2 papers
econ.TH2026
Central Bank Digital Currency: Demand Shocks and Optimal Monetary Policy
Hanfeng Chen, Maria Elena Filippin
We study the implications of a central bank digital currency (CBDC) for the transmission of household preference shocks and for welfare in a New Keynesian framework where the CBDC…
econ.TH2025
Central Bank Digital Currency with Collateral-constrained Banks
Hanfeng Chen, Maria Elena Filippin
We analyze the risks to bank intermediation following the introduction of a central bank digital currency (CBDC) competing with commercial bank deposits as households' source of li…