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
| Sep 30, 2026 | New working papers posted: “When Higher Stakes Weaken Security,” “Stablecoins Meet the Mundell–Fleming Trilemma,” “Bayesian Persuasion and Cryptography,” and “From Moore’s Law to Eroom’s Law” |
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| Jun 04, 2026 | Invited to present “Stablecoins Meet the Mundell–Fleming Trilemma” at the SEACEN–Bank Indonesia Policy Seminar on the macro-financial stability and monetary policy implications of digital financial assets in Bali, Indonesia |
| Mar 15, 2026 | Presenting “Endogenous Misbehavior in Decentralized Settlement” at MFA 2026 and MIT DCI |
| 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 |