Papers

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Central Bank Digital Currency and Financial Stability

Peter Hoffmann,Agnese Leonello,Davide Porcellacchia, Toni Ahnert   Feb 24,2025

Working Paper No.00100-04

We develop a model of financial intermediation with remunerated Central Bank Digital Currency (CBDC) as consumers’ alternative to bank deposits... Read More

Payments and privacy in the digital economy

Peter Hoffmann,Cyril Monnet, Toni Ahnert   Mar 02,2024

Working Paper No.00139-00

We propose a model of financial intermediation, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell... Read More