OCW is a free . Angeletos, George-Marios, Christian Hellwig, et al. This course is for students wishing to explore blockchain technology's potential useby entrepreneurs and incumbentsto change the world of money and finance. Guest Lecturer: Robleh Ali, MIT Digital Currency Initiative 16 Central Banks and Commercial Banking, Part 2 17 Secondary Markets and Crypto-Exchanges 18 A New Approach to Crypto-Exchanges and Payments 19 Barsky, Robert, and Eric Sims. OCW offers course content and materials related to a wide range of Chari, V. V., and P. J. Kehoe. The Federal Reserve Payments Study: 2017 Annual Supplement, Why Chinas Payment Apps Give U.S. Bankers Nightmares, M-PESA: how Kenya revolutionized mobile payments, How Blockchain Can Finally Fulfill Its Promise in Global Payments, Extending the World of Payments to Blockchain (PDF - 4.4MB), The Payment Industry is About to Be Struck by Lightning: Expert Take, Why Stripe Gave Up on Bitcoin and Blockchain Payments, How XRP Fits into Ripples Payments Products Explained, Central bank digital currencies (PDF - 1.2MB), The Future of Money: Digital Currency (PDF), A perspective on electronic alternatives to traditional currencies, Bitcoin, DLT and Bank Ledgers: A Central Bankers View, The Riksbank e-krona project Action plan for 2018 (PDF), The Worlds First Central Bank Electronic Money Has Come And Gone: Ecuador, 2014-2018. Calvo, G. A. What is self-sovereign identity? Are Crypto Credit Cards Next? Fortune (August 3, 2018), Starbucks App Leads Mobile Payment Competitors eMarketer (May 22, 2018), Primary Markets, ICOs, & Venture Capital, Part 1, All-Time Cumulative ICO Funding CoinDesk (as of August 30, 2018), Initial Coin Offerings and the Value of Crypto Tokens Catalini and Gans (June 25, 2018), 10 keys for evaluating Initial Coin Offering (ICO) investments Crypto Potato (April 26, 2018), Nearly Half of 2017 Cryptocurrency ICO Projects Have Already Died Forbes (February 25, 2018), The Rise of the ICO, and What It Could Mean for Venture Capital Visual Capitalist (May 3, 2018), How to Launch An ICO, A Detailed Guide Coin Telegraph (February 2018) (Note: this reading is presented to understand the state of the ICO market, circa early 2018 not as a set of recommendations. What are tradeoffs of consensus software updates, governance and so-called hard forks? Self-sovereign identity: Why blockchain? Morris, Stephen, and Hyun Song Shin. The Optimal Degree of Discretion in Monetary Policy. Econometrica 73, no. 4 (1971): 56174. This course is for anyone who wants to . What are the business tradeoffs of utilizing a permissioned vs. a permissionless application? 3 (2008): 80933. Ozdenoren, Emre, and Kathy Yuan. Whether you're a student, a teacher, or simply a curious person that wants to learn, MIT OpenCourseWare (OCW) offers a wealth of insight, inspiration, videos, and a whole lot more! What recommendations would you have for Swedens Riksbank (dating from 1668, the worlds first central bank) for possible adoption of e-krona? Media Frenzies in Markets for Financial Information. American Economic Review 96, no. Angeletos, George-Marios, and Jennifer LaO. Calvo. Hassan, Tarek, and Thomas Mertens. 4 (1983): 54688. Freely sharing knowledge with learners and educators around the world. Informed Speculation with Imperfect Competition. Review of Economic Studies 56, no. What do all of the hacks, reports of manipulation and failures tell us about the current state of security and investor protection of crypto-exchanges? Household Balance Sheets, Consumption, and the Economic Slump. (PDF)Booth (2011). Freely sharing knowledge with learners and educators around the world. Incomplete Information, Higher-Order Beliefs, and Price Inertia. Journal of Monetary Economics 56 (2009): S19S37. Bianchi, J., and Enrique G. Mendoza. More Info Syllabus Calendar Video Lectures Lecture Slides Readings Recommended Books Study Questions Assignments Video Lectures . 3 (2009): 769803. 3 (1999): 92567. Rondina, Giacomo, and Todd Walker. 3 (2003): 66590. Bacchetta, Philippe, and Eric van Wincoop. Kyle, Albert. Farhi, E., and J. Tirole. As the world of blockchain technology and crypto finance are rapidly changing, specific (short) articles might be added to the reading when relevant. On the Impossibility of Informationally Efficient Markets.American Economic Review70, no. Amongst the significant technological trends affecting . Optimal Monetary Policy with Informational Frictions. (PDF). | Blockchain and Money | Sloan School of Management | MIT OpenCourseWare "Setting the Right Prices for the Wrong Reasons." Journal of Monetary Economics 56 (2009): S57-77. 20012023 Massachusetts Institute of Technology, A portion of a diagram exploring the nature and uses of money. Ambiguous Business Cycles. Mimeo (2011). Hellwig, C., and L. Veldkamp. Kicking off with a review of the technologys initial application, the cryptocurrency Bitcoin, students will gain an understanding of the commercial, technical and public policy fundamentals of blockchain technology, distributed ledgers and smart contracts in both open sourced and private applications. That's courses from every MIT department and degree program, and ranging from the introductory to the most advanced graduate level. 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. How can you best assess a potential blockchain project as a catalyst for change, a break-out app or but another likely failed endeavor. Blockchain and Digital Identity A Good Fit? Central Bank Transparency and the Signal Value of Prices. Brookings Papers on Economic Activity 36, no. Jeske, K. Private International Debt with Risk of Repudiation. Journal of Political Economy 114, no. Angeletos, George-Marios, and Ivan Werning. Mackowiak, Bartosz, and Mirko Wiederholt. [Preview withGoogle Books], . Angeletos, George-Marios, Luigi Iovino, et al. OCW is open and available to the world and is a permanent MIT activity 15.S12 F18 Session 16: Central Banks and Commercial Banking, cont. Lecture by Prof. Gary Gensler:Smart Contracts and DApps (PDF), Guest Lecture by Prof. Lawrence Lessig:Smart Contracts (PDF), Central Banks and Commercial Banking, Part 1 (PDF - 1.4MB). Implications of Rational Inattention.Journal of Monetary Economics50, no. 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. Along the way, we will explore the markets and regulatory landscape for cryptocurrencies, initial coin offerings, other tokens and crypto derivatives. 1 (2012): 6093. Optimal Fiscal Policy with Redistribution. Quarterly Journal of Economics 122, no. 3 (2006): 45284. Session 3: Blockchain Basics & Cryptography . MIT, Post-Graduate Fellow, MIT Community Innovators Lab 3 (1983): 40119. Optimal Sticky Prices under Rational Inattention.American Economic Review99, no. An Artists Make and Take Wall Street Journal video (November 11, 2014), A Brief History of Ledgers LLFOURN, Medium (February 15, 2018), Bitcoin and Cryptocurrency Technologies, Preface The Long Road to Bitcoin (PDF - 18MB) Clark (pages 3 21) (February 9, 2016), Bitcoin P2P e-cash paper e-mail Nakamoto (October 31, 2008), Bitcoin: A Peer-to-Peer Electronic Cash System (PDF) Nakamoto (October 31, 2008), Blockchain Technology Overview (PDF)National Institute of Standards and Technology (January 2018) (pages 9 23, sections 1 & 2), Blockchain 101 A Visual Demo Brownworth, MIT (November 5, 2016), 21st Geneva Report on the World Economy - The Impact of Blockchain Technology on Finance: Catalyst for Change Chapter 1 (pages 1 7); Casey, Crane, Gensler, Johnson, and Narula (July 2018), Blockchain Technology Overview (PDF)National Institute of Standards and Technology (January 2018) (pages 9 23, sections 1 & 2), The Byzantine Generals Problem Lamport, Shostak, & Pease; ACM Transactions on Programming Languages and Systems (TOPLAS), 4(3), (July 1982) (required 382-387), A (Short) Guide to Blockchain Consensus Protocols CoinDesk (March 4, 2017). Sims, Christopher. How does blockchain technology fit within other trendsparticularly with regard to technologyfacing the financial sector in 2018? Cooper, Russell, and Andrew John. Woodford, M. Optimal Monetary Stabilization Policy. (PDF) In Handbook of Monetary Economics, Volume 3B. Grossman, Sanford, and Joseph Stiglitz. Korinek, A., and O. Jeanne. ISBN: 9780262572217. Hellwig, Christian, and Venky Venkateswara. Session 16: Central Banks & Commercial Banking, Part 2. What lessons might be drawn from the ongoing projects? Coibion, Olivier, and Yuriy Gorodnichenko. Money, Ledgers, & Bitcoin. Learn more, 20012023 Massachusetts Institute of Technology, Discover courses, materials, & teaching resources. Aiyagari, S. Rao. North Holland, 2010. [Preview withGoogle Books]. On the Optimal Supply of Liquidity with Borrowing Constraints. Mimeo (2012). What can Survey Forecasts Tell us About Informational Rigidities? A Macroeconomic Model with a Financial Sector. Mimeo, Princeton (2012). What are the possible tradeoffs of decentralization, scalability and security? Mankiw, N. Gregory, Ricardo Reis, and Justin Wolfers. Credit Cycles. Journal of Political Economy 105, no. ISBN: 9780691127439. According to the makers of "MIT: REGRESSIONS," Strang's lectures have. 3 (1998): 44769. Learning from Prices: Public Communication and Welfare. Journal of Political Economy 118, no. OCW is open and available to the world and is a permanent MIT activity . 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 is the essence of the U.S. Supreme Court Howey Test? How might design considerationsretail vs wholesale access; token or account based; interest bearing and level of serviceweigh in such decisions? What are the incentives of consensus protocols and mining? How do economic incentives work within blockchain technology to maintain decentralized ledgers and avoid double spending? Allen, Franklyn, Stephen Morris, et al. Optimal Taxation without State-Contingent Debt. Journal of Political Economy 110, no. Chamley, Christophe. What are the challenges and opportunities in the current cross-border payment system architecture? 18280, 2012. Stevens, Luminita. Wage Rigidities and Jobless Recoveries. (PDF), Employment Fluctuations with Equilibrium Wage Stickiness. (PDF), Reassessing the Ins and Outs of Unemployment, Servicing the Public Debt: The Role of Expectations, Bank Runs, Deposit Insurance, and Liquidity, Aggregate Demand Management in Search Equilibrium, Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts, Coordinating Coordination Failures in Keynesian Models, Crises and Prices: Information Aggregation, Multiplicity and Volatility, Dynamic Global Games of Regime Change: Learning, Multiplicity and Timing of Attacks, Selection-Free Predictions in Global Games with Endogenous Information and Multiple Equilibria, Resolving Indeterminacy in Dynamic Settings: The Role of Shocks, Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks, Signaling in a Global Game: Coordination and Policy Traps, Does One Soros Make a Difference? Other popular websites are listed here: Best on the Block: The Worlds Best Blockchain Websites. Also, please read blockchain, as well as, financial sector-related articles as they appear in The Wall Street Journal, the Financial Times, and The New York Times. Chamon, Marcos. 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? Intermediary Leverage Cycles and Financial Stability. Mimeo (2012). 2 (2008): 36582. Optimal Monetary Policy with Informational Frictions. (PDF) Mimeo, MIT/Chicago Booth (2012). 2 (1972): 10324. Hellwig, Christian, Arijit Mukerji, et al. General advice: Please read blockchain news websites, such as CoinDesk, CCN.com, and Coin Telegraph, every week. MIT OpenCourseware Lists audio and video lectures from MIT faculty on a variety of STEM subjects from aeronautics to mechanical engineering. Amador, M., and P. O. Weil. 1 (2012): 5795. Servicing the Public Debt: The Role of Expectations.American Economic Review78, no. Optimal Capital Income Taxation with Incomplete Markets, Borrowing Constraints, and Constant Discounting. (PDF) Journal of Political Economy 103, no. Session 1 study questions. The class then continues on to current and potential blockchain applications in the financial sector. R. Willett: How I Invented the First ICO RadarZero (March 20, 2018), Primiary Markets, ICOs, & Venture Capital, Part 2, Digital Asset Transactions: When Howey Met Gary (Plastic) Hinman, SEC (June 14, 2018), Initial Coin Offerings: Can Regulators Curb the Risks? Freely sharing knowledge with learners and educators around the world. Hellwig, Martin. Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve.Quarterly Journal of Economics117, no. Overborrowing, Financial Crises and Macro-Prudential Policy? 2 (1983): 193227. Information Manipulation, Coordination and Regime Change. Mimeo, NYU (2011). Image courtesy of MIT OpenCourseWare Gary Gensler, a leading finance expert and a faculty member at the MIT Sloan School of Management, has been picked by President-elect Joe Biden as his nominee to be chair of the U.S. Securities and Exchange Commission (SEC). 3 (2006): 57693. Diamond, Douglas, and Philip Dybvig. Similarly, Banking is an industry that allows credit, handles deposits, and provides financial help to borrowers. Crises and Prices: Information Aggregation, Multiplicity and Volatility. American Economic Review 96, no. Rational Inattention and Monetary Economics. In Handbook of Monetary Economics, Volume 3B. 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 . 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. 5 (1982): 88194. Efficient Use of Information and Social Value of Information. Econometrica 75, no. 1 (2000): 91116. This This will include reviews of potential use cases for payment systems, central banking, venture capital, secondary market trading, trade finance, commercial banking, post trade possessing and digital ID. Instructors: Prof. Gary Gensler & Robleh Ali / Transcript Morris, Stephen, and Hyun Song Shin. Fiscal Unions. NBER Working Paper No. Rationally Inattentive Seller: Sales and Discrete Pricing. Mimeo (2011). (conditionally accepted). For more information, see the Assignments section.. Optimal Monetary Policy with Imperfect Common Knowledge. Journal of Monetary Economics 54, no. Can blockchain ease banks digital-identity concerns? Correia, I., J. P. Nicolini, et al. . Chari, V. V., and Patrick J. Kehoe. Follow 93 99 courses Showing 99 courses Sort by Relevancy Duration 1-5 hours (0) 5-10 hours (5) 10+ hours (91) Subject Science (33) Computer Science (22) Self-Fulfilling Debt Crises. Review of Economic Studies 67, no. 23 (2010): 483502. Learn more . Singapore Regulator, Banks Complete KYC Blockchain Prototype. (Only kidding a bit.). What is fiat currency, what are its ledgers, and how does it fit within the history of money? 15.S12 F18 Session 17: Secondary Markets and Crypto . | Distributed Ledgers for Financial Institutions Coin Central (June 22, 2018), Financial System Challenges & Opportunities, Top financial services issues of 2018 (PDF - 1.2MB) PwC Financial Services Institute (December 2017), Sheila Bair on What Hasnt Changed Since the Great Recession New York Magazine, Daily Intelligencer (August 9, 2018), The Rise of Market Concentration and Rent Seeking in the Financial Sector (PDF) Zhang; Harvard (April 2017) (Required pages 2 5, 24 26), Ten Years After the Crash, We Are Still Living in the World It Brutally Remade New York Magazine, Daily Intelligencer (August 2018), Why Bitcoin is and isnt like the Internet Ito (January 23, 2015), Some Simple Economics of the Blockchain Catalini and Glans (revised June 2018), Transaction Costs and Tethers: Why Im a Crypto Skeptic Krugman, New York Times (July 31, 2018), Billionaire Bill Gates once got bitcoin as a birthday present heres what he did with it CNBC (May 8, 2018), Dr. Eggertsson, G. B., and Paul Krugman. Equilibrium Default. (PDF) Mimeo, MIT (2008). Signaling in a Global Game: Coordination and Policy Traps. Journal of Political Economy 114, no. Self-Fulfilling Currency Crises: the Role of Interest Rates. American Economic Review 96, no. Session 17: Secondary Markets and Crypto-Exchanges. Defending Against Speculative Attacks: Reputation, Learning, and Coordination. Mimeo, UC Irvine (2012). "Imperfect Information and Aggregate Supply." Handbook of Monetary Economics. Optimal Fiscal and Monetary Policy: Equivalence Results. Journal of Political Economy 116, no. Nimark, Kristoffer. Stable Coins Analysis: Is There A Viable Solution for The Future? Beaudry, Paul, and Franck Portier. Monetary Misperceptions, Output and Inflation Dynamics. Journal of Money, Credit and Banking 42, no. 1 (1994): 1941. Policy with Dispersed Information. Journal of the European Economic Association, no. Does One Soros Make a Difference? A commodity? ISBN: 9780444534545. Will you ask for your MIT diploma digitally or on paper? What are decentralized applications (DApps)? Can Debt Crises be Self-Fulfilling? Journal of Development Economics 82, no. Edited by B. M. Friedman, and M. Woodford. This course is for anyone who wants to understand the unique role banks play as intermediaries in our economy and how they can leverage that position to produce positive social, environmental, and economic change. What other consensus protocols are there? 3 (1981): 38096. For those wishing for a technical dive into Bitcoin Scripting Language, one can review Script Do you know what your bank does with your money? No previous knowledge of finance or banking is needed to take this course. 4 (1990): 783802. Hall, R. Employment Fluctuations with Equilibrium Wage Stickiness. (PDF) American Economic Review 95, no. Aiyagari, S. Rao, Albert Marcet, et al. Cambridge, MA 02139 Give through a donor-advised fund. How might blockchain self-sovereign or digital identity applications be applicable within the financial sector? Why have the applications proposed to date almost exclusively been focused on permissioned or private distributed ledger technology? He, Z., and W. Xiong. Vives, Xavier. What do Microsoft and Starbucks hope to gain for their business models? Michael Pilgreen used MIT OpenCourseWare (OCW) to help him make a career change during the Covid-19 pandemic. MIT courses, freely sharing knowledge with learners and educators around 20012023 Massachusetts Institute of Technology, Best on the Block: The Worlds Best Blockchain Websites. Hall, R. The Long Slump. American Economic Review 101 (2011): 43169. 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 Sims, Christopher. Disagreement about Inflation Expectations. In NBER Macroeconomics Annual 2003. Learning from Private and Public Observations of Others Actions. Journal of Economic Theory 147, no. History [ edit] Self-Fulfilling Prophecies. Journal of Economic Theory 25, no. How finance can be used as a tool for social and environmental change, The impact of different forms of banking on societal well-being, The future of just banking and financial technologies. Alvarez, F., and R. Shimer. The Zero Bound on Interest Rates and Optimal Monetary Policy. (PDF) Brookings Papers on Economic Activity (2003). [Preview with Google Books]. 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. Session 2: Money, Ledgers, and Bitcoin. Morris, Stephen, and Hyun Song Shin. What are the potential strategic benefits from blockchain applications? Optimal Monetary and Fiscal Policy in a Currency Union. Journal of International Economics 76, no. Noisy Business Cycles. In NBER Macroeconomics Annual 2009. Payments are covered in Class #6. Alvarez, Fernando, Francesco Lippi, et al. 16782, 2011. North Holland, 2010. Fiscal Multipliers. Mimeo, MIT. Bergman, Dirk, and Stephen Morris. 1 (2007): 23444. In domestic P2P or P2B payments? Grossman, Sanford. Central Banks and Commercial Banking, Part 1 (PDF - 1.4MB) Guest Lecturer: Robleh Ali. Mankiw, N. Gregory, and Ricardo Reis. What are the tradeoffs for consumers? Amongst the significant technological trends affecting financial services into the 2020's, the class will explore AI, deep . Module 3: Rethinking Money and Debt Module 4: Profitability and Mission Special Session 2 Module 5: Banking for the Future Upcoming Dates Jan 24, 2021 Course End 1 (2000): 283304. Coordinating Regime Switches. Quarterly Journal of Economics 114, no. MIT OpenCourseWare (OCW), available at http://ocw.mit.edu, makes the course materials used in the teaching of all MIT undergraduate and graduate subjects available on the Web, free of charge, to any user in the world. mit opencourseware money and banking. ), Just Money: Banking as if Society Mattered. Angeletos, George-Marios, and Jennifer LaO. Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal?
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