Peter Hoffmann,Cyril Monnet, Toni Ahnert Mar 02,2024
Working Paper No.00139-00
We propose a model of financial intermediation, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell... Read More
Joshua Mollner , Markus Baldauf Apr 26,2023
Working Paper No.00096-00
When seeking to trade in over-the-counter markets, institutional investors typically contact only a small number of potential counterparties and limit... Read More
Jason Allen,Jakub Kastl, Milena Wittwer Jul 18,2023
Working Paper No.00111-00
Leveraging an institutional feature that Treasury auctions of different maturities are often held simultaneously, we propose a method for estimating... Read More
Simon Mayer , Lin William Cong (叢林) Nov 28,2022
Working Paper No.00089-00
We model the dynamic competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs), whereby countries strategically digitize... Read More
Stefan Nagel,Zhaogang Song, Zhiguo He Nov 07,2020
Working Paper No.00067-00
In sharp contrast to most previous crisis episodes, the Treasury market experienced severe stress and illiquidity during the COVID-19 crisis,... Read More