Anton I. Badev

Federal Reserve Board
Washington, D.C.
FRB site [link]
ORCID [link]

I’m an economist at the Board of Governors of the Federal Reserve System, where I work on stress testing. I completed my Ph.D. at the University of Pennsylvania. Before that, I spent three years at Texas Tech University, where I completed master’s degrees in mathematics and economics.

Research

My broad research interests include empirical microeconomics and applied microeconomic theory. Currently, I am working on topics in social networks, payments, supervision, and concentrated markets.

Social and Financial Networks

Team Stability: Theory and Evidence, Draft (AUR)
The Liquidity Topology of Payment Networks: Stablecoins, Monetary Policy, and Regulatory Announcements, (with Bardales), Draft (AUR)
Collaboration Cycles: Evidence from the Federal Reserve, (with Bardales), Slides (AUR)
Interconnected DeFi: Ripple Effects from the Terra Collapse FEDS 2023, (with Cy Watsky) [pdf], [BibTeX].
Nash Equilibria on (Un)Stable Networks, Econometrica 2021, [project], [pdf], [BibTeX].
Social Networks and the Stepping Stone Effect: The Case of Tobacco and Marijuana

Payments, Crypto Assets, Supervision

From Finding to Closure: Cross-Jurisdictional Evidence on the Determinants of Supervisory Measure Duration, (with Bardales (FRB), Maqui (BOE), Palligkinis (ECB) and Orselli (ECB)), Draft (AUR)
Stablecoin Payments on Tron: Payments, Balances, and Available Liquidity, (with Bardales and Mills), Draft (AUR)
Lessons on Supervisory Effectiveness - a Literature Review, BIS WP 2025 [pdf].
Interconnected DeFi: Ripple Effects from the Terra Collapse, FEDS 2023, (with Cy Watsky) [pdf], [BibTeX].
Intraday Liquidity Around the World, BIS WP 2023 [pdf], [BibTeX].
Fedwire Funds Service FEDS 2021, (with Clark, Ebanks, Marquardt, and Mills), [pdf], [BibTeX].
Distributed ledger technology in payments, clearing and settlement, JFMI 2018, [pdf], [BibTeX].
Bitcoin: Technical Background and Data Analysis, FEDS 2014, (with Matt Chen) [pdf], [BibTeX].

Concentrated Markets

Generic Uniqueness and Selection in a Sequential Partial-Cartel Market, (with Ivanova, Nedelcheva, Pavlov and Zlatanov), Draft (AUR), [summary]
Cartel Breakdown in an n-Firm Oligopoly: One-Pass Adjustment and Strategic Anticipation, (with Ivanova, Nedelcheva, Pavlov and Zlatanov), Draft (AUR)
Equilibrium in a Failed Cartel: Set-Valued Reactions, (with Ivanova, Nedelcheva, Pavlov and Zlatanov), MDPI Foundations 2026 [pdf], [summary], [BibTeX]
A Failed Cartel: When Collusive Firms Become Competitors, (with Ivanova, Nedelcheva, Pavlov and Zlatanov), MDPI Games 2026 [pdf], [summary], [BibTeX]
Equilibrium in the Canonical Stackelberg Triopoly, (with Martin Pavlov and Boyan Zlatanov) [Arxiv]
Long-Run Equilibrium in the Market of Mobile Services in the USA, MDPI Mathematics 2024 [pdf], [summary], [BibTeX]

Older

Housing Finance Across Countries (with Beck, Vado, and Walley) [pdf].
Maternal Beliefs and the Technology of Skill Formation (Older work with Flavio Cunha)

Miscellanea

On professional etiquette, refereeing, talks, job market (M. Doepke's collection) [link]

Disclaimer

The views and findings expressed here are those of the author and do not necessarily reflect the views of the Board of Governors or the Federal Reserve System.