This review surveys technological disruption in banking, examining its impact on competition
and its potential to increase efficiency and customer welfare. It analyzes the possible …

A two-country DSGE model with central bank digital currency (CBDC) is derived and used to
analyze the open-economy implications of CBDC for the transmission of shocks, optimal …

The optimal design of a central bank digital currency (CBDC) is analyzed in an environment
where agents sort into cash, CBDC, and bank deposits according to their preferences over …

We estimate a dynamic banking model to quantify the impact of a central bank digital
currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar …

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 …

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 …

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 …

The considerable deployment of central bank digital currencies (CBDCs) is imminent, as its
interest has attracted the whole world. However, CBDCs faces several political …

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 …