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 …

This paper attempts to introduce central bank digital currency (CBDC) into the analysis
framework of monetary policy, and studies the influence mechanism of e-CNY, central bank …

Financial crises are associated with reduced volumes and extreme levels of rates for term
inter-bank loans, reflected in one-month and three-month LIBOR. We explain such stress by …

A lesson of the recent financial crisis is that the interbank market is crucial for banks facing
uncertainty regarding their liquidity needs. This article studies the efficiency of the interbank …

Central bank collateral frameworks are an often overlooked feature of monetary policy that
play a key role in the monetary and financial system. Readers will discover how central …

The aim of this study is to disentangle the effects of introducing an interest-bearing central
bank digital currency (CBDC) for financial stability using a Diamond and Dybvig (1983) …

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 …

Most analyses of banking crises assume that banks use real contracts but in practice
contracts are nominal. We consider a standard banking model with aggregate return risk …

This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet
occupies a central role in modern monetary and financial systems, namely central bank …