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Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering ...
We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according ...
This paper analyzes whether structural changes in the aftermath of the pandemic have steepened the Phillips curves in advanced economies, reversing th...
This paper presents a new dataset on the dynamics of non-performing loans (NPLs) during 88 banking crises since 1990. The data show similarities acros...
Is the seniority structure of sovereign debt neutral for a government's decision between defaulting and raising surpluses? In this paper, we address t...
We present a model in which shadow banking arises endogenously and undermines market discipline on traditional banks. Depositors' ability to re-optimi...
I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and s...
Lenders can exploit households' payment data to infer their creditworthiness. When households value privacy, they then face a tradeoff between protect...
This paper identifies over 100 inflation shock episodes in 56 countries since the 1970s, including over 60 episodes linked to the 1973–79 oil crises...
We use a decomposition methodology to analyze the factors underlying the differentiated output losses of European countries in 2020. Our findings are ...
We test whether foreign demand matters for local house prices in the US using an identification strategy based on the existence of “home bias abroad...
Benchmarking, Macroeconomic Impact, and Policy Issues
CESEE countries lag in terms of infrastructure compared to the EU15, and deficient infrastructure is often cited as a constraint to growth and converg...