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Transactional demand for central bank digital currency

Nocciola, Luca; Zamora-Pérez, Alejandro - 2024

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 transactional demand for CBDC at the point of sale, accommodating a wide range of design choices. We develop a structural...

Persistent link: https://www.econbiz.de/10014526662

The economics of central bank digital currency

Ahnert, Toni; Assenmacher-Wesche, Katrin; Hoffmann, Peter; … - 2022

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 motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of...

Persistent link: https://www.econbiz.de/10013342232

Public money as a store of value, heterogeneous beliefs, and banks : implications of CBDC

Muñoz, Manuel A.; Soons, Oscar - 2023

The bulk of euro-denominated cash is held for store of value purposes, with such holdings sharply increasing in times of high economic uncertainty. We develop a Diamond and Dybvig model with public money as a store of value and heterogeneous beliefs about bank stability that accounts for this...

Persistent link: https://www.econbiz.de/10014278624

The digital economy, privacy, and CBDC

Ahnert, Toni; Hoffmann, Peter; Monnet, Cyril - 2022

We study a model of financial intermediation, payment choice, and privacy in the digital economy. Cash preserves anonymity but cannot be used for more efficient online transactions. By contrast, bank deposits can be used online but do not preserve anonymity. Banks use the information contained...

Persistent link: https://www.econbiz.de/10013193453

Global and local drivers of Bitcoin trading vis-à-vis fiat currencies

Di Casola, Paola; Habib, Maurizio Michael; … - 2023

We analyse the drivers of Bitcoin transactions against 44 fiat currencies in the largest peer-to-peer crypto exchanges … for Bitcoin trading. There is suggestive evidence of a global crypto cycle driven by speculative motives. However, in … emerging and developing economies (EMDEs), Bitcoin seems to offer also transactional benefits, since trading increases when the …

Persistent link: https://www.econbiz.de/10014482905

A unified framework for CBDC design : remuneration, collateral haircuts and quantity constraints

Assenmacher-Wesche, Katrin; Berentsen, Aleksander; … - 2021

We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the quantity of CBDC, the central bank can set the...

Persistent link: https://www.econbiz.de/10012596299

CBDC and business cycle dynamics in a New Monetarist New Keynesian model

Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023

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 function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...

Persistent link: https://www.econbiz.de/10014314330

Managing the transition to central bank digital currency

Assenmacher-Wesche, Katrin; Ferrari, Massimo Minesso; … - 2024

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 provides households with a liquid, convenient and storage-cost-free means of payments which reduces the market power of...

Persistent link: https://www.econbiz.de/10014490399

The optimal quantity of CBDC in a bank-based economy

Burlon, Lorenzo; Montes-Galdón, Carlos; Muñoz, Manuel A. - 2022

We provide evidence on the estimated effects of digital euro news on bank valuations and lending and find that they depend on deposit reliance and design features aimed at calibrating the quantity of CBDC. Then, we develop a quantitative DSGE model that replicates such evidence and incorporates...

Persistent link: https://www.econbiz.de/10013328782

Price dividend ratio and long-run stock returns : a score driven state space model

Delle Monache, Davide; Petrella, Ivan; Venditti, Fabrizio - 2020

between the price dividend ratio, expected stock returns and expected dividend growth in the US since 1880. We find a … significant increase in the long-run equilibrium value of the price dividend ratio over time, associated with a fall in the …

Persistent link: https://www.econbiz.de/10012156426

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