regulations (which led to a deep decline in the money multiplier). However, there are numerous signs in both the real and …

. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To …

We present a policy framework for electronic money and payments. The framework poses a set of positive questions … questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized … issue new forms of e-money. …

economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the …

financial frictions. The central bank influences the store-of-value function of money through a conventional Taylor rule while … it affects the means-of-exchange function of money through CBDC operations. Peak responses to monetary policy shocks … contributes to stabilising the liquidity premium, thereby affecting bank funding conditions and the opportunity costs of money …

of conventional forms of money and CBDC. We analyze the impact of four different CBDC regimes: (i) no CBDC, (ii) each … central bank can stabilize prices more effectively after adverse shocks. However, this stabilization implies distributional …