inflation
    Journal of Monetary Economics, 2010, 57, (4), 428-438 View citations (81)
    See also Working Paper Liquidity, Redistribution, and the Welfare Cost of Inflation, Staff Working Papers (2007) View citations (6) (2007)

Undated

22. What drives Bitcoin fees? Using SegWit to assess Bitcoin’s long-run sustainability
    Journal of Financial Market Infrastructures

Software Items

2020

1. Code and data files for "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2021) View citations (1) (2021)

2019

2. Code and data files for "Relationships in the Interbank Market"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Relationships in the Interbank Market, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (12) (2020)