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Daniel R. Sanches

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Williamson, Stephen & Sanches, Daniel, 2009. "Money and Credit With Limited Commitment and Theft," MPRA Paper 20690, University Library of Munich, Germany.

    Mentioned in:

    1. Money and Credit With Limited Commitment and Theft
      by Christian Zimmermann in NEP-DGE blog on 2010-03-02 09:11:55
  2. Daniel R. Sanches, 2017. "Banking Panics and Output Dynamics," Working Papers 17-20, Federal Reserve Bank of Philadelphia.

    Mentioned in:

    1. Banking Panics and Output Dynamics
      by Christian Zimmermann in NEP-DGE blog on 2017-09-01 19:50:31

Working papers

  1. Jesús Fernández-Villaverde & Daniel R. Sanches, 2022. "A Model of the Gold Standard," Working Papers 22-33, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. De Bromhead, Alan & O'Rourke, Kevin Hjortshøj, 2023. "Should history change the way we think about populism?," QUCEH Working Paper Series 23-06, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Wang, Rongyu & Worrall, Tim, 2025. "The (In)stability of the international monetary system without direct default costs," Finance Research Letters, Elsevier, vol. 86(PB).
    3. Boliang Lin & Ruixi Lin, 2025. "A parallel monetary system based on the redeemable self-decaying money -- The ultimate hedge and safe haven of private wealth in the rising wave of over issuance of fiat and token money/stablecoin," Papers 2511.00365, arXiv.org.
    4. Michael D. Bordo & Cécile Bastidon, 2025. "Eras of Monetary and Financial Dominance: A Copernican-Type Model of Multilayered Network with Endogenous Regimes," Open Economies Review, Springer, vol. 36(5), pages 1309-1344, November.

  2. Jesús Fernández-Villaverde & Daniel R. Sanches & Linda Schilling & Harald Uhlig, 2020. "Central Bank Digital Currency: Central Banking for All?," Working Papers 20-19, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Luu, Hiep Ngoc & Nguyen, Canh Phuc & Nasir, Muhammad Ali, 2023. "Implications of central bank digital currency for financial stability: Evidence from the global banking sector," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    2. Dirk Niepelt, 2025. "Central Bank Digital Currency and Monetary Architecture," Diskussionsschriften dp2509, Universitaet Bern, Departement Volkswirtschaft.
    3. Kenichi Ueda & Chanthol Hay, 2024. "Design of a CBDC in a Highly Dollarized Emerging Market Economy: The Case of Cambodia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 19(2), pages 272-290, July.
    4. Chen, William & Phelan, Gregory, 2025. "Digital currency and banking-sector stability," Journal of Financial Stability, Elsevier, vol. 78(C).
    5. Hess, Simon, 2025. "What Difference Does Central Bank Digital Currency Make? Insights from an Agent-based Model," Thuenen-Series of Applied Economic Theory 171, University of Rostock, Institute of Economics.
    6. Jonathan Chiu & Tsz-Nga Wong, 2021. "Payments on Digital Platforms: Resiliency, Interoperability and Welfare," Staff Working Papers 21-19, Bank of Canada.
    7. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Distributed ledgers and the governance of money," BIS Working Papers 924, Bank for International Settlements.
    8. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    9. Todd Keister & Cyril Monnet, 2022. "Central Bank Digital Currency: Stability and Information," Working Papers 22-04, Office of Financial Research, US Department of the Treasury.
    10. Huseyin Oguz Genc & Soichiro Takagi, 2024. "A literature review on the design and implementation of central bank digital currencies," International Journal of Economic Policy Studies, Springer, vol. 18(1), pages 197-225, February.
    11. Conlon, Thomas & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Larkin, Charles & Oxley, Les, 2024. "Understanding sentiment shifts in central bank digital currencies," Journal of Behavioral and Experimental Finance, Elsevier, vol. 44(C).
    12. Daniel R. Sanches, 2020. "Central Bank Digital Currency: Is It a Good Idea?," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 5(2), pages 9-15, June.
    13. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Other publications TiSEM b35a98be-6600-4dcd-8010-b, Tilburg University, School of Economics and Management.
    14. Emilio Barucci & Andrea Gurgone & Giulia Iori & Michele Azzone, 2026. "Central Bank Digital Currency, Flight-to-Quality, and Bank-Runs in an Agent-Based Model," Working Papers 2026: 01, Department of Economics, University of Venice "Ca' Foscari".
    15. Grodecka-Messi, Anna & Zhang, Xin, 2023. "Private Bank Money vs Central Bank Money: A Historical Lesson for CBDC Introduction," Working Paper Series 424, Sveriges Riksbank (Central Bank of Sweden), revised 01 Jul 2023.
    16. Michiel Bijlsma & Carin van der Cruijsen & Nicole Jonker & Jelmer Reijerink, 2021. "What triggers consumer adoption of CBDC?," Working Papers 709, DNB.
    17. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    18. Jeremie Banet & Lucie Lebeau, 2022. "Central Bank Digital Currency: Financial Inclusion vs. Disintermediation," Working Papers 2218, Federal Reserve Bank of Dallas.
    19. Zeng, Linshan & Young, Martin R. & Hao, Wei, 2025. "Currency digitalization: The supply, demand, and infrastructure aspects of china's central bank digital currency," Finance Research Letters, Elsevier, vol. 85(PB).
    20. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2022. "The Macroeconomic Implications of CBDC: A Review of the Literature," Finance and Economics Discussion Series 2022-076, Board of Governors of the Federal Reserve System (U.S.).
    21. Aslanidis, Nektarios & Fernández Bariviera, Aurelio & López, Óscar G., 2021. "The link between cryptocurrencies and Google Trends attention," Working Papers 2072/534919, Universitat Rovira i Virgili, Department of Economics.
    22. Fernández-Villaverde, Jesús & Schilling, Linda & Uhlig, Harald, 2024. "Central bank digital currency: when price and bank stability collide," Working Paper Series 2888, European Central Bank.
    23. Charles M. Kahn & Maarten R.C. van Oordt, 2022. "The Demand for Programmable Payments," Tinbergen Institute Discussion Papers 22-076/IV, Tinbergen Institute.
    24. Li, Zhenghui & Yang, Cunyi & Huang, Zhehao, 2022. "How does the fintech sector react to signals from central bank digital currencies?," Finance Research Letters, Elsevier, vol. 50(C).
    25. Raphael Auer & Rainer Boehme, 2021. "Central bank digital currency: the quest for minimally invasive technology," BIS Working Papers 948, Bank for International Settlements.
    26. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    27. Han, Jungsuk & Wang, Yenan, 2025. "All that glitters: A theory of multiple bubbles with implications for cryptocurrencies," Journal of Monetary Economics, Elsevier, vol. 152(C).
    28. Leonardo Melosi & Giorgio Primiceri & Andrea Tambalotti, 2021. "Introduction to the Special Issue in Memory of Alejandro Justiniano," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 1-3, July.
    29. Agur, Itai & Ari, Anil & Dell’Ariccia, Giovanni, 2022. "Designing central bank digital currencies," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 62-79.
    30. Michael Kumhof & Marco Pinchetti & Phurichai Rungcharoenkitkul & Andrej Sokol, 2023. "CBDC Policies in Open Economies," PIER Discussion Papers 205, Puey Ungphakorn Institute for Economic Research.
    31. Ferry Syarifuddin & Toni Bakhtiar, 2022. "The Macroeconomic Effects of an Interest-Bearing CBDC: A DSGE Model," Mathematics, MDPI, vol. 10(10), pages 1-33, May.
    32. Ozili, Peterson K, 2022. "Can central bank digital currency increase financial inclusion? Arguments for and against," MPRA Paper 110786, University Library of Munich, Germany.
    33. Le, Anh H., 2025. "Central bank digital currency and cryptocurrency in emerging markets," International Economics, Elsevier, vol. 181(C).
    34. Xiao, Zumian & Niu, Yiran & Xiang, Lijin & Cui, Yingshuo, 2024. "Central bank digital currency and corporate debt financing costs: Empirical evidence from China," Finance Research Letters, Elsevier, vol. 69(PB).
    35. Castrén, Olli & Kavonius, Ilja Kristian & Rancan, Michela, 2022. "Digital currencies in financial networks," Journal of Financial Stability, Elsevier, vol. 60(C).
    36. Bibi, Samuele & Canelli, Rosa, 2023. "The interpretation of CBDC within an endogenous money framework," Research in International Business and Finance, Elsevier, vol. 65(C).
    37. Temperini, Jacopo & D'Ippoliti, Carlo & Gobbi, Lucio, 2024. "Is the time ripe for helicopter money? Growth impact and financial stability risks of outright monetary transfers," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 24-36.
    38. Nektarios Aslanidis & Aurelio F. Bariviera & 'Oscar G. L'opez, 2021. "The link between Bitcoin and Google Trends attention," Papers 2106.07104, arXiv.org.
    39. Franklin Allen & Xian Gu & Julapa Jagtiani, 2022. "Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China”," Working Papers 22-12, Federal Reserve Bank of Philadelphia.
    40. Ferrari Minesso, Massimo & Mehl, Arnaud & Stracca, Livio, 2020. "Central bank digital currency in an open economy," Working Paper Series 2488, European Central Bank.
    41. Scharnowski, Stefan, 2022. "Central bank speeches and digital currency competition," Finance Research Letters, Elsevier, vol. 49(C).
    42. Ahnert, Toni & Hoffmann, Peter & Leonello, Agnese & Porcellacchia, Davide, 2023. "Central Bank Digital Currency and financial stability," Working Paper Series 2783, European Central Bank.
    43. Michael Peneder, 2021. "Digitization and the Evolution of Money as a Social Technology of Account," WIFO Working Papers 620, WIFO.
    44. Schilling, Linda, 2024. "Smooth Regulatory Intervention," MPRA Paper 120041, University Library of Munich, Germany.
    45. Lim, King Yoong & Liu, Chunping & Zhang, Shuonan, 2024. "Optimal central banking policies: Envisioning the post-digital yuan economy with loan prime rate-setting," Emerging Markets Review, Elsevier, vol. 59(C).
    46. Eun Young Oh & Shuonan Zhang, 2020. "Informal economy and central bank digital currency," Working Papers in Economics & Finance 2020-11, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group, revised 23 Jun 2022.
    47. Muñoz, Manuel A. & Soons, Oscar, 2023. "Public money as a store of value, heterogeneous beliefs, and banks: implications of CBDC," Working Paper Series 2801, European Central Bank.
    48. Enrique Alberola & Ilaria Mattei, 2022. "Central bank digitalcurrencies in Africa," BIS Papers, Bank for International Settlements, number 128.
    49. Kang, Kee-Youn, 2024. "Digital currency and privacy," Theoretical Economics, Econometric Society, vol. 19(1), January.
    50. Todd Keister & Daniel R. Sanches, 2021. "Should Central Banks Issue Digital Currency?," Working Papers 21-37, Federal Reserve Bank of Philadelphia.
    51. Alexandra Mitschke, 2021. "Central Bank Digital Currencies and Monetary Policy Effectiveness in the Euro Area," Working Papers Dissertations 74, Paderborn University, Faculty of Business Administration and Economics.
    52. Son, Jaemin & Ryu, Doojin & Webb, Robert I., 2023. "Central bank digital currency: Payment choices and commercial bank profitability," International Review of Financial Analysis, Elsevier, vol. 90(C).
    53. Jesus Fernandez-Villaverde, 2020. "Simple Rules for a Complex World with Arti?cial Intelligence," PIER Working Paper Archive 20-010, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    54. Wang, Yizhi & Lucey, Brian M. & Vigne, Samuel A. & Yarovaya, Larisa, 2022. "The Effects of Central Bank Digital Currencies News on Financial Markets," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    55. Schilling, Linda, 2023. "Smooth versus Harsh Regulatory Interventions and Policy Equivalence," MPRA Paper 116612, University Library of Munich, Germany.
    56. Franklin Allen & Julapa Jagtiani, 2020. "A Survey of Fintech Research and Policy Discussion," Working Papers 20-21, Federal Reserve Bank of Philadelphia.
    57. Le, Anh H., 2022. "Central bank digital currency and cryptocurrency in emerging markets," MPRA Paper 114734, University Library of Munich, Germany.
    58. Cheung, Yin-Wong, 2020. "A decade of RMB internationalization," BOFIT Policy Briefs 13/2020, Bank of Finland Institute for Emerging Economies (BOFIT).
    59. John E. Marthinsen & Steven R. Gordon, 2024. "Synthetic Central Bank Digital Currencies and Systemic Liquidity Risks," IJFS, MDPI, vol. 12(1), pages 1-17, February.
    60. Beckmann, Lars & Debener, Jörn & Hark, Paul F. & Pfingsten, Andreas, 2024. "CBDC and the shadow of bank disintermediation: US stock market insights on threats and remedies," Finance Research Letters, Elsevier, vol. 67(PB).
    61. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    62. Max Fuchs, 2022. "CBDC as Competitor for Bank Deposits and Cryptocurrencies," MAGKS Papers on Economics 202210, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    63. Marinakis, Yorgos D. & Walsh, Steven T. & White, Reilly, 2024. "What is the relationship between sociotechnical transition and disruptive innovations?," Technological Forecasting and Social Change, Elsevier, vol. 199(C).
    64. Sally Chen & Tirupam Goel & Han Qiu & Ilhyock Shim, 2022. "CBDCs in emerging market economies," BIS Papers chapters, in: Bank for International Settlements (ed.), CBDCs in emerging market economies, volume 123, pages 1-21, Bank for International Settlements.
    65. Ozili, Peterson K, 2023. "Using eNaira CBDC to solve economic problems in Nigeria," MPRA Paper 118805, University Library of Munich, Germany.
    66. Jonathan Chiu & Mohammad Davoodalhosseini & Janet Hua Jiang & Yu Zhu, 2020. "Safe Payments," Staff Working Papers 20-53, Bank of Canada.
    67. Rodney J Garratt & Jiaheng Yu & Haoxiang Zhu, 2022. "The Case for Convenience: How CBDC Design Choices Impact Monetary Policy Pass-Through," BIS Working Papers 1046, Bank for International Settlements.
    68. Ahnert, Toni & Assenmacher, Katrin & Hoffmann, Peter & Leonello, Agnese & Monnet, Cyril & Porcellacchia, Davide, 2022. "The economics of central bank digital currency," Working Paper Series 2713, European Central Bank.
    69. Raphael Auer & Giulio Cornelli & Jon Frost, 2020. "Rise of the central bank digital currencies: drivers, approaches and technologies," BIS Working Papers 880, Bank for International Settlements.
    70. Magin, Jana & Neyer, Ulrike & Stempel, Daniel, 2023. "The Macroeconomic Effects of Different CBDC Regimes in an Economy with a Heterogeneous Household Sector," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277656, Verein für Socialpolitik / German Economic Association.
    71. Grodecka-Messi, Anna & Zhang, Xin, 2025. "Central Bank Liquidity Support, Bank Lending, and the End of Currency Competition," Working Paper Series 454, Sveriges Riksbank (Central Bank of Sweden).
    72. Hernando Vargas, 2022. "Some thoughts about the issuance of a retail CBDC in Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), CBDCs in emerging market economies, volume 123, pages 49-64, Bank for International Settlements.
    73. Hoque, Mohammad Enamul & Billah, Mabruk & Alam, Md Rafayet & Lucey, Brian, 2024. "Does news related to digital economy and central bank digital currency affect digital economy ETFs? Evidence from TVP-VAR connectedness and wavelet local multiple correlation analyses," Global Finance Journal, Elsevier, vol. 61(C).
    74. Assenmacher, Katrin & Bitter, Lea & Ristiniemi, Annukka, 2023. "CBDC and business cycle dynamics in a New Monetarist New Keynesian model," Working Paper Series 2811, European Central Bank.
    75. Ozili, Peterson K, 2024. "Thinking Fast and Slow about Central Bank Digital Currencies," MPRA Paper 120774, University Library of Munich, Germany.
    76. Saroj Bhattarai & Mohammad Davoodalhosseini & Zhenning Zhao, 2024. "Central Bank Digital Currency and Transmission of Monetary Policy," Staff Working Papers 24-27, Bank of Canada.
    77. Schiller, Jonathan & Gross, Jonas, 2021. "A Model for Central Bank Digital Currencies: Implications for Bank Funding and Monetary Policy," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242350, Verein für Socialpolitik / German Economic Association.
    78. Vollmar, Steffen & Wening, Fabian, 2024. "The impact of CBDC on a deposit-dependent banking system," Journal of Financial Stability, Elsevier, vol. 73(C).
    79. Assenmacher, Katrin & Ferrari Minesso, Massimo & Mehl, Arnaud & Pagliari, Maria Sole, 2024. "Managing the transition to central bank digital currency," Working Paper Series 2907, European Central Bank.
    80. Elsayed, Ahmed H. & Nasir, Muhammad Ali, 2022. "Central bank digital currencies: An agenda for future research," Research in International Business and Finance, Elsevier, vol. 62(C).
    81. Charles M. Kahn & Maarten van Oordt & Yu Zhu, 2021. "Best Before? Expiring Central Bank Digital Currency and Loss Recovery," Staff Working Papers 21-67, Bank of Canada.
    82. Harald Uhlig, 2023. "Review Article: Eswar S. Prasad: How the Digital Revolution is Transforming Currencies and Finance," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 58(4), pages 201-204, October.
    83. Bhaskar, Ratikant & Hunjra, Ahmed Imran & Bansal, Shashank & Pandey, Dharen Kumar, 2022. "Central Bank Digital Currencies: Agendas for future research," Research in International Business and Finance, Elsevier, vol. 62(C).
    84. Lü, Zheng & Ozcelebi, Oguzhan & Yoon, Seong-Min, 2025. "Impact of central bank digital currency uncertainty on international financial markets," Research in International Business and Finance, Elsevier, vol. 73(PA).
    85. Wu, Jiaqi & Liu, Xin & Zhang, Chenghu, 2024. "Unveiling the influencing mechanism underlying users’ adoption and recommend intentions of central bank digital currency: A behavioral reasoning theory perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 81(C).
    86. Bai, HaiChen & Cong, Lin William & Luo, Mei & Xie, Ping, 2025. "Adoption of central bank digital currencies: Initial evidence from China," Journal of Corporate Finance, Elsevier, vol. 91(C).
    87. Tu DQ Le & Son H Tran & Dat T Nguyen & Thanh Ngo, 2023. "The degrees of central bank digital currency adoption across countries: a preliminary analysis," Economics and Business Letters, Oviedo University Press, vol. 12(2), pages 97-104.
    88. Cong, Lin William & Mayer, Simon, "undated". "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.
    89. Carletti, Elena & Claessens, Stijn & Fatás, Antonio & Vives, Xavier (ed.), 2020. "Barcelona Report 2 - The Bank Business Model in the Post-Covid-19 World," Vox eBooks, Centre for Economic Policy Research, number p329, December.
    90. Hemingway, Benjamin, 2025. "The role of central bank digital currency in an increasingly digital economy," Journal of Economic Dynamics and Control, Elsevier, vol. 179(C).
    91. Firman Hidayat & Raditya Sukmana & Masrizal Masrizal & Rahmat Heru Setianto, 2026. "The Impact of Central Bank Digital Currencies News on Bank Stability: Evidence from ASEAN-5 Countries," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 29(1), pages 21-52, February.
    92. Alexis Derviz, 2023. "Foreign Exchange Implications of CBDCs and Their Integration via Bridge Coins," Working Papers 2023/7, Czech National Bank, Research and Statistics Department.
    93. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2023. "Retail Central Bank Digital Currencies: Implications for Banking and Financial Stability," Finance and Economics Discussion Series 2023-072, Board of Governors of the Federal Reserve System (U.S.).
    94. Magin, Jana Anjali & Neyer, Ulrike & Stempel, Daniel, 2025. "Cash or Cache? Distributional and business cycle implications of CBDC holding limits," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 101(C).
    95. Lorenzo Burlon & Manuel A. Muñoz & Frank Smets, 2024. "The Optimal Quantity of CBDC in a Bank-Based Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(4), pages 172-217, October.
    96. Andrei-Dragos Popescu, 2021. "Central Banks Digital Currency - Opportunities and Innovation," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 813-822, August.
    97. Dunbar, Kwamie & Treku, Daniel N., 2024. "Examining the impact of a central bank digital currency on the access to banking," International Review of Financial Analysis, Elsevier, vol. 93(C).
    98. Simone Auer & Nicola Branzoli & Giuseppe Ferrero & Antonio Ilari & Francesco Palazzo & Edoardo Rainone, 2024. "CBDC and the banking system," Questioni di Economia e Finanza (Occasional Papers) 829, Bank of Italy, Economic Research and International Relations Area.
    99. Toshiko Matsui & Daniel Perez, 2021. "Data-driven analysis of central bank digital currency (CBDC) projects drivers," Papers 2102.11807, arXiv.org.
    100. Wang, Yi-Ran & Ma, Chao-Qun & Ren, Yi-Shuai, 2022. "A model for CBDC audits based on blockchain technology: Learning from the DCEP," Research in International Business and Finance, Elsevier, vol. 63(C).
    101. Harald Uhlig, 2024. "On Digital Currencies," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 52(1), pages 1-14, March.
    102. Borgonovo, Emanuele & Caselli, Stefano & Cillo, Alessandra & Masciandaro, Donato & Rabitti, Giovanni, 2021. "Money, privacy, anonymity: What do experiments tell us?," Journal of Financial Stability, Elsevier, vol. 56(C).
    103. Raphael Auer & Jon Frost & Leonardo Gambacorta & Cyril Monnet & Tara Rice & Hyun Song Shin, 2021. "Central bank digital currencies: motives, economic implications and the research frontier," BIS Working Papers 976, Bank for International Settlements.
    104. Ngo, Vu Minh & Van Nguyen, Phuc & Nguyen, Huan Huu & Thi Tram, Huong Xuan & Hoang, Long Cuu, 2023. "Governance and monetary policy impacts on public acceptance of CBDC adoption," Research in International Business and Finance, Elsevier, vol. 64(C).
    105. Mishra, Bineet & Prasad, Eswar, 2024. "A simple model of a central bank digital currency," Journal of Financial Stability, Elsevier, vol. 73(C).
    106. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Discussion Paper 2026-006, Tilburg University, Center for Economic Research.
    107. Karau, Sören, 2023. "Central bank digital currency competition and the impossible trinity," Finance Research Letters, Elsevier, vol. 54(C).
    108. Jia, Pengfei, 2020. "Negative Interest Rates on Central Bank Digital Currency," MPRA Paper 103828, University Library of Munich, Germany.
    109. Peng, Wei & Xin, Baogui & Tan, Hui & Kwon, Jiwon, 2025. "The co-effects of technology innovation and digital infrastructure on central bank digital currency: A DSGE analysis," Research in International Business and Finance, Elsevier, vol. 75(C).
    110. Nocciola, Luca & Zamora-Pérez, Alejandro, 2024. "Transactional demand for central bank digital currency," Working Paper Series 2926, European Central Bank.
    111. Jonathan Chiu & Mohammad Davoodalhosseini, 2021. "Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design," Staff Working Papers 21-63, Bank of Canada.
    112. Tercero-Lucas, David, 2023. "Central bank digital currencies and financial stability in a modern monetary system," Journal of Financial Stability, Elsevier, vol. 69(C).
    113. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.
    114. Wilko Bolt & Jon Frost & Hyun Song Shin & Peter Wierts, 2023. "The Bank of Amsterdam and the limits of fiat money," Working Papers 764, DNB.
    115. Volodymyr Mishchenko & Svitlana Naumenkova, 2021. "The Impact Of Digital Currency On The Transformation Of Monetary Policy," Three Seas Economic Journal, Publishing house "Baltija Publishing", vol. 2(4).
    116. Boris Hofmann & Xiaorui Tang & Feng Zhu, 2025. "Central bank and media sentiment on central bank digital currency: an international perspective," BIS Working Papers 1279, Bank for International Settlements.
    117. Abad, Jorge & Nuño, Galo & Thomas, Carlos, 2025. "CBDC and the operational framework of monetary policy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    118. Binghui Wu & Mengjiao Zhang, 2024. "The impact of central bank digital currency on monetary policy effectiveness," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-23, June.
    119. Jooyong Jun & Eunjung Yeo, 2021. "Central bank digital currency, loan supply, and bank failure risk: a microeconomic approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-22, December.
    120. Jon Frost & Jean-Charles Rochet & Hyun Song Shin & Marianne Verdier, 2025. "Competing digital monies," BIS Working Papers 1301, Bank for International Settlements.
    121. Assenmacher, Katrin & Berentsen, Aleksander & Brand, Claus & Lamersdorf, Nora, 2021. "A unified framework for CBDC design: remuneration, collateral haircuts and quantity constraints," Working Paper Series 2578, European Central Bank.
    122. Adib Rahman & Liang Wang, 2025. "Central Bank Digital Currency, Tax Evasion, and Monetary Policy with Heterogeneous Agents," Working Papers 202505, University of Hawaii at Manoa, Department of Economics.
    123. Mzoughi, Hela & Benkraiem, Ramzi & Guesmi, Khaled, 2022. "The bitcoin market reaction to the launch of central bank digital currencies," Research in International Business and Finance, Elsevier, vol. 63(C).
    124. Wang, Yizhi & Wei, Yu & Lucey, Brian M. & Su, Yang, 2023. "Return spillover analysis across central bank digital currency attention and cryptocurrency markets," Research in International Business and Finance, Elsevier, vol. 64(C).
    125. Helmi, Mohamad Husam & Çatık, Abdurrahman Nazif & Akdeniz, Coşkun, 2023. "The impact of central bank digital currency news on the stock and cryptocurrency markets: Evidence from the TVP-VAR model," Research in International Business and Finance, Elsevier, vol. 65(C).
    126. Bian, Wenlong & Ji, Yang & Wang, Peng, 2021. "The crowding-out effect of central bank digital currencies: A simple and generalizable payment portfolio model," Finance Research Letters, Elsevier, vol. 43(C).
    127. Jonathan Chiu & Cyril Monnet, 2024. "Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?," Staff Working Papers 24-35, Bank of Canada.
    128. Jon Frost & Hyun Song Shin & Peter Wierts, 2020. "An early stablecoin? The Bank of Amsterdam and the governance of money," BIS Working Papers 902, Bank for International Settlements.
    129. Becker, Hendrik, 2026. "CBDC demand simulation across high and low inflation regimes," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 106(C).
    130. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Permissioned Distributed Ledgers and the Governance of Money," Diskussionsschriften dp2101, Universitaet Bern, Departement Volkswirtschaft.
    131. Richard K. Lyons & Ganesh Viswanath-Natraj, 2020. "What Keeps Stablecoins Stable?," NBER Working Papers 27136, National Bureau of Economic Research, Inc.
    132. Grym, Aleksi, 2020. "Lessons learned from the world's first CBDC," BoF Economics Review 8/2020, Bank of Finland.
    133. Chen, Hongyi & Siklos, Pierre L., 2022. "Central bank digital currency: A review and some macro-financial implications," Journal of Financial Stability, Elsevier, vol. 60(C).
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    1. Dong, Mei & Xiao, Sylvia Xiaolin, 2024. "Idle liquidity, CBDC and banking," European Economic Review, Elsevier, vol. 164(C).
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    9. Michael Junho Lee & Donny Tou, 2026. "Stablecoin Disintermediation," Staff Reports 1185, Federal Reserve Bank of New York.
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    130. Meng, Yuqun & Wu, Junxian & Tu, Yongqian, 2024. "Central bank digital currency, financial technology level and regional financial stability," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    131. Cong, Lin William & Mayer, Simon, 2025. "Strategic digitization in currency and payment competition," Journal of Financial Economics, Elsevier, vol. 168(C).
    132. Xin, Baogui & Jiang, Kai, 2023. "Central bank digital currency and the effectiveness of negative interest rate policy: A DSGE analysis," Research in International Business and Finance, Elsevier, vol. 64(C).
    133. Hui Chen & Zarina Md Nor & Rafisah Mat Radzi & Zuxia Dong & Qianhui Ren, 2026. "The impact of CBDC on bank profitability in China: an analysis based on E-CNY," Risk Management, Palgrave Macmillan, vol. 28(2), pages 1-19, May.
    134. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    135. Magin, Jana Anjali & Neyer, Ulrike & Stempel, Daniel, 2023. "The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector," DICE Discussion Papers 396, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    136. Geoffrey Goodell & Hazem Danny Al-Nakib & Paolo Tasca, 2021. "A Digital Currency Architecture for Privacy and Owner-Custodianship," Future Internet, MDPI, vol. 13(5), pages 1-28, May.
    137. Julian A. Parra-Polania & Constanza Martínez-Ventura, 2025. "Designing the Future of Money: The Case for Multiple CBDCs," Borradores de Economia 1311, Banco de la Republica de Colombia.
    138. James Chapman & Jonathan Chiu & Mohammad Davoodalhosseini & Janet Hua Jiang & Francisco Rivadeneyra & Yu Zhu, 2023. "Central Bank Digital Currencies and Banking: Literature Review and New Questions," Discussion Papers 2023-4, Bank of Canada.
    139. Dunbar, Kwamie, 2023. "CBDC uncertainty: Financial market implications," International Review of Financial Analysis, Elsevier, vol. 87(C).
    140. Rainone, Edoardo, 2023. "Tax evasion policies and the demand for cash," Journal of Macroeconomics, Elsevier, vol. 76(C).
    141. Jiaqi Li, 2021. "Predicting the Demand for Central Bank Digital Currency: A Structural Analysis with Survey Data," Staff Working Papers 21-65, Bank of Canada.
    142. Wang, Chien-Chiang & Li, Yiting, 2023. "Anonymous credit," MPRA Paper 118480, University Library of Munich, Germany.
    143. Michael Pirgmann & Petr Wawrosz, 2024. "Assessing the Effective Lower Bound in the Context of Introducing the Digital Euro," Economies, MDPI, vol. 12(6), pages 1-24, June.

  4. Jesús Fernández-Villaverde & Daniel R. Sanches, 2018. "On the Economics of Digital Currencies," Working Papers 18-7, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Mielberg, Egger L., 2018. "Digital Bank," OSF Preprints e2z5f, Center for Open Science.
    2. Michael Peneder, 2021. "Digitization and the Evolution of Money as a Social Technology of Account," WIFO Working Papers 620, WIFO.
    3. Andrada-Félix, Julián & Fernandez-Perez, Adrian & Sosvilla-Rivero, Simón, 2020. "Distant or close cousins: Connectedness between cryptocurrencies and traditional currencies volatilities," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 67(C).
    4. Paolo Fegatelli, 2019. "Central bank digital currencies: The case of universal central bank reserves," BCL working papers 130, Central Bank of Luxembourg.
    5. Ángeles Cebrián-Hernández & Enrique Jiménez-Rodríguez, 2021. "Modeling of the Bitcoin Volatility through Key Financial Environment Variables: An Application of Conditional Correlation MGARCH Models," Mathematics, MDPI, vol. 9(3), pages 1-16, January.
    6. Arto Kovanen, 2019. "Competing With Bitcoin - Some Policy Considerations for Issuing Digitalized Legal Tenders," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 10(4), pages 1-16, July.

  5. Daniel R. Sanches, 2017. "Banking Panics and Output Dynamics," Working Papers 17-20, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Altermatt, Lukas & van Buggenum, Hugo & Voellmy, Lukas, 2024. "Systemic bank runs without aggregate risk: How a misallocation of liquidity may trigger a solvency crisis," Journal of Financial Economics, Elsevier, vol. 161(C).
    2. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    3. Tarishi Matsuoka & Makoto Watanabe, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CESifo Working Paper Series 10439, CESifo.
    4. Polyzos, Stathis & Samitas, Aristeidis & Kampouris, Ilias, 2021. "Economic stimulus through bank regulation: Government responses to the COVID-19 crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).

  6. Todd Keister & Daniel R. Sanches, 2016. "Aggregate Liquidity Management," Working Papers 16-32, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.

  7. Jesús Fernández-Villaverde & Daniel R. Sanches, 2016. "Can currency competition work?," Working Papers 16-12, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Schilling, Linda & Uhlig, Harald, 2019. "Some simple bitcoin economics," Journal of Monetary Economics, Elsevier, vol. 106(C), pages 16-26.
    2. Pierpaolo Benigno, 2019. "Monetary Policy in a World of Cryptocurrencies," EIEF Working Papers Series 1905, Einaudi Institute for Economics and Finance (EIEF), revised Apr 2019.
    3. Uhlig, Harald & Xie, Taojun, 2020. "Parallel Digital Currencies and Sticky Prices," CEPR Discussion Papers 15619, C.E.P.R. Discussion Papers.
    4. Raphael Auer, 2019. "Beyond the doomsday economics of "proof-of-work" in cryptocurrencies," BIS Working Papers 765, Bank for International Settlements.
    5. Jesus Fernandez-Villaverde, 2018. "Cryptocurrencies: A Crash Course in Digital Monetary Economics," PIER Working Paper Archive 18-023, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 03 Sep 2018.
    6. Ayuba Napari, 2026. "Hayekian currency competition prior to and after cryptocurrencies: a critical review," International Economics and Economic Policy, Springer, vol. 23(2), pages 1-26, May.
    7. Zhixiu Yu, 2023. "On the Coexistence of Cryptocurrency and Fiat Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 147-180, July.
    8. Geromichalos, Athanasios & Herrenbrueck, Lucas, 2016. "The Strategic Determination of the Supply of Liquid Assets," MPRA Paper 71454, University Library of Munich, Germany.
    9. Noha Emara & Daniela Zecheru, 2024. "Asymmetric threshold effects of digitization on inflation in emerging markets," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-32, December.
    10. Daisuke Ikeda, 2020. "Digital Money as a Unit of Account and Monetary Policy in Open Economies," IMES Discussion Paper Series 20-E-15, Institute for Monetary and Economic Studies, Bank of Japan.
    11. Park, Jaevin & Kwon, Ohik, 2023. "Stablecoins: Legal restrictions theory and monetary policy," Economics Letters, Elsevier, vol. 226(C).
    12. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Other publications TiSEM b35a98be-6600-4dcd-8010-b, Tilburg University, School of Economics and Management.
    13. Badea Liana & Radu Cezara-Georgiana & Deak Roxana Elena, 2024. "The Impact Of Complementary Currency Systems On The Economy," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 15-21, February.
    14. Julien Prat & Benjamin Walter, 2021. "An Equilibrium Model of the Market for Bitcoin Mining," Journal of Political Economy, University of Chicago Press, vol. 129(8), pages 2415-2452.
    15. Claus Dierksmeier & Peter Seele, 2018. "Cryptocurrencies and Business Ethics," Journal of Business Ethics, Springer, vol. 152(1), pages 1-14, September.
    16. Almosova, Anna, 2018. "A Note on Cryptocurrencies and Currency Competition," IRTG 1792 Discussion Papers 2018-006, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    17. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2022. "The Macroeconomic Implications of CBDC: A Review of the Literature," Finance and Economics Discussion Series 2022-076, Board of Governors of the Federal Reserve System (U.S.).
    18. Bruno Biais & Christophe Bisière & Matthieu Bouvard & Catherine Casamatta & Albert J. Menkveld, 2023. "Equilibrium Bitcoin Pricing," Journal of Finance, American Finance Association, vol. 78(2), pages 967-1014, April.
    19. Juan E. Castañeda & Sebastian Damrich & Pedro Schwartz, 2024. "Parallel Currencies under Free Floating Exchange Rates: A Model Setting Out the Conditions for Stable Currency Competition," Economies, MDPI, vol. 12(10), pages 1-20, September.
    20. Hernán D. Seoane, 2021. "A Model To Think About Crypto-Assets and Central Bank Digital Currency," EconPol Policy Reports 33, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    21. van Buggenum, Hugo & Gersbach, Hans & Zelzner, Sebastian, 2024. "Contagious stablecoins?," CFS Working Paper Series 717, Center for Financial Studies (CFS).
    22. Mr. Marco Gross & Christoph Siebenbrunner, 2019. "Money Creation in Fiat and Digital Currency Systems," IMF Working Papers 2019/285, International Monetary Fund.
    23. Nils Herger, 2021. "Regulated free banking in Switzerland (1881–1907)," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 157(1), pages 1-12, December.
    24. Herger, Nils, 2022. "Unregulated and regulated free banking: Evidence from the case of Switzerland (1826–1907)," Explorations in Economic History, Elsevier, vol. 83(C).
    25. Radwanski, Juliusz, 2021. "The Equilibrium Value of Bitcoin," MPRA Paper 110746, University Library of Munich, Germany.
    26. Stylianos Asimakopoulos & Marco Lorusso & Francesco Ravazzolo, 2023. "A Bayesian DSGE Approach to Modelling Cryptocurrency"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 1012-1035, December.
    27. Juan Carlos Henao & Liliana López-Jiménez, 2021. "Disrupción tecnológica, transformación digital y sociedad. Tomo IV, Aires de revolución : nuevos desafíos tecnológicos a las instituciones económicas, financieras y organizacionales de nuestros tiempos," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1283.
    28. Marmora, Paul, 2022. "Does monetary policy fuel bitcoin demand? Event-study evidence from emerging markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    29. Luca Beltrametti & Giovanni Battista Pittaluga, 2023. "Monetary Policy Implications of Stablecoins and CBDCs," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 453-478.
    30. Osiebuni Collins OBU & Wilfred I. UKPERE, 2022. "The Implications of the Incursion of Cryptocurrency on the Effectiveness of Fiscal Policy," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 23(1), pages 134-150, June.
    31. Le, Anh H., 2025. "Central bank digital currency and cryptocurrency in emerging markets," International Economics, Elsevier, vol. 181(C).
    32. Davoodalhosseini, Seyed Mohammadreza, 2022. "Central bank digital currency and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    33. Marmora, Paul, 2021. "Currency substitution in the shadow economy: International panel evidence using local Bitcoin trade volume," Economics Letters, Elsevier, vol. 205(C).
    34. Rodrigo J. Raad & Juan Pablo Gama, 2025. "Time Consistence And Stable Digital Currency In General Equilibrium," Textos para Discussão Cedeplar-UFMG 688, Cedeplar, Universidade Federal de Minas Gerais.
    35. Hui, Cho-Hoi & Lo, Chi-Fai & Chau, Po-Hon & Wong, Andrew, 2020. "Does Bitcoin behave as a currency?: A standard monetary model approach," International Review of Financial Analysis, Elsevier, vol. 70(C).
    36. Scharnowski, Stefan, 2022. "Central bank speeches and digital currency competition," Finance Research Letters, Elsevier, vol. 49(C).
    37. Rehman, Mubeen Abdur & Irfan, Muhammad & Naeem, Muhammad Abubakr & Lucey, Brian M. & Karim, Sitara, 2023. "Macro-financial implications of central bank digital currencies," Research in International Business and Finance, Elsevier, vol. 64(C).
    38. Kjell Hausken & Guizhou Wang, 2025. "A Game-Theoretic Analysis of the Coexistence and Competition Between Hard and Fiat Money," Economies, MDPI, vol. 13(3), pages 1-42, March.
    39. Lim, King Yoong & Liu, Chunping & Zhang, Shuonan, 2024. "Optimal central banking policies: Envisioning the post-digital yuan economy with loan prime rate-setting," Emerging Markets Review, Elsevier, vol. 59(C).
    40. Matteo Benetton & Giovanni Compiani, 2024. "Investors’ Beliefs and Cryptocurrency Prices," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 14(2), pages 197-236.
    41. Matteo Benetton & Giovanni Compiani, 2020. "Investors’ Beliefs and Asset Prices: A Structural Model of Cryptocurrency Demand," Working Papers 2020-107, Becker Friedman Institute for Research In Economics.
    42. Antonakakis, Nikolaos & Chatziantoniou, Ioannis & Gabauer, David, 2019. "Cryptocurrency market contagion: Market uncertainty, market complexity, and dynamic portfolios," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 61(C), pages 37-51.
    43. Daniel Kaufmann & Rebecca Stuart, 2024. "Private money and money market integration: the role of payments infrastructure in 19th century Switzerland," IRENE Working Papers 24-05, IRENE Institute of Economic Research.
    44. Le, Anh H. & Copestake, Alexander & Tan, Brandon & Papageorgiou, Evan & Peiris, S. Jay & Rawat, Umang, 2025. "Macro-financial impacts of foreign digital money," Economics Letters, Elsevier, vol. 255(C).
    45. Todd Keister & Daniel R. Sanches, 2021. "Should Central Banks Issue Digital Currency?," Working Papers 21-37, Federal Reserve Bank of Philadelphia.
    46. Guizhou Wang & Kjell Hausken, 2021. "Governmental Taxation of Households Choosing between a National Currency and a Cryptocurrency," Games, MDPI, vol. 12(2), pages 1-24, April.
    47. Markus Brunnermeier & Harold James & Jean-Pierre Landau, 2021. "The digitalization of money," BIS Working Papers 941, Bank for International Settlements.
    48. Alexandre Olbrecht & Gina Pieters, 2023. "Crypto-Currencies and Crypto-Assets: An Introduction," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(2), pages 201-205, April.
    49. Rahman, Adib J., 2018. "Deflationary policy under digital and fiat currency competition," Research in Economics, Elsevier, vol. 72(2), pages 171-180.
    50. Sofia Priazhkina & Samuel Palmer & Pablo Martín-Ramiro & Román Orús & Samuel Mugel & Vladimir Skavysh, 2024. "Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm," Staff Working Papers 24-17, Bank of Canada.
    51. Mayer, Fabian & Bofinger, Peter, 2023. "Cryptocurrency competition: An empirical test of Hayek's vision of private monies," W.E.P. - Würzburg Economic Papers 103, University of Würzburg, Department of Economics.
    52. Hendrickson, Joshua R. & Luther, William J., 2017. "Banning bitcoin," Journal of Economic Behavior & Organization, Elsevier, vol. 141(C), pages 188-195.
    53. Zhang, Xuanyu & Fan, Xiaoyun, 2025. "On the demand for various CBDC designs: A quantitative decomposition of currency spill-over based on the complementary role," International Review of Economics & Finance, Elsevier, vol. 103(C).
    54. Le, Anh H., 2022. "Central bank digital currency and cryptocurrency in emerging markets," MPRA Paper 114734, University Library of Munich, Germany.
    55. Julián A. Parra & Carlos Arango - Joaqu�n Bernal & Jos� E. G�mez - Javier G�mez & Carlos Le�n - Clara Machado & Daniel Osorio - Daniel Rojas & Nicol�s Su�rez - Eduardo Yanquen, 2019. "Criptoactivos: análisis y revisión de literatura," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, issue 92, pages 1-37.
    56. Andrea Canidio & Vincent Danos & Stefania Marcassa & Julien Prat, 2021. "Tokens and ICOs: A Review of the Economic Literature," Post-Print hal-03678409, HAL.
    57. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    58. Rick Bohte & Luca Rossini, 2019. "Comparing the Forecasting of Cryptocurrencies by Bayesian Time-Varying Volatility Models," JRFM, MDPI, vol. 12(3), pages 1-18, September.
    59. Emiliano S Pagnotta, 2022. "Decentralizing Money: Bitcoin Prices and Blockchain Security," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 866-907.
    60. Max Fuchs, 2022. "CBDC as Competitor for Bank Deposits and Cryptocurrencies," MAGKS Papers on Economics 202210, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    61. Choi, Michael & Rocheteau, Guillaume, 2022. "Money mining and price dynamics: The case of divisible currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    62. Garratt, Rodney & Wallace, Neil, 2016. "Bitcoin 1, Bitcoin 2, ... : An experiment in privately issued outside monies," University of California at Santa Barbara, Economics Working Paper Series qt91c7x1js, Department of Economics, UC Santa Barbara.
    63. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    64. Kee-Youn Kang, 2023. "Cryptocurrency and double spending history: transactions with zero confirmation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 453-491, February.
    65. Clemens Graf von Luckner & Carmen Reinhart & Kenneth Rogoff, 2023. "Decrypting New Age International Capital Flows," Post-Print hal-04603357, HAL.
    66. Jermann, Urban & Xiang, Haotian, 2025. "Tokenomics: Optimal monetary and fee policies," Journal of Monetary Economics, Elsevier, vol. 155(C).
    67. Apergis, Nicholas & Koutmos, Dimitrios & Payne, James E., 2021. "Convergence in cryptocurrency prices? the role of market microstructure," Finance Research Letters, Elsevier, vol. 40(C).
    68. Barrdear, John & Kumhof, Michael, 2022. "The macroeconomics of central bank digital currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    69. David Lee Kuo Chuen & Yang Li, 2025. "Blockchain innovation in promoting employment," Papers 2502.15549, arXiv.org.
    70. Jonathan Chiu & Thorsten V. Koeppl, 2017. "The Economics Of Cryptocurrencies - Bitcoin And Beyond," Working Paper 1389, Economics Department, Queen's University.
    71. Burda, Michael C., 2021. "Valuing cryptocurrencies: Three easy pieces," IRTG 1792 Discussion Papers 2021-011, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    72. Stylianos Asimakopoulos & Marco Lorusso & Francesco Ravazzolo, 2019. "A New Economic Framework: A DSGE Model with Cryptocurrency," Working Papers No 07/2019, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    73. Pourpourides, Panayiotis, 2023. "Long-Term Nexus of Macroeconomic and Financial Fundamentals with Cryptocurrencies," Cardiff Economics Working Papers E2023/23, Cardiff University, Cardiff Business School, Economics Section.
    74. Miklesh Prasad Yadav & Atul Kumar & Vidhi Tyagi, 2023. "Adaptive Market Hypothesis and Cointegration: An Evidence of the Cryptocurrency Market," Contemporary Studies in Economic and Financial Analysis, in: Smart Analytics, Artificial Intelligence and Sustainable Performance Management in a Global Digitalised Economy, volume 110, pages 27-43, Emerald Group Publishing Limited.
    75. John Beirne & Nuobu Renzhi & Ulrich Volz, 2022. "Nonbank Finance and Monetary Policy Transmission in Asia," ADBI Working Papers 1303, Asian Development Bank Institute.
    76. Lawrence H. White, 2022. "The private mint in economics: evidence from the American gold rushes," Economic History Review, Economic History Society, vol. 75(1), pages 3-21, February.
    77. Michael Choi & Guillaume Rocheteau, 2019. "Money Mining and Price Dynamics," 2019 Meeting Papers 74, Society for Economic Dynamics.
    78. Giancarlo Giudici & Alistair Milne & Dmitri Vinogradov, 2020. "Cryptocurrencies: market analysis and perspectives," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 47(1), pages 1-18, March.
    79. Luca Marchiori, 2018. "Monetary theory reversed: Virtual currency issuance and miners’ remuneration," BCL working papers 115, Central Bank of Luxembourg.
    80. Guizhou Wang & Kjell Hausken, 2022. "Competition between Variable–Supply and Fixed–Supply Currencies," Economies, MDPI, vol. 10(11), pages 1-20, October.
    81. John Barrdear & Michael Kumhof, 2016. "The macroeconomics of central bank issued digital currencies," Bank of England working papers 605, Bank of England.
    82. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).
    83. Allen, Franklin & Gu, Xian & Jagtiani, Julapa, 2022. "Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China," Journal of International Money and Finance, Elsevier, vol. 124(C).
    84. Linda Schilling & Jesús Fernández-Villaverde & Harald Uhlig, 2020. "Central Bank Digital Currency: When Price and Bank Stability Collide," CESifo Working Paper Series 8773, CESifo.
    85. Milutinovic, Monia, 2018. "Cryptocurrency," Ekonomika, Journal for Economic Theory and Practice and Social Issues, Society of Economists Ekonomika, Nis, Serbia, vol. 64(01), March.
    86. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Discussion Paper 2026-006, Tilburg University, Center for Economic Research.
    87. Bertrand Crettez & Lisa Morhaim, 2022. "General equilibrium cryptocurrency pricing in an OLG model," Post-Print hal-04103599, HAL.
    88. Jonathan Chiu & Mohammad Davoodalhosseini, 2021. "Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design," Staff Working Papers 21-63, Bank of Canada.
    89. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.
    90. Gronwald, Marc, 2019. "Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply," Journal of International Money and Finance, Elsevier, vol. 97(C), pages 86-92.
    91. Nils Herger, 2019. "Unregulated and regulated free banking. The case of Switzerland reinterpreted," Working Papers 19.06, Swiss National Bank, Study Center Gerzensee.
    92. Almosova, Anna, 2018. "A Monetary Model of Blockchain," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181502, Verein für Socialpolitik / German Economic Association.
    93. Carli, Francesco & Uras, Burak, 2022. "Money, e-money and consumer welfare," Bank of Finland Research Discussion Papers 15/2022, Bank of Finland.
    94. Chin‐Yoong Wong & Yoke‐Kee Eng, 2020. "P2P finance and the effectiveness of monetary controls," Manchester School, University of Manchester, vol. 88(4), pages 617-639, July.
    95. Guizhou Wang & Kjell Hausken, 2022. "The evolution of fixed-supply and variable-supply currencies," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 9(1), pages 1-12, December.
    96. Hilde C. Bjørnland & Jamie L. Cross & Felix Kapfhammer, 2023. "The Drivers of Emission Reductions in the European Carbon Market," Working Papers No 08/2023, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    97. Cristian Frasser & Lucie Lebeau, 2023. "Complementary Currencies and Liquidity: The Case of Coca-Base Money," Working Papers 2307, Federal Reserve Bank of Dallas.
    98. Yukun Liu & Aleh Tsyvinski & Xi Wu, 2022. "Common Risk Factors in Cryptocurrency," Journal of Finance, American Finance Association, vol. 77(2), pages 1133-1177, April.
    99. Wang, Guizhou & Hausken, Kjell, 2024. "Hard money and fiat money in an inflationary world," Research in International Business and Finance, Elsevier, vol. 67(PB).
    100. Camilla Muglia & Luca Santabarbara & Stefano Grassi, 2019. "Is Bitcoin a Relevant Predictor of Standard & Poor’s 500?," JRFM, MDPI, vol. 12(2), pages 1-10, May.
    101. Daisuke Ikeda, 2022. "Digital Money as a Medium of Exchange and Monetary Policy in Open Economies," IMES Discussion Paper Series 22-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
    102. Alexis Derviz, 2019. "Coexistence of Physical and Crypto Assets in a Stochastic Endogenous Growth Model," Working Papers 2019/7, Czech National Bank, Research and Statistics Department.
    103. Marchiori, Luca, 2021. "Monetary theory reversed: Virtual currency issuance and the inflation tax," Journal of International Money and Finance, Elsevier, vol. 117(C).
    104. Christoph Frei & Qianhong Huang, 2023. "Traditional and digital currencies in over-the-counter markets," Mathematics and Financial Economics, Springer, volume 17, number 4, January.
    105. Jermann, Urban J., 2021. "Cryptocurrencies and Cagan’s model of hyperinflation," Journal of Macroeconomics, Elsevier, vol. 69(C).
    106. Daehan Kim & Jing (Maggie) Chen & Doojin Ryu & Robert I. Webb, 2025. "Bitcoin as a Legal Tender," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 32(4), pages 1175-1188, December.
    107. Amol Amol & Erzo G. J. Luttmer, 2024. "Unique Implementation of Permanent Primary Deficits?," Working Papers 807, Federal Reserve Bank of Minneapolis.
    108. Fabian Mayer & Peter Bofinger, 2024. "Cryptocurrency competition: empirical testing of Hayek’s vision of private monies," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-46, December.

  8. Cyril Monnet & Daniel R. Sanches, 2015. "Private money and banking regulation," Working Papers 15-19, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Park, Jaevin & Kwon, Ohik, 2023. "Stablecoins: Legal restrictions theory and monetary policy," Economics Letters, Elsevier, vol. 226(C).
    2. Lukas Altermatt, 2019. "Inside Money, Investment, and Unconventional Monetary Policy," 2019 Meeting Papers 470, Society for Economic Dynamics.
    3. Jesus Fernandez-Villaverde & Daniel Sanches, 2016. "Can Currency Competition Work?," PIER Working Paper Archive 16-008, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 03 Apr 2016.
    4. Edgar A. Ghossoub & Robert R. Reed, 2021. "Banking Competition, Capital Accumulation, And Interest On Reserves," Economic Inquiry, Western Economic Association International, vol. 59(2), pages 671-695, April.
    5. Hajime Tomura, 2019. "On Separation between Payment and Saving Instruments," Working Papers 1813, Waseda University, Faculty of Political Science and Economics.
    6. Malavika Nair & Rahimat Emozozo, 2018. "Electronic Currency In Africa: M†Pesa As Private Inside Money," Economic Affairs, Wiley Blackwell, vol. 38(2), pages 197-206, June.
    7. Stephan Imhof & Cyril Monnet & Shengxing Zhang, 2018. "The Risk-Taking Channel of Liquidity Regulations and Monetary Policy," Working Papers 18.03, Swiss National Bank, Study Center Gerzensee.
    8. Jess Benhabib & Jianjun Miao & Pengfei Wang, 2016. "Chaotic banking crises and regulations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(2), pages 393-422, February.
    9. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    10. Salter, Alexander & Tarko, Vlad, 2017. "Governing the Financial System: A Theory of Financial Resilience," Working Papers 06954, George Mason University, Mercatus Center.
    11. Abreu, Emmanuel Sousa de & Kimura, Herbert & Sobreiro, Vinicius Amorim, 2019. "What is going on with studies on banking efficiency?," Research in International Business and Finance, Elsevier, vol. 47(C), pages 195-219.
    12. Grodecka-Messi, Anna & Zhang, Xin, 2025. "Central Bank Liquidity Support, Bank Lending, and the End of Currency Competition," Working Paper Series 454, Sveriges Riksbank (Central Bank of Sweden).
    13. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    14. Lukas Altermatt, 2019. "Bank lending, financial frictions, and inside money creation," ECON - Working Papers 325, Department of Economics - University of Zurich.
    15. Robert Kirkby, 2018. "Cryptocurrencies and Digital Fiat Currencies," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 527-539, December.
    16. Hu, Tai-Wei & Li, Yiting & Liu, Yilei, 2025. "Optimal banking regulation and monetary policy," European Economic Review, Elsevier, vol. 178(C).
    17. Gu, Chao & Monnet, Cyril & Nosal, Ed & Wright, Randall, 2023. "Diamond–Dybvig and beyond: On the instability of banking," European Economic Review, Elsevier, vol. 154(C).
    18. Stephen D. Williamson, 2014. "Scarce collateral, the term premium, and quantitative easing," Working Papers 2014-8, Federal Reserve Bank of St. Louis.
    19. Wang, Tianxi, 2021. "Government Bonds, Bank Liquidity and Non-Neutrality of Monetary Policy in the Steady," Economics Discussion Papers 29502, University of Essex, Department of Economics.
    20. Hajime Tomura, 2020. "A Model of Bank-Note Runs," Working Papers 1922, Waseda University, Faculty of Political Science and Economics.
    21. Ohik Kwon & Jaevin Park, 2018. "E-money: Legal Restrictions Theory and Monetary Policy," Working Papers 2018-17, Economic Research Institute, Bank of Korea.

  9. Daniel R. Sanches, 2014. "Banking panics and protracted recessions," Working Papers 14-37, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Donaldson, Jason Roderick & Piacentino, Giorgia, 2022. "Money runs," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 35-57.
    2. Donaldson, Jason & Piacentino, Giorgia, 2019. "Money Runs," CEPR Discussion Papers 13955, C.E.P.R. Discussion Papers.

  10. Daniel R. Sanches, 2013. "Banking crises and the role of bank coalitions," Working Papers 13-28, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Daniel R. Sanches, 2013. "On the welfare properties of fractional reserve banking," Working Papers 13-32, Federal Reserve Bank of Philadelphia.

  11. Daniel R. Sanches, 2012. "On the inherent instability of private money," Working Papers 12-19, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Hanna Armelius & Carl Andreas Claussen & Scott Hendry, 2020. "Is Central Bank Currency Fundamental to the Monetary System?," Discussion Papers 2020-2, Bank of Canada.
    2. Donaldson, Jason Roderick & Piacentino, Giorgia, 2022. "Money runs," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 35-57.
    3. Jesus Fernandez-Villaverde & Daniel Sanches, 2016. "Can Currency Competition Work?," PIER Working Paper Archive 16-008, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 03 Apr 2016.
    4. Hajime Tomura, 2019. "On Separation between Payment and Saving Instruments," Working Papers 1813, Waseda University, Faculty of Political Science and Economics.
    5. Stephan Imhof & Cyril Monnet & Shengxing Zhang, 2018. "The Risk-Taking Channel of Liquidity Regulations and Monetary Policy," Working Papers 18.03, Swiss National Bank, Study Center Gerzensee.
    6. Shao, Enchuan & Fung, Ben S.C., 2016. "Counterfeit quality and verification in a monetary exchange," Economic Modelling, Elsevier, vol. 52(PA), pages 13-25.
    7. Jess Benhabib & Jianjun Miao & Pengfei Wang, 2016. "Chaotic banking crises and regulations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(2), pages 393-422, February.
    8. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    9. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    10. Jason R. Donaldson & Giorgia Piacentino, 2019. "Money Runs," NBER Working Papers 26298, National Bureau of Economic Research, Inc.
    11. Salter, Alexander & Tarko, Vlad, 2017. "Governing the Financial System: A Theory of Financial Resilience," Working Papers 06954, George Mason University, Mercatus Center.
    12. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    13. Jamal Bouoiyour & Refk Selmi & Olivier Hueber, 2019. "Low on Trust and High on Risks: Is Sidechain a Good Solution to Bitcoin Problems?," Working Papers hal-02348406, HAL.
    14. Joshua Aizenman, 2019. "Macroeconomics Challenges and Resilience of Emerging Market Economies," NBER Working Papers 26361, National Bureau of Economic Research, Inc.
    15. Gronwald, Marc, 2019. "Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply," Journal of International Money and Finance, Elsevier, vol. 97(C), pages 86-92.
    16. Donaldson, Jason & Piacentino, Giorgia, 2019. "Money Runs," CEPR Discussion Papers 13955, C.E.P.R. Discussion Papers.
    17. Olivier Hueber, 2018. "The blockchain and the sidechain innovations for the electronic commerce beyond the Bitcoin's framework," Post-Print hal-01919094, HAL.

  12. Cyril Monnet & Daniel R. Sanches, 2012. "Private liquidity and banking regulation," Working Papers 12-11, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Daniel R. Sanches, 2012. "On the inherent instability of private money," Working Papers 12-19, Federal Reserve Bank of Philadelphia.
    2. Chao Gu & Fabrizio Mattesini & Randall Wright, 2013. "Banking: A New Monetarist Approach," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(2), pages 636-662.
    3. Josef Schroth, 2016. "Optimal Intermediary Rents," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(1), pages 98-118, January.

  13. Pedro Gomis-Porqueras & Daniel R. Sanches, 2011. "Optimal monetary policy in a model of money and credit," Working Papers 11-28, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Xavier Ragot, 2018. "Limited Participation, Capital Accumulation and Optimal Monetary Policy," Working Papers hal-03444395, HAL.
    2. Luis Araujo & Leo Ferraris, 2019. "The Societal Benefits of Money and Interest Bearing Debt," CEIS Research Paper 453, Tor Vergata University, CEIS, revised 19 Feb 2019.
    3. Araujo, Luis & Camargo, Braz, 2015. "Limited monitoring and the essentiality of money," Journal of Mathematical Economics, Elsevier, vol. 58(C), pages 32-37.
    4. Ohik Kwon & Manjong Lee, 2020. "Credit Market Frictions and Coessentiality of Money and Credit," Working Papers 2020-23, Economic Research Institute, Bank of Korea.
    5. Vincent Bignon & Régis Breton & Mariana Rojas Breu, 2019. "Currency union with or without banking union," Post-Print hal-02313956, HAL.
    6. Kui-Wai Li, 2017. "Is there an ‘interest rate – speculation’ relationship? Evidence from G7 in the pre- and post-2008 crisis," Applied Economics, Taylor & Francis Journals, vol. 49(21), pages 2041-2059, May.
    7. Davoodalhosseini, Seyed Mohammadreza, 2022. "Central bank digital currency and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    8. Li, Ying-Syuan & Li, Yiting, 2013. "Liquidity and asset prices: A new monetarist approach," Journal of Monetary Economics, Elsevier, vol. 60(4), pages 426-438.
    9. Kui-Wai, Li & Bharat R., Hazari, 2015. "The Possible Tragedy of Quantitative Easing: An IS-LM Approach," MPRA Paper 64652, University Library of Munich, Germany.
    10. Paola Boel & Christopher J. Waller, 2020. "On the Essentiality of Credit and Banking at the Friedman Rule," Working Papers 2020-018, Federal Reserve Bank of St. Louis.
    11. Maciej Ryczkowski, 2020. "Money and credit during normal times and house price booms: evidence from time-frequency analysis," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(4), pages 835-861, November.
    12. Lotz, Sebastien & Zhang, Cathy, 2015. "Money and Credit as Means of Payment: A New Monetarist Approach," MPRA Paper 64535, University Library of Munich, Germany.
    13. Hiraguchi Ryoji, 2017. "Optimal Monetary Policy in an Overlapping Generations Model with Search Theoretic Monetary Exchange," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 17(2), pages 1-14, June.
    14. Chao Gu & Fabrizio Mattesini & Randall Wright, 2016. "Money and Credit Redux," Econometrica, Econometric Society, vol. 84, pages 1-32, January.
    15. van Buggenum, Hugo & Rabinovich, Stanislav, 2023. "Co-essentiality of money and credit: A mechanism-design view," Journal of Economic Theory, Elsevier, vol. 213(C).
    16. Alessandro Mennuni, 2025. "Money and Credit Coexistence, Excess Capacity, and the Size of Monetary Aggregates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(2-3), pages 477-513, March.
    17. Mei Dong & Stella Huangfu, 2021. "Money and Costly Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(6), pages 1449-1478, September.
    18. Lucy Qian Liu & Liang Wang & Randall Wright, 2015. "Costly Credit and Sticky Prices," Working Papers 201505, University of Hawaii at Manoa, Department of Economics.
    19. Samuel Huber & Jaehong Kim, 2017. "An overlapping generations model for monetary policy analysis," ECON - Working Papers 272, Department of Economics - University of Zurich.
    20. Gomis-Porqueras, Pedro & Sun, Ching-jen, 2019. "Fiat Money as a Public Signal, Medium of Exchange, and Punishment," MPRA Paper 94327, University Library of Munich, Germany.
    21. Liang Wang & Randall Wright & Lucy Qian Liu, 2020. "Sticky Prices and Costly Credit," Working Papers 202001, University of Hawaii at Manoa, Department of Economics.
    22. Franz Seitz & Markus A. Schmidt, 2014. "Money In Modern Macro Models: A Review of the Arguments," Journal of Reviews on Global Economics, Lifescience Global, vol. 3, pages 156-174.
    23. Araujo, Luis & Hu, Tai-Wei, 2018. "Optimal monetary interventions in credit markets," Journal of Economic Theory, Elsevier, vol. 178(C), pages 455-487.
    24. Pedro Gomis-Porqueras & Christopher J. Waller, 2017. "Optimal Taxes Under Private Information: The Role of the Inflation," Working Papers 2017-014, Federal Reserve Bank of St. Louis, revised 20 Aug 2020.
    25. Paola Boel & Christopher J. Waller, 2023. "On the Essentiality of Credit and Banking at Zero Interest Rates," Working Papers 23-13, Federal Reserve Bank of Cleveland.
    26. Vincent Bignon & Régis Breton & Mariana Rojas Breu, 2018. "Currency Union with and without Banking Union," Working Papers hal-01685893, HAL.
    27. Huber, Samuel & Kim, Jaehong, 2017. "On the optimal quantity of liquid bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 79(C), pages 184-200.
    28. Janet Hua Jiang & Enchuan Shao, 2020. "The Cash Paradox," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 177-197, April.
    29. Zachary Bethune & Guillaume Rocheteau & Peter Rupert, 2015. "Aggregate Unemployment and Household Unsecured Debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 77-100, January.
    30. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).

  14. Daniel R. Sanches, 2010. "A dynamic model of unsecured credit," Working Papers 11-2, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Mohammed Ait Lahcen & Pedro Gomis-Porqueras, 2018. "A model of endogenous financial inclusion: implications for inequality and monetary policy," ECON - Working Papers 310, Department of Economics - University of Zurich, revised Feb 2021.
    2. Alin OPREANA & Simona VINEREAN, 2015. "Analysis of the Economic Research Context after the Outbreak of the Economic Crisis of 2007-2009," Expert Journal of Economics, Sprint Investify, vol. 3(1), pages 77-92.
    3. Suting Hong & Robert M. Hunt & Konstantinos Serfes, 2023. "Dynamic Pricing of Credit Cards and the Effects of Regulation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 64(1), pages 81-131, August.
    4. Jonathan Chiu & Mei Dong & Enchuan Shao, 2012. "On the Welfare Effects of Credit Arrangements," Staff Working Papers 12-43, Bank of Canada.
    5. Harwick, Cameron & Caton, James, 2022. "What’s holding back blockchain finance? On the possibility of decentralized autonomous finance," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 420-429.
    6. Pedro Gomis‐Porqueras & Daniel Sanches, 2013. "Optimal Monetary Policy in a Model of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 701-730, June.
    7. Makoto WATANABE & Yu Awaya & Hiroki Fukai, 2024. "Transparency vs Privacy in Credit Markets," CIGS Working Paper Series 24-022E, The Canon Institute for Global Studies.

  15. Williamson, Stephen & Sanches, Daniel, 2009. "Money and Credit With Limited Commitment and Theft," MPRA Paper 20690, University Library of Munich, Germany.

    Cited by:

    1. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    2. Luis Araujo & Leo Ferraris, 2019. "The Societal Benefits of Money and Interest Bearing Debt," CEIS Research Paper 453, Tor Vergata University, CEIS, revised 19 Feb 2019.
    3. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and other Financial Intermediation," Diskussionsschriften dp1902, Universitaet Bern, Departement Volkswirtschaft.
    4. Araujo, Luis & Camargo, Braz, 2015. "Limited monitoring and the essentiality of money," Journal of Mathematical Economics, Elsevier, vol. 58(C), pages 32-37.
    5. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Other publications TiSEM b35a98be-6600-4dcd-8010-b, Tilburg University, School of Economics and Management.
    6. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    7. Alin OPREANA & Simona VINEREAN, 2015. "Analysis of the Economic Research Context after the Outbreak of the Economic Crisis of 2007-2009," Expert Journal of Economics, Sprint Investify, vol. 3(1), pages 77-92.
    8. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    9. Randall Wright & Cyril Monnet & Fabrizio Mattesini, 2009. "Banking: a mechanism design approach," 2009 Meeting Papers 635, Society for Economic Dynamics.
    10. Araújo, Luís & Guimarães, Bernardo de Vasconcellos, 2015. "A coordination approach to the essentiality of money," Textos para discussão 381, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    11. Seon Tae Kim & Alessandro Marchesiani, 2024. "Market intelligence gathering, asymmetric information, and the instability of money demand," Economic Inquiry, Western Economic Association International, vol. 62(3), pages 1216-1245, July.
    12. Jonathan Chiu & Mei Dong & Enchuan Shao, 2012. "On the Welfare Effects of Credit Arrangements," Staff Working Papers 12-43, Bank of Canada.
    13. Lukas Altermatt & Christian Wipf, 2020. "Liquidity, the Mundell-Tobin Effect, and the Friedman Rule," Diskussionsschriften dp2013, Universitaet Bern, Departement Volkswirtschaft.
    14. Stephen D. Williamson, 2014. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," Working Papers 2014-26, Federal Reserve Bank of St. Louis.
    15. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    16. Fernando Alvarez & Francesco Lippi & Roberto Robatto, 2019. "Cost of Inflation in Inventory Theoretical Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 32, pages 206-226, April.
    17. Bruno Karoubi & R駩s Chenavaz, 2015. "Prices for cash and cash for prices? Theory and evidence on convenient pricing," Applied Economics, Taylor & Francis Journals, vol. 47(38), pages 4102-4115, August.
    18. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    19. Lotz, Sebastien & Zhang, Cathy, 2015. "Money and Credit as Means of Payment: A New Monetarist Approach," MPRA Paper 64535, University Library of Munich, Germany.
    20. Cyril Monnet, 2011. "Discussion of “Counterfeiting as Private Money in Mechanism Design”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 637-643, October.
    21. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and Financial Intermediation," Working Papers 1901, Department of Economics, University of Missouri.
    22. Chao Gu & Randall Wright, 2011. "Endogenous Credit Cycles," NBER Working Papers 17510, National Bureau of Economic Research, Inc.
    23. Ed Nosal & Christopher J. Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series WP-2010-14, Federal Reserve Bank of Chicago.
    24. Russell Wong & Cathy Zhang & Guillaume Rocheteau, 2017. "Lending Relationships, Banking Crises and Optimal Monetary Policies," 2017 Meeting Papers 152, Society for Economic Dynamics.
    25. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    26. Choi, Hyung Sun, 2014. "Money, credit, risk of loss, and limited participation," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 9-23.
    27. Chao Gu & Fabrizio Mattesini & Randall Wright, 2016. "Money and Credit Redux," Econometrica, Econometric Society, vol. 84, pages 1-32, January.
    28. Kang, Kee-Youn & Jang, Inkee, 2020. "Dynamic Adverse Selection and Belief Update in Credit Markets," MPRA Paper 99071, University Library of Munich, Germany.
    29. Randall Wright & Cathy Zhang & Guillaume Rocheteau, 2016. "Corporate Finance and Monetary Policy," 2016 Meeting Papers 97, Society for Economic Dynamics.
    30. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.
    31. Kee-Youn Kang, 2023. "Cryptocurrency and double spending history: transactions with zero confirmation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 453-491, February.
    32. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    33. Choi, Hyung Sun, 2013. "Money and risk of loss in an asset market segmentation model," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 146-155.
    34. Costas Azariadis & James B. Bullard & Aarti Singh & Jacek Suda, 2015. "Incomplete Credit Markets and Monetary Policy," Working Papers 2015-10, Federal Reserve Bank of St. Louis.
    35. James B. Bullard & Aarti Singh, 2016. "Incomplete Credit Markets and Monetary Policy with Heterogeneous Labor Supply : a presentation at Bank of Korea 2016 Conference, Employment and Growth, Seoul, Korea, May 30, 2016," Speech 270, Federal Reserve Bank of St. Louis.
    36. Pedro Gomis-Porqueras & Daniel R. Sanches, 2010. "Optimal monetary policy in a model of money and credit," Working Papers 11-4, Federal Reserve Bank of Philadelphia.
    37. Beck, T.H.L. & Pamuk, H. & Ramrattan, R. & Uras, R.B., 2015. "Mobile Money, Trade Credit and Economic Development : Theory and Evidence," Discussion Paper 2015-023, Tilburg University, Center for Economic Research.
    38. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    39. Zachary Bethune & Tai-Wei Hu & Guillaume Rocheteau, 2018. "Optimal Credit Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 27, pages 231-245, January.
    40. Hazra, Devika, 2017. "Monetary policy and alternative means of payment," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 378-387.
    41. Choi, Hyung Sun, 2019. "Money, debit card, gross-settlement risk, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    42. Syngjoo Choi & Bongseop Kim & Young Sik Kim & Ohik Kwon, 2025. "Central Bank Digital Currency And Privacy: A Randomized Survey Experiment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(2), pages 823-847, May.
    43. Kang, Kee-Youn, 2017. "Counterfeiting, screening and government policy," Journal of Economic Theory, Elsevier, vol. 172(C), pages 26-54.
    44. Giorgia Piacentino & Anjan Thakor & Jason Donaldson, 2016. "Warehouse Banking," 2016 Meeting Papers 588, Society for Economic Dynamics.
    45. Ohik Kwon & Manjong Lee, 2024. "Credit Market Frictions and Coessentiality of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(1), pages 257-278, February.
    46. Gu, Chao & Monnet, Cyril & Nosal, Ed & Wright, Randall, 2023. "Diamond–Dybvig and beyond: On the instability of banking," European Economic Review, Elsevier, vol. 154(C).
    47. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Discussion Paper 2026-006, Tilburg University, Center for Economic Research.
    48. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers 601, Society for Economic Dynamics.
    49. Francesca Carapella, 2017. "Credit markets, Limited commitment and Optimal monetary policy," 2017 Meeting Papers 1523, Society for Economic Dynamics.
    50. Moscarini, Giuseppe & Wright, Randall, 2010. "Introduction to Search Theory and Applications," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1319-1324, July.
    51. Araujo, Luis & Hu, Tai-Wei, 2018. "Optimal monetary interventions in credit markets," Journal of Economic Theory, Elsevier, vol. 178(C), pages 455-487.
    52. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    53. Sébastien Lotz & Françoise Vasselin, 2019. "A New Monetarist Model Of Fiat And E‐Money," Economic Inquiry, Western Economic Association International, vol. 57(1), pages 498-514, January.
    54. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    55. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    56. Mohammed Ait Lahcen & Pedro Gomis‐Porqueras, 2021. "A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(5), pages 1175-1209, August.
    57. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
    58. Dotsey, Michael & Guerron-Quintana, Pablo A., 2016. "Interest rates and prices in an inventory model of money with credit," Journal of Monetary Economics, Elsevier, vol. 83(C), pages 71-89.
    59. Alejandro SALAZAR-ADAMS & Nicolás PINEDA-PABLOS, 2010. "Policies for Meeting Future Water Needs in Mexican Cities," EcoMod2010 259600147, EcoMod.
    60. Becsi, Zsolt & Li, Victor E. & Wang, Ping, 2013. "Credit mismatch and breakdown," European Economic Review, Elsevier, vol. 59(C), pages 109-125.
    61. Tanaka, Yoshitaka, 2019. "Reallocation of production inputs in a monetary economy," Economics Letters, Elsevier, vol. 183(C), pages 1-1.
    62. Stephen Williamson, 2014. "Central Bank Purchases of Private Assets," 2014 Meeting Papers 208, Society for Economic Dynamics.
    63. Mei Dong, 2011. "Money and Costly Credit," Staff Working Papers 11-7, Bank of Canada.
    64. Beck, Thorsten & Pamuk, Haki & Ramrattan, Ravindra & Uras, Burak R., 2018. "Payment instruments, finance and development," Journal of Development Economics, Elsevier, vol. 133(C), pages 162-186.
    65. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    66. David Andolfatto & Stephen D. Williamson, 2015. "Scarcity of Safe Assets, Inflation, and the Policy Trap," Working Papers 2015-2, Federal Reserve Bank of St. Louis.
    67. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.
    68. Boragan Aruoba & Morris Davis & Randall Wright, 2016. "Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 21, pages 105-124, July.
    69. Janet Hua Jiang & Enchuan Shao, 2020. "The Cash Paradox," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 177-197, April.
    70. Zachary Bethune & Guillaume Rocheteau & Peter Rupert, 2015. "Aggregate Unemployment and Household Unsecured Debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 77-100, January.
    71. Thorsten Beck & Ravindra Ramrattan & Haki Pamuk & Burak R. Uras, 2016. "Payment Instruments, Enforceability and Development: Evidence from Mobile Money Technology," 2016 Meeting Papers 198, Society for Economic Dynamics.
    72. Yu Awaya & Hiroki Fukai & Makoto Watanabe, 2021. "A Model Of Collateral: Endogenizing The Borrowing Constraint," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(3), pages 1131-1151, August.
    73. Chao He & Randall Wright & Yu Zhu, 2015. "Housing and Liquidity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 435-455, July.
    74. Cyril Monnet, 2010. "Comment on Cavalcanti and Nosal's \"Counterfeiting as private money in mechanism design\"," Working Papers 10-29, Federal Reserve Bank of Philadelphia.
    75. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    76. Ohik Kwon & Jaevin Park, 2018. "E-money: Legal Restrictions Theory and Monetary Policy," Working Papers 2018-17, Economic Research Institute, Bank of Korea.

  16. Williamson, Stephen & Sanches, Daniel, 2009. "Adverse Selection, Segmented Markets, and the Role of Monetary Policy," MPRA Paper 20691, University Library of Munich, Germany.

    Cited by:

    1. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    2. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.

  17. Stephen Williamson & Daniel Sanches, 2008. "Money and Credit with Limited Commitment," 2008 Meeting Papers 502, Society for Economic Dynamics.

    Cited by:

    1. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    2. Randall Wright & Cyril Monnet & Fabrizio Mattesini, 2009. "Banking: a mechanism design approach," 2009 Meeting Papers 635, Society for Economic Dynamics.
    3. Aleksander Berentsen & Cyril Monnet, 2008. "Monetary policy in a channel system," Working Papers 08-7, Federal Reserve Bank of Philadelphia.
    4. Mei Dong, 2009. "Money and Costly Credit," 2009 Meeting Papers 404, Society for Economic Dynamics.
    5. Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
    6. David Andolfatto, 2011. "The simple analytics of money and credit in a quasi-linear environment," Working Papers 2011-038, Federal Reserve Bank of St. Louis.
    7. Andolfatto, David, 2010. "Essential interest-bearing money," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1495-1507, July.
    8. Stephen Williamson & Francesca Carapella, 2012. "Credit Markets, Limited Commitment, and Government Debt," 2012 Meeting Papers 226, Society for Economic Dynamics.

Articles

  1. Jesus Fernandez-Villaverde & Daniel Sanches & Linda Schilling & Harald Uhlig, 2021. "Central Bank Digital Currency: Central Banking For All?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 225-242, July.
    See citations under working paper version above.
  2. Daniel R. Sanches, 2020. "Central Bank Digital Currency: Is It a Good Idea?," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 5(2), pages 9-15, June.

    Cited by:

    1. Chiu, Jonathan & Wong, Tsz-Nga, 2022. "Payments on digital platforms: Resiliency, interoperability and welfare," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    2. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    3. Raphael Auer & Rainer Boehme, 2021. "Central bank digital currency: the quest for minimally invasive technology," BIS Working Papers 948, Bank for International Settlements.
    4. Ferrari Minesso, Massimo & Mehl, Arnaud & Stracca, Livio, 2020. "Central bank digital currency in an open economy," Working Paper Series 2488, European Central Bank.
    5. Ahnert, Toni & Hoffmann, Peter & Leonello, Agnese & Porcellacchia, Davide, 2023. "Central Bank Digital Currency and financial stability," Working Paper Series 2783, European Central Bank.
    6. Aslanidis, Nektarios & Bariviera, Aurelio F. & López, Óscar G., 2022. "The link between cryptocurrencies and Google Trends attention," Finance Research Letters, Elsevier, vol. 47(PA).
    7. Eun Young Oh & Shuonan Zhang, 2020. "Informal economy and central bank digital currency," Working Papers in Economics & Finance 2020-11, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group, revised 23 Jun 2022.
    8. Alexandra Mitschke, 2021. "Central Bank Digital Currencies and Monetary Policy Effectiveness in the Euro Area," Working Papers Dissertations 74, Paderborn University, Faculty of Business Administration and Economics.
    9. Franklin Allen & Julapa Jagtiani, 2020. "A Survey of Fintech Research and Policy Discussion," Working Papers 20-21, Federal Reserve Bank of Philadelphia.
    10. Cheung, Yin-Wong, 2020. "A decade of RMB internationalization," BOFIT Policy Briefs 13/2020, Bank of Finland Institute for Emerging Economies (BOFIT).
    11. Auer, Raphael & Monnet, Cyril & Shin, Hyun Song, 2025. "Distributed ledgers and the governance of money," Journal of Financial Economics, Elsevier, vol. 167(C).
    12. Karau, Sören, 2023. "Central bank digital currency competition and the impossible trinity," Finance Research Letters, Elsevier, vol. 54(C).
    13. Jonathan Chiu & Mohammad Davoodalhosseini, 2021. "Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design," Staff Working Papers 21-63, Bank of Canada.
    14. Jon Frost & Hyun Song Shin & Peter Wierts, 2020. "An early stablecoin? The Bank of Amsterdam and the governance of money," Working Papers 696, DNB.
    15. Chen, Hongyi & Siklos, Pierre L., 2022. "Central bank digital currency: A review and some macro-financial implications," Journal of Financial Stability, Elsevier, vol. 60(C).
    16. Morales-Resendiz, Raúl & Ponce, Jorge & Picardo, Pablo & Velasco, Andrés & Chen, Bobby & Sanz, León & Guiborg, Gabriela & Segendorff, Björn & Vasquez, José Luis & Arroyo, John & Aguirre, Illich & Hayn, 2021. "Implementing a retail CBDC: Lessons learned and key insights," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(1).

  3. Daniel R. Sanches, 2018. "Bitcoin vs. the Buck: Is Currency Competition a Good Thing?," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 3(2), pages 9-14, April.

    Cited by:

    1. Hossein Nabilou, 2020. "Testing the waters of the Rubicon: the European Central Bank and central bank digital currencies," Journal of Banking Regulation, Palgrave Macmillan, vol. 21(4), pages 299-314, December.
    2. Gronwald, Marc, 2019. "Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply," Journal of International Money and Finance, Elsevier, vol. 97(C), pages 86-92.
    3. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.

  4. Daniel Sanches, 2018. "Banking Panics and Output Dynamics," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 29, pages 148-171, July.
    See citations under working paper version above.
  5. Daniel Sanches, 2016. "On the Inherent Instability of Private Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 198-214, April.
    See citations under working paper version above.
  6. Cyril Monnet & Daniel R. Sanches, 2015. "Private Money and Banking Regulation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(6), pages 1031-1062, September.
    See citations under working paper version above.
  7. Daniel R. Sanches, 2014. "Shadow banking and the crisis of 2007-08," Business Review, Federal Reserve Bank of Philadelphia, issue Q2, pages 7-14.

    Cited by:

    1. Mitchell Berlin, 2015. "New rules for foreign banks: what's at stake?," Business Review, Federal Reserve Bank of Philadelphia, issue Q1, pages 1-10.
    2. Anastasia Nesvetailova, 2015. "A Crisis of the Overcrowded Future: Shadow Banking and the Political Economy of Financial Innovation," New Political Economy, Taylor & Francis Journals, vol. 20(3), pages 431-453, June.
    3. Joseph Haslag, 2019. "On Processing Central Bank Communications: Can We Account for Fed Watching?," 2019 Meeting Papers 415, Society for Economic Dynamics.

  8. Pedro Gomis-Porqueras & Daniel Sanches, 2013. "Optimal Monetary Policy in a Model of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 701-730, June.
    See citations under working paper version above.
  9. Daniel R. Sanches, 2012. "The optimum quantity of money," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 8-15.

    Cited by:

    1. Daniel R. Sanches, 2014. "Shadow banking and the crisis of 2007-08," Business Review, Federal Reserve Bank of Philadelphia, issue Q2, pages 7-14.
    2. Lawrence H. White, 2025. "Should the Federal Reserve raise its inflation target?," Southern Economic Journal, John Wiley & Sons, vol. 91(4), pages 1372-1390, April.

  10. Sanches, Daniel & Williamson, Stephen, 2011. "Adverse Selection, Segmented Markets, And The Role Of Monetary Policy," Macroeconomic Dynamics, Cambridge University Press, vol. 15(S2), pages 269-292, September.
    See citations under working paper version above.
  11. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1941-1964, September.
    See citations under working paper version above.
  12. Sanches, Daniel & Williamson, Stephen, 2010. "Money and credit with limited commitment and theft," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1525-1549, July.
    See citations under working paper version above.

Software components

    Sorry, no citations of software components recorded.
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