This article reviews the literature examining how the introduction of a retail central bank
digital currency (CBDC) would affect a modern economy, focusing on the implications for the …

This paper develops a model to incorporate the impact of financial inclusion to study the
implications of issuing a CBDC. In a “two-tier” model where banks distribute CBDC, CBDCs …

This paper provides a structured overview of the burgeoning literature on the economics of
CBDC. We document the economic forces that shape the rise of digital money and review …

This paper shows the existence of a central bank trilemma. When a central bank is involved
in financial intermediation, either directly through a central bank digital currency (CBDC) or …

We model the dynamic competition among national fiat currencies, cryptocurrencies, and
Central Bank Digital Currencies (CBDCs), whereby countries strategically digitize their …

The past decade has witnessed a phenomenal rise of digital wallets, and the COVID-19
pandemic further accelerated their adoption globally. Such e-wallets provide not only a …

What would be the potential demand for central bank digital currency (CBDC)? Which
design attributes would affect the demand for CBDC? By applying a structural model to a …

We examine the impact of central bank digital currency (CBDC) on banks and the broader
economy-drawing on novel survey evidence and using a structural macroeconomic model …

We analyse the impact of introducing a central bank-issued digital currency (CBDC) on the
operational framework of monetary policy and the macroeconomy as a whole. To this end …

We develop a general equilibrium model that highlights the trade-offs between physical and
digital forms of retail central bank money. The key differences between cash and central …