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The Coming Battle of Digital Currencies

Simon Mayer , Lin William Cong (叢林)   Nov 28,2022

Working Paper No.00089-00

We model the dynamic competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs), whereby countries strategically digitize... Read More

Treasury Inconvenience Yields during the COVID-19 Crisis

Stefan Nagel,Zhaogang Song, Zhiguo He   Nov 07,2020

Working Paper No.00067-00

In sharp contrast to most previous crisis episodes, the Treasury market experienced severe stress and illiquidity during the COVID-19 crisis,... Read More