What were the distributional consequences of the recent demonetization in India? Can the implementation of demonetization be improved to mitigate its distributional impact? This paper answers these questions using a dynamic contracting model featuring costly state verification and...

Despite the key role an increase in production efficiency plays in improving the competitiveness of the economy, the efficiency of production is not reflected in the objectives of monetary policy. The paper investigates the impact of the interest rate on firms’ efficiency and argues that it is...

Very few studies investigated central banking efficiency. Although Data Envelopment Analysis is widely used to measure efficiency within the banking industry, it has surprisingly never been implemented in a central banking context. In our study, we employ a radial DEA model to measure Eurosystem...