differences with respect to cen-tral bank information shocks and explore potential explanations by studying various aspects ofthe …

banking sector in general, and the risk of bank runs in times of crisis in particular. This paper examines the implications of … an interest-bearing CBDC on banking crises in a dynamic bank run model with a financial accelerator. The analysis …One of the main concerns associated with central bank digital currencies (CBDC) is the disintermediating effect on the …

We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the … model, central bank asset purchases are relevant in so far as agency costs distort banks' asset allocation between loans and … bonds, and households face transaction costs when trading government bonds. Such frictions in the banking sector induce …