Our Activities

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 Fall 2025, one RA is working 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 is contributing to the development of a game-theoretic model of bank runs.

  • Group Tutorial
    In Fall 2025, the Lab is running 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
  • 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.