as a store of value and heterogeneous beliefs about bank stability that accounts for this evidence. Only consumers who … are sufficiently pessimistic about bank stability hold cash. The introduction of a central bank digital currency (CBDC) as … a store of value lowers the storage cost of public money and induces partial bank disintermediation, which is …

We introduce an innovative approach to measure bank integration, based on the corporate culture of multinational … financial reports of global banks. We employ a two-step approach: as a first step, we investigate whether parent-bank or parent …-country characteristics are more important for bank integration. In a second step, we analyze whether bank integration affects the …

The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side …

The dynamic effects of ECB announcements, disentangled into pure monetary policy and central bank information shocks … bank information shocks exhibit strong heterogeneities across currency pairs. This disparity can be rationalized by an …