Global interest in digitalization is growing in response to the COVID-19 pandemic and driving central banks to introduce retail central bank digital currencies (CBDCs). The successful rollout of retail CBDCs will depend on each country's institutional capacity and the scope of international...

Narratives that portray macroeconomic policies in Japan as unlike ones pursued in other large economies persist. I revisit how several factors, including monetary, fiscal, and demographic factors impact Japan, the US, and the euro area. Panel VARs driven by factors or observed macroeconomic...

Looking at six historical examples, this paper explores the relationship between technology and monetary arrangements in the context of central bank digital currency (CBDC). The Industrial Revolution in the United Kingdom, the greenbacks era in the United States and the end of private money in...