A model of over‐the‐counter markets is proposed. Some asset buyers are informed in that they can identify high‐quality assets. Sellers with private information choose wha[...]

This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks[...]

Many central banks are considering issuing a central bank digital currency (CBDC). How will the CBDC affect the macroeconomy? Will its design matter? To answer these ques[...]

Many central banks are contemplating whether to issue a central bank digital currency (CBDC). A CBDC has certain potential benefits, including the possibility that it can[...]

This paper studies constrained efficiency in Guerrieri et al.'s (2010) model of adverse selection and directed search. Buyers post contracts, and sellers with private inf[...]

Constrained efficiency is characterized in an asset market, subject to search frictions, where sellers are privately informed about the type of their asset. The type dete[...]

We present a policy framework for electronic money (e-money) and payments. The framework poses a set of positive questions related to the areas of responsibility of centr[...]

Supplemental material for peer-reviewed article published in Management Science. Paper published online August 31, 2023. When citing this dataset, please also cite the as[...]