Optimal Monetary Policy with Imperfect Common Knowledge. Journal of Monetary Economics 54, no. Video Lectures | Blockchain and Money - MIT OpenCourseWare Might stable value coins spur central banks into adopting CBDCs? What lessons can be drawn from the challenges for blockchain related payment applications? Aggregate Demand Management in Search Equilibrium.Journal of Political Economy90, no. Adrian, T, and Nina Boyarchenko. Hopenhyan, Hugo, and Ivan Werning. Optimal Monetary Policy with Informational Frictions. (PDF). North Holland, 2010. 3 (2005): 1293328. Welcome to Just Money Navigating edX Module 0: Orientation Module 1: Banking as if Society Mattered Special Session 1 Module 2: Where Does Your Money Sleep at Night? What is Digital Asset Holdings? This course about financial technology, or FinTech, is for students wishing to explore the ways in which new technologies are disrupting the financial services industrydriving material change in business models, products, applications and customer user interface. What other consensus protocols are there? Kicking off with a review of the technology's initial application, the cryptocurrency Bitcoin, students will gain an understanding of the commercial, technical and public . Goldstein, Itay, and Ady Pauzner. Azariadis, Costas. Implications of Rational Inattention.Journal of Monetary Economics50, no. Investing in a New Future with Open Learning Adrian, T., P. Colla, and Hyun Song Shin. Angeletos, George-Marios, Luigi Iovino, et al. by Bitcore or The Best Step-by-Step Bitcoin Script Guide by Blockgeeks. Robust Predictions in Games of Incomplete Information. Mimeo, Yale/Princeton (2012). Farmer. | Distributed Ledgers for Financial Institutions, Top financial services issues of 2018 (PDF - 1.2MB), Sheila Bair on What Hasnt Changed Since the Great Recession, The Rise of Market Concentration and Rent Seeking in the Financial Sector (PDF), Ten Years After the Crash, We Are Still Living in the World It Brutally Remade, Why Bitcoin is and isnt like the Internet, Transaction Costs and Tethers: Why Im a Crypto Skeptic, Billionaire Bill Gates once got bitcoin as a birthday present heres what he did with it, Dr. Liquidity Black Holes. Review of Finance 8, no. Session 10: Financial System Challenges and Opportunities Each OCW course includes a syllabus, some instructional material (such as lecture notes or a reading . Lippi, F., and Nicholas Trachter. Monetary Policy and Stock Market Boom-Bust Cycles. ECB Working Paper No. Doom Economist Nouriel Roubini Bearish on Everything Crypto Forbes (August 25, 2018), The Economic Limits of Bitcoin and the Blockchain (PDF) Budish, University of Chicago (June 5, 2018), Valuing Bitcoin and Ethereum with Metcalfes Law Clearblocks, Medium (February 13, 2018), The Meaning of DecentralizationButerin, Medium (February 6, 2017), 21st Geneva Report on the World Economy - The Impact of Blockchain Technology on Finance: Catalyst for Change Chapter 2 A framework for understanding transaction costs and trade-offs (pages 14 16); Chapter 3 - Blockchain technology and finance (pages 1730) & Chapter 5 Broader potential economic impact (pages 51 55), Blockchain beyond the hype: What is the strategic business value? McKinsey (June 2018), A Letter to Jamie Dimon (PDF - 1.1MB) Chain (October 16, 2017), The promise of the blockchain technology Economist (September 1, 2018), The Federal Reserve Payments Study: 2017 Annual Supplement Federal Reserve, Global Payments Report Worldpay (November 2017), The Best Mobile Payment Apps of 2018 PC World (April 2, 2018), Why Chinas Payment Apps Give U.S. Bankers Nightmares Bloomberg (May 23, 2018), M-PESA: how Kenya revolutionized mobile payments N26 Magazine (April 9, 2018), Cross-border retail payments (PDF - 1.2MB) Bank of International Settlements Committee on Payments and Market Infrastructures (February 2018) (Required: page 6 15, sections 2 -2.3.5 & Box B;and page 39, Annex 3), How Blockchain Can Finally Fulfill Its Promise in Global Payments CoinDesk (June 9, 2018), Extending the World of Payments to Blockchain (PDF - 4.4MB) ACI Worldwide (2017), The Payment Industry is About to Be Struck by Lightning: Expert Take Coin Telegraph (March 21, 2018), Why Stripe Gave Up on Bitcoin and Blockchain Payments Fortune (July 17, 2018), How XRP Fits into Ripples Payments Products Explained CoinDesk (March 4, 2018), Central Banks & Commercial Banking, Part 1, Central bank digital currencies (PDF - 1.2MB) Bank for International Settlements, Committee on Payments and Market Infrastructures (March 2018), The Future of Money: Digital Currency (PDF) Garratt (July 18, 2018), Central Banks and digital currencies Broadbent (March 2, 2016), A perspective on electronic alternatives to traditional currencies Camera (January 23, 2017), Bitcoin is fiat money, too Economist (September 22, 2017), Bitcoin, DLT and Bank Ledgers: A Central Bankers View Qian, Peoples Bank of Central; CoinDesk (June 19, 2018), Central Banks & Commercial Banking, Part 2, The Riksbank e-krona project Action plan for 2018 (PDF) Sveriges Riksbank (December 2017), The Worlds First Central Bank Electronic Money Has Come And Gone: Ecuador, 2014-2018 Alt-M (March 29, 2018), Stable Coins Analysis: Is There A Viable Solution for The Future? Coin Telegraph (May 14, 2018), PH Moving to Test Digital Fiat Currencies with RCBCs ePiso (PDF - 6.5MB) Entrepreneur (June 14, 2018), eCurrency Mint Limited and Banque Rgionale De Marchs Launch New Digital Currency in Senegal Business Wire (November 4, 2016), Guide to Stablecoin: Types of Stablecoins & Its Importance Master the Crypto (August 23, 2018), Method and System for Linkage of Blockchain-based assets to fiat currency accounts (PDF - 2.1MB) U.S. Patent Office (July 17, 2018), Move deliberately, fix things: How Coinbase is building a cryptocurrency empire Washington Post (May 17, 2018), Robinhood rolls out zero-fee crypto trading as it hits 4M users TechCrunch (February 22, 2018), After Nasdaq CEO Blesses Cryptocurrency, Investors See Bigger Future for Bitcoin, Others Forbes (April 25, 2018), Bitcoin Sees Wall Street Warm to Trading Virtual Currency New York Times (May7,2018), Cryptocurrency Exchanges Are Getting Hacked Because Its Easy Wall Street Journal (July 16, 2018), The sad state of crypto custody TechCrunch( February 1, 2018), Guide to Decentralized Exchanges: Comparison of Popular DEXs Master the Crypto (August 25, 2018), A New Approach to Crypto-Exchanges & Payments, Intercontinental Exchange Announces Bakkt, a Global Platform and Ecosystem for Digital Assets ICE (August 3, 2018), The NYSEs Owner Wants to Bring Bitcoin to Your 401(k). Angeletos, George-Marios, and Jennifer LaO. What generally distinguishes them from Bitcoin? Christiano, Lawrence, Cosmin Ilut, et al. Townsend, Robert. Below are some topics available for you to explore: MIT OpenCourseWare is an online publication of materials from over 2,500 2-3 (2010): 483-502. Household Balance Sheets, Consumption, and the Economic Slump. (PDF)Booth (2011). "Journal of Political Economy120, no. OpenCourseWare - Wikipedia The project was announced on April 4, 2001, and uses Creative Commons Attribution-NonCommercial-ShareAlike license. What are the tradeoffs for consumers? Feedback Effects and Asset Prices. Journal of Finance 63, no. Freely sharing knowledge with learners and educators around the world. A Macroeconomic Model with a Financial Sector. Mimeo, Princeton (2012). MIT OpenCourseWare is an online publication of materials from over 2,500 MIT courses, freely sharing knowledge with learners and educators around the world. Starbucks App Leads Mobile Payment Competitors, Initial Coin Offerings and the Value of Crypto Tokens, 10 keys for evaluating Initial Coin Offering (ICO) investments, Nearly Half of 2017 Cryptocurrency ICO Projects Have Already Died, The Rise of the ICO, and What It Could Mean for Venture Capital, How to Launch An ICO, A Detailed Guide Coin Telegraph, Digital Asset Transactions: When Howey Met Gary (Plastic). More Info Syllabus Calendar Video Lectures Lecture Slides Readings Recommended Books Study Questions Assignments Video Lectures . Ilut, Cosmin, and Martin Schneider. What are the business tradeoffs of utilizing a permissioned vs. a permissionless application? MIT, Strategic Development at Presencing Institute/Innovation Fellow In domestic P2P or P2B payments? 1. Introduction for 15.S12 Blockchain and Money, Fall 2018 The course begins with a review of Bitcoin and an understanding of the commercial, technical, and public policy fundamentals of blockchain technology, Course Info Instructor Angeletos, George-Marios, and Jennifer LaO. 20012023 Massachusetts Institute of Technology, Blockchain Basics and Transactions, UTXO, and Script Code, Financial System Challenges & Opportunities, Central Banks & Commercial Banking, Part 1, Central Banks & Commercial Banking, Part 2, A New Approach to Crypto-Exchange & Payments, Primary Markets, ICOs, & Venture Capital, Part 1, Primary Markets, ICOs, & Venture Capital, Part 2, Post Trade Clearing, Settlement, & Processing. That's courses from every MIT department and degree program, and ranging from the introductory to the most advanced graduate level. What are smart contract platforms such as Ethereum? What is the role of a bank in producing societal well-being? What might current workLayer 2 applications, zero-knowledge proofs, alternative consensus algorithmsdo to address current commercial challenges? Do you know what your bank does with your money? Lorenzoni, G. Inefficient Credit Booms. (PDF) Review of Economic Studies 75, no. Through OpenCourseWare, educators upload their lectures and learning materials so people worldwide can learn from them. Central Banks & Commercial Banking, Part 1. 2 (2012): 12748. 1 (2005): 5065. 1 (2000): 91116. Sustainable Plans. Journal of Political Economy 98, no. Optimal Capital Income Taxation with Incomplete Markets, Borrowing Constraints, and Constant Discounting. (PDF) Journal of Political Economy 103, no. Farhi, E., C. Sleet, et al. Collard, F., H. Dellas, et al. Cooper, Russell, and Andrew John. Optimal Sticky Prices under Rational Inattention.American Economic Review99, no. MIT courses, freely sharing knowledge with learners and educators around 6 (1995): 115875. An investment contract? Edited by M. Dewatripont, L. Hansen, and S. Turnovsky. Go to OCWs Open Learning Library site for 11.405x: Just Money: Banking as if Society Mattered. The class then continues on to current and potential blockchain applications in the financial sector. 1 (2009): 22351. Amongst the significant technological trends affecting financial services into the 2020s, the class will explore AI, deep learning, blockchain technology and open APIs.Students will gain an understanding of the key technologies, market structure, participants, regulation and the dynamics of change being brought about by FinTech. Amongst the significant technological trends affecting . Just Money: Banking as if Society Mattered. 2009. Which Financial Frictions? What are some of the tradeoffs of alternative consensus algorithms, proof-of-work, proof-of-stake, etc.? ' Conflict reigns over the history and origins of money ' Science News (July 29, 2018) ' A Brief History of Money ' IEEE . Might Layer 2 solutions, such as Lightening, resolve these challenges? Session 10: Financial System Challenges and Opportunities | Blockchain and Money | Sloan School of Management | MIT OpenCourseWare Video Lectures Session 10: Financial System Challenges and Opportunities This lecture describes three aspects of finance: financial institutions, regulation, and technology. Instructors(s): Dr. Katrin Kufer, Prof. J. Phillip Thompson. Benhabib, J., and R. E. A. Eggertsson, G. B., and Paul Krugman. Global GamesTheory and Applications. InAdvances in Economics and Econometrics,8th World Congress of the Econometric Society. (Image courtesy of the instructors. 15.S12 F18 Session 17: Secondary Markets and Crypto . Alvarez, F., and R. Shimer. Get Started with MIT OpenCourseWare - MIT OpenCourseWare - Zendesk What lessons might be drawn from the ongoing projectsASX for equities, ISDA for swaps, others? Enroll in the course to take advantage of advanced assessments and keep track of course progress. Kiyotaki, N., and J. Moore. Forecasting the Forecasts of Others. Journal of Political Economy 91, no. Default Risk and Income Fluctuations in Emerging Economies. (PDF) Mimeo, Federal Reserve Bank of Minneapolis (2007). Morris, Stephen, and Hyun Song Shin. The Optimum Quantity of Debt. Journal of Monetary Economics 42, no. This course about financial technology, or FinTech, is for students wishing to explore the ways in which new technologies are disrupting the financial services industrydriving material change in business models, products, applications and customer user interface. This course about financial technology, or FinTech, is for students wishing to explore the ways in which new technologies are disrupting the financial services industrydriving material change in business models, products, applications and customer user interface. Fiscal Unions. NBER Working Paper No. 1 (2000): 91116. Aiyagari, S. Rao. Similarly, Banking is an industry that allows credit, handles deposits, and provides financial help to borrowers. 11 Eyll 2022 . Inattentive Producers. Review of Economic Studies 73 (2006): 793821. How might blockchain technology fit within the world of money and finance? (2011 AEA Presidential Address). 20012023 Massachusetts Institute of Technology, Optimal Fiscal Policy with Redistribution, Optimal Capital Income Taxation with Incomplete Markets, Borrowing Constraints, and Constant Discounting. (PDF), Optimal Taxation without State-Contingent Debt, On the Optimal Supply of Liquidity with Borrowing Constraints, Monetary Policy as Financial-Stability Regulation, Gambling for Redemption and Self-Fulfilling Debt Crisis, Default Risk and Income Fluctuations in Emerging Economies. (PDF), Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops, Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies, Optimal Monetary Stabilization Policy. (PDF), Optimal Fiscal and Monetary Policy: Equivalence Results, The Zero Bound on Interest Rates and Optimal Monetary Policy. (PDF), Credit Crises, Precautionary Savings and the Liquidity Trap, Debt, Deleveraging, and the Liquidity Trap. (PDF), Managing Liquidity Trap: Monetary and Fiscal Policy, Household Balance Sheets, Consumption, and the Economic Slump, Simple Analytics of the Government Expenditure Multiplier. (PDF), Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions. (PDF), Optimal Monetary and Fiscal Policy in a Currency Union, The Optimal Degree of Discretion in Monetary Policy, Non-linear Capital Taxation without Commitment, A Macroeconomic Model with a Financial Sector, Which Financial Frictions? Lucas, Robert E. Jr. Expectations and the Neutrality of Money.Journal of Economic Theory4, no. Managing Liquidity Trap: Monetary and Fiscal Policy. MIT (2012). Calendar | Blockchain and Money - MIT OpenCourseWare Self-Fulfilling Prophecies. Journal of Economic Theory 25, no. The instructors of this course have worked for over 15 years with just banks from around the world, as well as in the fields of community development, economic democracy, and social change. Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal? Parsing the Evidence from the Financial Crisis of 20079. (PDF) Mimeo (2012). Veldkamp, Laura. 1 (2006): 16177. What are the options for completing a compliant ICO? 3 (1981): 38096. Servicing the Public Debt: The Role of Expectations.American Economic Review78, no. Study Questions | Blockchain and Money - MIT OpenCourseWare 20012023 Massachusetts Institute of Technology, Money, Ledgers, and Bitcoin (PDF - 2.6MB), Blockchain Basics and Cryptography (PDF - 1MB), Blockchain Basics and Consensus (PDF - 1.9MB), Blockchain Basics and Transactions, UTXO, and Script Code (PDF - 1.3MB), Financial System Challenges and Opportunities (PDF - 2.5MB), Central Banks and Commercial Banking, Part 2 (PDF - 1.5MB), Secondary Markets and Crypto-Exchanges (PDF 1.5MB), Primary Markets, ICOs, and Venture Capital, Part 1 (PDF - 1.3MB), Primary Markets, ICOs, and Venture Capital, Part 2 (PDF), Post Trade Clearing, Settlement, and Processing (PDF 1.4MB), Trade Finance and Supply Chain (PDF - 1.2MB). MIT OpenCourseWare - Open Matters | MIT OpenCourseWare News Disagreement about Inflation Expectations. In NBER Macroeconomics Annual 2003. How does Bitcoin fit within the history of money, the emergence of the Internet and failed attempts of cryptographic payment systems? 2 (1983): 193227. View the course as an anonymous user. Self-sovereign identity: Why blockchain? No previous knowledge of finance or banking is needed to take this course. 4 (2012): 134377. For MIT OpenCourseWare and MITx MicroMasters learner Michael Pilgreen, risk-taking and hands-on learning opened new doors in finance. 2 (1972): 10324. Course | 11.405x | MIT Open Learning Library MIT OpenCourseware Lists audio and video lectures from MIT faculty on a variety of STEM subjects from aeronautics to mechanical engineering. "Setting the Right Prices for the Wrong Reasons." Journal of Monetary Economics 56 (2009): S57-77. 3 (2006): 45284. What are the incentives of consensus protocols and mining? Cole, Harold, and Timothy Kehoe. zkLedger: Privacy-Preserving Auditing for Distributed Ledgers, Cryptocurrencies: Oversight of New Assets in the Digital Age (PDF), Nobel-winning economist: Authorities will bring down hammer on bitcoin, Enterprises Building Blockchain Confront Early Tech Limitations, Technical difference between Ethereum, Hyperledger fabric and R3 Corda, A Blockchain Platform for the Enterprise, Introduction, What is Digital Asset? Optimal Taxation without State-Contingent Debt. Journal of Political Economy 110, no. 15.S12 F18 Session 16: Central Banks and - MIT OpenCourseWare Session 19: Primary Markets, ICOs, & Venture Capital, Part 1. 2 (2013): 73979. On the Aggregation of Information in Competitive Markets. Journal of Economic Theory 22, no. Information Manipulation, Coordination and Regime Change. Mimeo, NYU (2011). General advice: Please read blockchain news websites, such as CoinDesk, CCN.com, and Coin Telegraph, every week. How important are the benefits of censorship resistance to this analysis? What has been the usage and why havent anyDApps yet received wide consumer adoption? What recommendations would you have for Swedens Riksbank (dating from 1668, the worlds first central bank) for possible adoption of e-krona? 20012023 Massachusetts Institute of Technology, Conflict reigns over the history and origins of money, Bitcoin and Cryptocurrency Technologies, Preface The Long Road to Bitcoin (PDF - 18MB), Bitcoin: A Peer-to-Peer Electronic Cash System (PDF), 21st Geneva Report on the World Economy - The Impact of Blockchain Technology on Finance: Catalyst for Change, A (Short) Guide to Blockchain Consensus Protocols, The Best Step-by-Step Bitcoin Script Guide, Smart Contracts: 12 Use Cases for Business & BeyondChamber of Digital Commerce (PDF - 5.9MB), State of the DApps: 5 Observations from Usage Data, Ethereum Competitors: Guide to the Alternative Smart Contract Platforms, Smart Contracts: Building Blocks for Digital Markets, A Next-Generation Smart Contract and Decentralized Application Platform, Blockchain Technology as a Regulatory Technology, 21st Geneva Report on the World Economy -The Impact of Blockchain Technology on Finance: Catalyst for Change. 3 (1980): 393408. Learn more . This course looks into banks that operate differently, namely, "just banks" that use capital and finance as a tool to address social and ecological challenges. Matejka, Filip. 20012023 Massachusetts Institute of Technology, Figurines work on mining a Bitcoin. The blockchain catalyst for change Vox (July 16, 2018), Conflict reigns over the history and origins of money Science News (July 29, 2018), A Brief History of Money IEEE Spectrum (May 30, 2012), What is Money?