The course first builds a fundamental understanding of how Bitcoin and blockchain-based protocols function. Then, the cross-section of crypto-currencies are studied from a financial-economics perspective: prices, risks and returns, portfolio allocation, and market micro-structure including liquidity and resiliency. Next, we investigate the macro perspective: are cryptos money? What is their relation to monetary policy, and what is known about central-bank digital currency (CBDC)? Finally, we discuss recent developments in the context of smart contracts and decentralised autonomous organisations (DAOs).
Max. participants: 20, registration in the first lesson.
Antonopoulos, A. M. (2015). Mastering Bitcoin: Unlocking Digital Cryptocurrencies. O’Reilly and Associates, 1 st edition
Diedrich, H. (2016). Ethereum: Blockchains, Digital Assets, Smart Contracts, Decentralized Autonomous Organizations. CreateSpace Independent Publishing Platform
Mougayar, W. and Buterin, V. (2016). The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology. Wiley, 1 st edition
Narayanan, A., Bonneau, J., Felten, E., Miller, A., and Goldfeder, S. (2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton University Press
Schär, F. and Berentsen, A. (2017). Bitcoin, Blockchain und Kryptoassets: Eine umfassende Einführung. Books on Demand, 1 st edition
Wattenhofer, R. (2016). The Science of the Blockchain. CreateSpace Independent Publishing Platform, 1 st edition
StO/PO MA 2005 - 2010: 6 LP, Modul: "Financial Economics"
StO/PO MA 2016: 6 LP, Modul: "Selected Topics in Business Administration"
StO/PO MEMS 2016: 6 LP, Modul: "Selected Topics in Business Administration"