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 …

We study a model of financial intermediation, payment choice, and privacy in the digital
economy. While digital payments enable merchants to sell goods online, they also reveal …

We review the nascent but fast-growing literature on central bank digital currencies
(CBDCs), focusing on their potential impacts on private banks. We evaluate these impacts in …

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 …

It has been established that in a standard two-country asset pricing model the usage of a
privately-issued crypto-asset as a global means of payment leads to the enforced …

We shed light on the demand for a central bank digital currency (CBDC) as a means of
payment, based on survey payment data. We provide a quantitative framework to assess …

Digital currencies provide a potential form of liquidity competing with bank deposits. We
introduce digital currency into a macro model with a financial sector in which financial …

We develop a model of financial intermediation, payment choice, and privacy in the digital
economy. While digital payments enable merchants to sell goods online, they also reveal …

Interest in central bank digital currencies (CBDCs) has been burgeoning with 134 countries
now exploring its implementation. In December 2022, India started its CBDC pilot program to …

Abstract A Central Bank Digital Currency (CBDC) is a form of digital money that is
denominated in the national unit of account, constitutes a direct liability of the central bank …