Igor Makarov

The paper develops a model of bubbles that can be taken to the data and explain the behavior of asset prices and their statistics. We depart from the...

Brookings Papers on Economic Activity 2022 (1) 141-215

In this paper, we provide detailed analyses of the Bitcoin network and its main participants. We build a novel database using a large number of public...

The paper studies incentives and trading decisions of an arbitrageur who can take concentrated bets in an illiquid market and who cares about interim...

Journal of Financial Economics, 135(2), 293-319

We study the efficiency, price formation and segmentation of cryptocurrency markets. We document large, recurrent arbitrage opportunities in...

We study how efficient primary financial markets are in allocating capital when information about investment opportunities is dispersed across market...