Bank market power, in both loan and deposit markets, has important implications for credit
provision and for financial stability. This article discusses these issues through the lens of a …

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 …

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 …

One of the main concerns associated with central bank digital currencies (CBDC) is the
disintermediating effect on the banking sector in general, and the risk of bank runs in times …

To study implications of an interest-bearing CBDC on the economy, we integrate a New
Monetarist-type decentralised market that explicitly accounts for the means-of-exchange …

The bulk of cash is held for store of value purposes, with such holdings sharply increasing in
times of high economic uncertainty and only a fraction of the population choosing to hoard …

We develop a two-country DSGE model with financial frictions to study the transition from a
steady-state without CBDC to one in which the home country issues a CBDC. The CBDC …

Physical cash enables payments in the absence of electricity or network coverage. Such
offline payment functionality promotes the operational resilience and, particularly in …

By applying a structural demand model to unique consumer-level survey data from the euro
area, we assess how different CBDC design options, combined with individual (revealed) …

This research uses a dynamic modelling approach to design and simulate an equilibrium
model of the interaction between CBDC issuance, deposits and bank reserves. With many …