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About the Author(s)


David Yermack is a research associate of the NBER's Law and Economics Program, the Albert Fingerhut Professor of Finance and Business Transformation at New York University's Stern School of Business, and chair of the Stern School's finance department. He has been a member of the NYU faculty since 1994. He is also an adjunct professor of law and director of the law school's Pollack Center for Law and Business.

In 2014 Yermack began teaching the full semester course on Digital Currency and Blockchains at NYU with his law school colleague Geoffrey Miller. The course was the first in the world on this topic taught at a major research university, and it now enrolls more than 200 students annually.

In addition to his recent research on blockchains and digital currencies, Yermack has published some of the most cited papers in the fields of executive compensation and corporate governance. He has written papers on such diverse topics as options in baseball players' contracts, incentive compensation for clergymen, tobacco litigation, fraudulent charitable contributions, CEOs' mansions, and the fashion industry.

Yermack has been awarded five degrees from Harvard University: AB in 1995, MBA in 1991, JD in 1991, AM in 1993, and PhD in 1994. He has been a visiting professor at 12 international universities and a visiting scholar at the Federal Reserve Banks of New York and Philadelphia. He has given invited research seminars at more than 100 universities and institutes worldwide.


1. S. Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System," unpublished manuscript, October 2008, available at   Go to ⤴︎
2. D. Yermack, "Is Bitcoin a Real Currency? An Economic Appraisal," NBER Working Paper 19747, December 2013, revised April 2014, and in Handbook of Digital Currency, Amsterdam, Elsevier, 2015, pp. 31–44.   Go to ⤴︎
3. N.R. Kocherlakota, "Money Is Memory," Journal of Economic Theory, 81(2), August 1998, pp. 232–51.   Go to ⤴︎
4. M. Raskin and D. Yermack, "Digital Currencies, Decentralized Ledgers, and the Future of Central Banking," NBER Working Paper 22238, May 2016, and in Research Handbook of Central Banking, Cheltenham, England, Elgar Publishing, 2018.   Go to ⤴︎
6. I. Fisher, "100% Money and the Public Debt," Economic Forum, April-June 1936, pp. 406–20.   Go to ⤴︎
7. D. Yermack, "Corporate Governance and Blockchains," NBER Working Paper 21802, December 2015, revised October 2016, and Review of Finance, 21(1), March 2017, pp. 7–31.   Go to ⤴︎
8. D. Yermack, "Smart Contracts and Corporate Governance," Proceedings of the 44th Economics Conference of the Oesterreichische Nationalbank, 2017, pp. 94–99. Go to ⤴︎

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