Pablo Daniel Azar
I am a Financial Research Economist at the Federal Reserve Bank of New York, where I focus on the financial stability implications of cryptocurrencies. My work draws on interdisciplinary training from dual PhDs in Economics and Computer Science from MIT, complemented by industry experience as Chief Economist at Algorand, where I contributed to the economic design and launch of its blockchain protocol. My research has appeared in leading Economics journals such as Econometrica and CS conferences such as STOC, informed policy discussions including U.S. Congressional hearings, and been featured in outlets such as the Financial Times, Bloomberg, The Atlantic, and the front page of Hacker News.
Disclaimer: The views expressed on this website are my own and do not indicate concurrence by the Federal Reserve Bank of New York or the Federal Reserve System.
My CV is here.
News
| Mar 15, 2026 | Presenting “Endogenous Misbehavior in Decentralized Settlement” at MFA 2026 and MIT DCI |
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| Sep 24, 2025 | New blog posts on Liberty Street Economics: “The Emergence of Tokenized Investment Funds and Their Use Cases” and “The Financial Stability Implications of Tokenized Investment Funds” |
| Sep 01, 2025 | I am visiting MIT CSAIL for the Fall of 2025 |
| Aug 26, 2025 | New version of “Natural Centralization in Decentralized Finance” (formerly “Information and Market Power in DeFi Intermediation”) |
| Jul 01, 2025 | I am visiting MIT Sloan during the summer of 2025 |
| May 12, 2025 | I am presenting “Information and Market Power in DeFi Intermediation” at the “Financial Intermediation in the 3rd Millennium” conference in Essex, UK. |
| May 02, 2025 | New working papers posted. |
| Apr 23, 2025 | New blog on “Stablecoins and Crypto Shocks: An Update” on Liberty Street Economics |
| Apr 20, 2025 | New Staff Report “The Price of Processing: Information Frictions and Market Efficiency in DeFi”. |
| Apr 15, 2025 | New blog on “The Origins of Market Power in DeFi” on Liberty Street Economics. Also check out the new version of the paper “Information and Market Power in DeFi Intermediation” in Staff Reports. |