This paper analyses the effects of an introduction of a retail central bank digital currency (CBDC) on bank intermediation in a tractable general equilibrium model with heterogeneous bank deposits and an imperfectly competitive loan market. The agents in the economy have preferences over holding...

This paper analyses the effects of an introduction of a retail central bank digital currency (CBDC) on bank intermediation in a tractable general equilibrium model with heterogeneous bank deposits and an imperfectly competitive loan market. The agents in the economy have preferences over holding...

In our paper, we aim to give a detailed insight into the Bitcoin scaling debate and discuss some of the most relevant proposals. If Bitcoin shall become a widespread method of payment, the basic protocol introduced by Satoshi Nakamoto in 2008 has to be enhanced with new technical concepts. We...

This article serves as an extension to the introductory article on zero- knowledge proofs (ZKP) by Berentsen, Lenzi and Nyffenegger (2022). We provide one specific example of a zk-STARK and discuss all mathematical steps needed. The goal is to make the example accessible and intuitive....