Safe assets play a critical role in an (y) economy. A safe asset is an asset that is (almost
always) valued at face value without expensive and prolonged analysis. By design, there is …

This paper provides an overview of the literature examining how the introduction of a CBDC
would affect the banking sector, financial stability, and the implementation and transmission …

In this chapter, we argue that the Federal Reserve should use its balance sheet to help
reduce a key threat to financial stability: the tendency for private-sector financial …

Most short-term interest rates in the euro area are below the European Central Bank deposit
facility rate, the rate at which the central bank remunerates banks for excess reserves. This …

Triffin gained enormous influence by reviving the interwar story that gold scarcity threatened
deflation. In particular, he held that central banks needed to accumulate claims on the …

The massive expansion of central-bank balance sheets in response to recent crises raises
important questions about the effects of such" quantitative easing" policies, both their effects …

This article reviews the literature examining how the introduction of a retail central bank
digital currency (CBDC) would affect a modern economy, focusing on the implications for the …

We quantify the scarcity value of Treasury collateral by estimating the impact of security-
specific demand and supply factors on the specific collateral repurchase agreement (repo) …

Using high‐frequency, granular panel data on short‐term debt securities issued in Europe,
we study the existence, empirical boundaries, and fragility of private assets' safety. We show …

Interbank money markets have been subject to substantial impairments in the recent
decade, such as a decline in unsecured lending and substantial increases in haircuts on …