Anton I. Badev Federal Reserve Board Washington, D.C. FRB site [link] ORCID [link] CV [pdf]

I am an Economist in the Stress Testing Section of the Division of Supervision and Regulation at the Board of Governors. I completed my Ph.D. at the University of Pennsylvania under the supervision of Ken Wolpin, George Mailath, and Petra Todd.

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

• 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

• 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].

• Equilibrium in a Failed Cartel: Set-Valued Reactions, (with Ivanova, Nedelcheva, Pavlov and Zlatanov), MDPI Foundations 2026 [paper], [example]
• 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], [BibTeX]

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

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

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