Discover the publications produced by the researchers from Blockchain@X research center at Ecole Polytechnique.


Central Bank Digital Currency : Central Banking for all ?

The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in ...

Some Simple Bitcoin Economics

In a novel model of an endowment economy, we analyze coexistence and competition between traditional fiat money (Dollar) and another intrinsically worthless medium of exchange, not controlled by a central bank, such as Bitcoin. Agents can trade consumption goods in ...

Cryptocurrencies, Currency Competition and the impossible Trinity

We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between ...

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