Our Team

Bruno Sultanum

Bruno Sultanum joined the Federal Reserve Bank of Richmond as an economist in July 2015 after earning his doctorate from Pennsylvania State University.

Sultanum's research focus is macroeconomics, banking, and financial economics. He also conducts research in the fields of monetary theory and economic theory.

Academic Publications

An Information-Based Theory of Financial Intermediation

Review of Economic Studies, Vol. 89, October 2022: 2381–2444

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

Previous Version: Working Paper, July 2019, No. 19-12

Discussion of “Currency Stability Using Blockchain Technology”

Journal of Economic Dynamics and Control, Vol. 142, September 2022: 104156

Bruno Sultanum

Playing with Money

Journal of Economic Behavior & Organization, Vol. 200, August 2022: 1221-1239

Douglas Davis, Oleg Korenok, Bruno Sultanum and Randall Wright

Previous Version: Working Paper, February 2019, No. 19-02R

Asset Issuance in Over-the-Counter Markets

Review of Economic Dynamics, Vol. 33, July 2019: 4-29

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

Previous Version: Working Paper, October 2017, No. 17-13R

Financial Fragility and Over-the-Counter Markets

Journal of Economic Theory, Vol. 177, September 2018: 616-658

Bruno Sultanum

Previous Version: Working Paper, March 2016, No. 16-04

Preventing Bank Runs

Theoretical Economics, Vol. 12, September 2017: 1003-1028

David Andolfatto, Ed Nosal and Bruno Sultanum

Optimal Diamond-Dybvig Mechanism in Large Economies with Aggregate Uncertainty

Journal of Economic Dynamics and Control, Vol. 40, March 2014: 95-102

Bruno Sultanum
Bank Publications

Economic Brief, January 2024, No. 24-01

Essentiality of Money: A Historical Perspective

What do various economic schools of thought say about the use of money?

Bruno Sultanum

Economic Brief, July 2022, No. 22-26

Central Bank Digital Currencies and Regulatory Alternatives: the Case for Stablecoins

Properly regulating stablecoins could achieve the same objectives as issuing a central bank digital currency.

Bruno Sultanum

Economic Brief, February 2022, No. 22-05

How Post-2008 Financial Regulations Impacted Corporate Bond Liquidity

After regulations were implemented, dealer capital commitment, trade frequency and size decreased, while dealer bid-ask spread increased.

Lucas B. Dyskant, André C. Silva and Bruno Sultanum

Economic Brief, April 2021, No. 21-13

GameStop, AMC and the Self-Fulfilling Beliefs of Stock Buyers

The recent stock market gyrations of GameStop and AMC Entertainment illustrate that companies' fates can sometimes hinge on self-fulfilling beliefs of stock buyers.

Gaston Chaumont, Grey Gordon and Bruno Sultanum

Economic Brief, December 2020, No. 20-13

Sovereign CDS Dealers as Market Stabilizers

Economists at the Richmond Fed analyze the role of dealer-provided liquidity in sovereign credit default swap markets.

John Mullin and Bruno Sultanum

Economic Quarterly, Third Quarter 2020

Sovereign CDS Market: The Role of Dealers in Credit Events

Lawrence Jia, Bruno Sultanum and Elliot Tobin

Economic Quarterly, Second Quarter 2019

CDS Auctions: An Overview

Erica Paulos, Bruno Sultanum and Elliot Tobin

Economic Quarterly, Third Quarter 2018

Inefficiency in a Simple Model of Production and Bilateral Trade

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

Economic Brief, March 2018, No. 18-03

Preventing Bank Runs

This Economic Brief reviews the intuition and theory behind bank runs and the most popular proposed solutions.

Renee Haltom and Bruno Sultanum

Economic Quarterly, Fourth Quarter 2016

Nonparametric Estimation of the Diamond-Dybvig Banking Model

Bruno Sultanum
Working Papers

December 2023, No. 23-13

Dealer Costs and Customer Choice

This model explains how an increase in intermediation costs leads to structural changes in the corporate bond market.

Lucas B. Dyskant, André C. Silva and Bruno Sultanum

March 2023, No. 23-05R

Sovereign Debt and Credit Default Swaps (Revised November 2023)

Our baseline specification predicts trading frictions and an inability to short sell bonds significantly improves sovereign debt prices, but policies that restrict CDS trading have small effects.

Gaston Chaumont, Grey Gordon, Bruno Sultanum and Elliot Tobin

April 2022, No. 22-03R

Is It Still an Econ Course? The Effect of a Standardized Personal Finance Test on the Learning of Economics (Revised October 2022)

We study the implications of mixing economics and personal finance standards in a high school course.

Stephen Day, Evelyn Nunes and Bruno Sultanum

January 2022, No. 22-01

A Crises-Bailouts Game

Bruno Salcedo, Bruno Sultanum and Ruilin Zhou

July 2021, No. 21-12R

Is Money Essential? An Experimental Approach (Revised June 2023)

Sometimes money gets used when it should not, and we investigate why using surveys plus measures.

Janet Hua Jiang, Peter Norman, Daniela Puzzello, Bruno Sultanum and Randall Wright

February 2021, No. 21-02

The Cost of Information in the Blockchain: A Discussion of Routledge and Zetlin-Jones (2018)

In this discussion paper, I provide a cautionary tale. I show also in a version of Green and Lin (2003) that the information content in the blockchain prevents agents from attaining all the gains from risk sharing — highlighting the downsides of too much public information.

Bruno Sultanum

July 2019, No. 19-12

An Information-Based Theory of Financial Intermediation

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

February 2019, No. 19-02R

Playing with Money (Revised August 2019)

Douglas Davis, Oleg Korenok, Bruno Sultanum and Randall Wright

October 2017, No. 17-13R

Asset Issuance in Over-the-Counter Markets (Revised November 2018)

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

December 2016, No. 16-16

Private Information in Over-the-Counter Markets

Zachary Bethune, Bruno Sultanum and Nicholas Trachter

March 2016, No. 16-04

Financial Fragility and Over-the-Counter Markets

Bruno Sultanum

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Bruno Sultanum

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