How does the transmission of monetary policy change when a central bank digital currency (CBDC) is introduced in the economy? Do aspects of CBDC design, such as how substitutable it is with bank deposits and whether it is interest bearing, matter? We study these questions in a general...

We use Canadian home scanner data to study household food inflation rates during periods of low and high inflation. We find that during the post-pandemic surge in inflation, the actual inflation rates experienced by different households varied more widely. Low-income households faced higher...