As sun and moon reason in turn, light dawns.
日月相推而明生焉
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.

Director
Quantum Economics AI LabCouncil Member
Decentralized Entities FoundationPhD Mentor
Technische Universität MünchenTopic Editor
Frontiers in BlockchainAcademia
Affiliated Economics Professor / Visiting Scholar / Guest Lecturer / Postdoctoral
Policy/Industry/Service
Visiting Economist / Chief Economist / Economic Research Lead / Senior Economic Advisor / Founding President
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.
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.
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.
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.
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.
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.
Luyao Zhang, Xinshi Ma, Yulin Liu
arXiv:2205.04256
Working PaperSystematizes the measurement of blockchain decentralization across consensus, network, governance, wealth and transactions, and proposes an entropy-based index with an open-source toolkit.
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.
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.
The 2026 workshop on QuantEcon AI
Swiss Quantum Economics AI Lab
Program Organizer
The inaugural workshop on QuantEcon AI
Swiss Quantum Economics AI Lab
Program Organizer
The Inaugural workshop on Tech for Good (Tech4Good)
Tech4Good
Program Committee
Decentralized Finance
Duke CS+ Summer Program, Duke University
Project Advisor
Duke CS+ & SciEcon Symposium on Decentralized Finance
Duke University
Panelist
Algorithmic Stablecoin on the Internet Computer
NYU Shanghai
Project Advisor
WEAI 95th Annual Conference
WEAI
Presenter
Decentralized Monetary Policy
Duke University, Kunshan Campus
Invited Guest Lecturer
Financial Technology, Cryptocurrency and AI
RMDS Lab
Joint Lecturers
Money, Blockchain and Decentralized Finance
Asia Europe Business School, ECNU
Invited Guest Lecturer
11th Swiss Winter Conference on Financial Intermediation
Swiss Winter Conference
Presenter
4th RES Symposium of Junior Researchers
RES
Presenter
1st RCEA Warsaw Money-Macro-Finance Conference
RCEA Warsaw
Presenter
China International Conference in Macroeconomics
Tsinghua University
Presenter
The Rimini Conference in Economics and Finance
Rimini Conference
Chair, Presenter & Discussant
Economics of Growth, Cycles and Policy
ETH Zurich
TA, Master and PhD Core Course
Research Seminars, Bank of Finland
Bank of Finland
Invited Talk
Annual Congress, European Economic Association
European Economic Association
Presenter
Annual Congress, German Economic Association
German Economic Association
Presenter
9th Swiss Winter Conference on Financial Intermediation
Swiss Winter Conference
Presenter
Annual Congress, European Economic Association
European Economic Association
Presenter
Annual Congress, German Economic Association
German Economic Association
Presenter
Annual Congress, Swiss Society of Economics and Statistics
Swiss Society of Economics and Statistics
Presenter
Economics of Growth, Cycles and Policy
ETH Zurich
TA, Master and PhD Core Course
Economics of Growth, Cycles and Policy
ETH Zurich
TA, Master and PhD Core Course
Economics of Innovation and Growth
ETH Zurich
TA, Master and PhD Elective Course