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Tuesday, 3 February, 2026

Master´s Thesis Defense Presentations

Room #320

12:00    

Sosa Galindo Ivan Israel: Regional Growth, Internal Migration, and Persistent Inequality in Mexico

Chair: Byeongju Jeong

Opponent: Stephanie Ettmeier

13:00    

Lark Madison: Bitcoin Market Activity and Public Attention to Central Bank Digital Currencies (2017-2024)

Chair: Branislav Saxa

Opponent: Jan Zápal

14:00    

Ďurian Ladislav: Estimating Genre-Specific Demand Elasticities in the Amazon Book Market: A Double/Debiased Machine Learning Approach

Chair: Paolo Zacchia

Opponent: Klaus Achim Ahrens

Madison Lark

Abstract:

This thesis examines the dynamic interaction between Bitcoin market activity and public attention to central bank digital currencies (CBDCs). Using weekly data from September 2017 to November 2024, the analysis focuses on Bitcoin returns, Bitcoin trading volume, and a global CBDC Attention Index constructed from large-scale international news text data. A tri-variate vector autoregression framework is employed to model dynamic interactions and feedback effects among these variables. Short-run dynamics are evaluated using impulse response functions and forecast error variance decompositions, including an ordering-invariant generalized approach for robustness. The results reveal a clear asymmetry in the interaction between decentralized and centralized digital monetary systems. CBDC-related attention does not exert a strong or persistent influence on Bitcoin returns, which are largely driven by own shocks. In this vein, Bitcoin trading volume exhibits high persistence and responds significantly to past returns, affirming the strong internal market dynamics. In contrast, increased Bitcoin market activity is followed by subsequent rises in CBDC-related public and media attention. Overall, the findings suggest that the interaction between Bitcoin and CBDC-related discourse currently operates primarily through informational feedback channels rather than direct short-run price effects.

Full Text: “Bitcoin Market Activity and Public Attention to Central Bank Digital Currencies (2017-2024)"