As sun and moon reason in turn, light dawns.

日月相推而明生焉

Dr. Yulin Liu 刘玉林

Research on economies in which humans and AI agents interact, using decentralized markets as empirical laboratories and quantum methods for economic modeling and computation. Master’s in Quantum Physics and PhD in Economics from ETH Zurich.

Dr. Yulin Liu
ETH
Zurich

02Professional Experience

Current Roles

Former Roles

Education

ETH Zurich logo

Ph.D. in Economics

ETH Zurich ↗
2012—2016
Swiss National Bank Study Center logo

Advanced Doctoral Studies

Swiss National Bank Study Center ↗
2014, 2016
ETH Zurich logo

Master in Physics

ETH Zurich ↗
2010—2012
Université Claude Bernard Lyon 1 logo
2008—2010

03Selected Research

  • AI Agents

    A Dataset of Early Blockchain-Registered AI Agents on Ethereum

    Yulin Liu

    Scientific Data (2026)

    A data descriptor covering 10,000 AI agents registered on Ethereum under the ERC-8004 standard, combining on-chain identity, transfer and reputation records with resolved off-chain metadata.

    Read More ↗
  • Mechanism Design

    Empirical Analysis of EIP-1559

    Transaction Fees, Waiting Times, and Consensus Security

    Yulin Liu, Yuxuan Lu, Kartik Nayak, Fan Zhang, Luyao Zhang, Yinhong Zhao

    Proceedings of ACM CCS 2022, 2099–2113

    Uses blockchain, mempool and exchange data to estimate the causal effects of EIP-1559. The mechanism reduces waiting times and intra-block fee dispersion but has little effect on fee levels or consensus security.

    Read More ↗
  • Data Analytics

    Deciphering Bitcoin Blockchain Data by Cohort Analysis

    Yulin Liu, Luyao Zhang, Yinhong Zhao

    Scientific Data 9, Article 136 (2022)

    Applies cohort analysis to Bitcoin transaction inputs and outputs, producing daily datasets on the lifespan of spent outputs and the age distribution of unspent outputs.

    Read More ↗
  • Monetary Policy

    Versatile Forward Guidance

    Escaping or Switching?

    Hans Gersbach, Yulin Liu, Martin Tischhauser

    Journal of Economic Dynamics and Control 127, 104087 (2021)

    Compares two forward-guidance designs under negative natural real rates: an escape clause triggered by an inflation threshold, and the option to switch from interest-rate to inflation forecasts. Switching is preferable only when negative real-rate shocks are moderate.

    Read More ↗
  • Monetary Policy

    Forward Guidance Contracts

    Hans Gersbach, Volker Hahn, Yulin Liu

    Macroeconomic Dynamics 23(8), 3386–3423 (2019)

    Studies contracts that penalize central bankers for setting high interest rates in a New Keynesian model. Such contracts can help an economy escape a liquidity trap, and optimal contract durations are short.

    Read More ↗
  • AI Finance

    Cryptocurrency Valuation

    An Explainable AI Approach

    Yulin Liu, Luyao Zhang

    Intelligent Computing, Lecture Notes in Networks and Systems (Springer), 785–807 (2023)

    Proposes a price-to-utility ratio for Bitcoin grounded in monetary theory and UTXO accounting, and evaluates its predictive power for long-horizon returns using interpretable machine learning.

    Read More ↗
  • Decentralization Index

    SoK: Blockchain Decentralization

    Luyao Zhang, Xinshi Ma, Yulin Liu

    arXiv:2205.04256

    Working Paper

    Systematizes the measurement of blockchain decentralization across consensus, network, governance, wealth and transactions, and proposes an entropy-based index with an open-source toolkit.

    Read More ↗
  • Blockchain Governance

    The Economics of Blockchain Governance

    Evaluate Liquid Democracy on the Internet Computer

    Yulin Liu, Luyao Zhang

    Proceedings of IEEE QRS-C 2024, 225–231

    Models and simulates liquid democracy in the Internet Computer's Network Nervous System, examining how staking rewards align members' short-term incentives with long-term governance outcomes.

    Read More ↗
  • Network Analysis

    Blockchain Network Analysis

    A Comparative Study of Decentralized Banks

    Yufan Zhang, Zichao Chen, Yutong Sun, Yulin Liu, Luyao Zhang

    Intelligent Computing, Lecture Notes in Networks and Systems (Springer), 1022–1042 (2023)

    Applies core–periphery network analysis to the token transaction networks of Liquity, Aave, MakerDAO and Compound to compare their degree of decentralization.

    Read More ↗
View all publications → Google Scholar

04Selected Talks

  • 2026

    The 2026 workshop on QuantEcon AI

    Swiss Quantum Economics AI Lab

    Program Organizer

  • 2025

    The inaugural workshop on QuantEcon AI

    Swiss Quantum Economics AI Lab

    Program Organizer

  • 2024

    The Inaugural workshop on Tech for Good (Tech4Good)

    Tech4Good

    Program Committee

  • 2021

    Decentralized Finance

    Duke CS+ Summer Program, Duke University

    Project Advisor

  • 2021

    Duke CS+ & SciEcon Symposium on Decentralized Finance

    Duke University

    Panelist

  • 2021

    Algorithmic Stablecoin on the Internet Computer

    NYU Shanghai

    Project Advisor

  • 2020

    WEAI 95th Annual Conference

    WEAI

    Presenter

  • 2020

    Decentralized Monetary Policy

    Duke University, Kunshan Campus

    Invited Guest Lecturer

  • 2020

    Financial Technology, Cryptocurrency and AI

    RMDS Lab

    Joint Lecturers

  • 2020

    Money, Blockchain and Decentralized Finance

    Asia Europe Business School, ECNU

    Invited Guest Lecturer

  • 2018

    11th Swiss Winter Conference on Financial Intermediation

    Swiss Winter Conference

    Presenter

  • 2018

    4th RES Symposium of Junior Researchers

    RES

    Presenter

  • 2018

    1st RCEA Warsaw Money-Macro-Finance Conference

    RCEA Warsaw

    Presenter

  • 2018

    China International Conference in Macroeconomics

    Tsinghua University

    Presenter

  • 2018

    The Rimini Conference in Economics and Finance

    Rimini Conference

    Chair, Presenter & Discussant

  • 2018

    Economics of Growth, Cycles and Policy

    ETH Zurich

    TA, Master and PhD Core Course

  • 2017

    Research Seminars, Bank of Finland

    Bank of Finland

    Invited Talk

  • 2017

    Annual Congress, European Economic Association

    European Economic Association

    Presenter

  • 2017

    Annual Congress, German Economic Association

    German Economic Association

    Presenter

  • 2016

    9th Swiss Winter Conference on Financial Intermediation

    Swiss Winter Conference

    Presenter

  • 2016

    Annual Congress, European Economic Association

    European Economic Association

    Presenter

  • 2016

    Annual Congress, German Economic Association

    German Economic Association

    Presenter

  • 2016

    Annual Congress, Swiss Society of Economics and Statistics

    Swiss Society of Economics and Statistics

    Presenter

  • 2016

    Economics of Growth, Cycles and Policy

    ETH Zurich

    TA, Master and PhD Core Course

  • 2015

    Economics of Growth, Cycles and Policy

    ETH Zurich

    TA, Master and PhD Core Course

  • 2014

    Economics of Innovation and Growth

    ETH Zurich

    TA, Master and PhD Elective Course