The FiLab provides structured opportunities for students to participate in research in a continuous and committed way. This model allows students to deepen their engagement, ensures consistency across projects, and accelerates collaboration. Lab members are therefore expected to contribute with continuity and commitment (e.g. through at least a year of active and sustained participation).
- Research Assistantships (RAs)
Students work directly with faculty members on ongoing research projects. These positions provide hands-on experience with data, theory, and policy analysis, while allowing students to contribute meaningfully to active research agendas in financial intermediation and monetary economics.- In Spring 2026, two RAs are developing game-theoretic models of bank runs and studying how stablecoins may affect banks’ risk-taking behavior.
- In Fall 2025, one RA worked on an empirical research on sectoral responses to the 2024 presidential election, analyzing how different industries and sectors react to shifts in polling data. Another RA contributed to the development of a game-theoretic model of bank runs.
- Individual Tutorials
In Spring 2026, each member is working on an individual research question developed in Fall 2025. We meet regularly throughout the semester, and members take turns presenting progress updates or relevant papers and methodologies on a biweekly rotation. We discuss each presentation and provide feedback. Three members are also writing senior theses, developing their projects into full thesis-length papers with faculty supervision and group feedback. Current thesis topics include Stablecoin Fragility, Real-Time Payment Systems and Tokenization, and Congestions in Stablecoins. - Group Tutorial
In Fall 2025, the Lab ran a small-group tutorial where students engage in advanced study of topics in money and banking. The theme is Stablecoins, combining readings, discussions, and student-led projects. The tutorial examines stablecoins through the lens of money, banking, and payments, covering the foundations of blockchain technology, institutional design, potential efficiency gains, and risks to financial stability. Students meet weekly for readings and discussion, and in the second half of the semester present their own research ideas or literature reviews for group feedback.- Sample readings:
- Makarov, I., & Schoar, A. (2022). “Cryptocurrencies and Decentralized Finance (DeFi).” Brookings Papers on Economic Activity, Spring 2022, 53(1), 141–192.
- Azar, P. D., et al. (2024). “The Financial Stability Implications of Digital Assets.” Federal Reserve Bank of New York Economic Policy Review, 30(2), November 2024.
- Gorton, G.B., Klee, E.C., Ross, C.P., Ross, S.Y., & Vardoulakis, A.P. (2025). “Leverage and Stablecoin Pegs.” Journal of Financial and Quantitative Analysis, 1-38. doi:10.1017/S0022109025000134
- Hempel, S., Phelan, G., & Ruchti, T. (2025). “Can Ethereum survive a run? Hidden fragility in crypto’s Proof-of-Stake model.” Working paper
- Ma, Y., Zeng, Y., & Zhang, A. (2025) “Stablecoin Runs and the Centralization of Arbitrage.” NBER WP, 33882, May 2025
- Sample readings:
- Presentations and Research Outlets
FiLab projects do not remain within the lab. Student and faculty research will be presented at public events on campus, reported on this website, and, when appropriate, developed into academic articles. We plan to hold an academic event in April and an open house session in May. More details will follow.