We use an agency model to address the benefits and costs of transparency in a hierarchical organization in which the principal employs a manager entrusted with contracting authority and several workers, all under conditions of moral hazard. We define the principal's transparency choices as a...

Central banks in developed financial jurisdictions such as the United States, European Union (EU) and United Kingdom (UK) have increasingly explored issuing a central bank digital currency (CBDC). The articulated rationale in policy papers revolve around providing choice in payment systems, but...