This paper introduces an endogenous network of payment chains into a business cycle model. Motivated by evidence of linked payments across firms in Costa Rica, we develop a framework where production orders form bilateral relations: some payments are executed immediately, while others---chained...

This chapter traces the evolution from Payments 1.0 (cash) through 2.0 (cards), 3.0 (e-commerce and wallets), and 4.0 (real-time rails with machine learning) to Payments 5.0 agentic autonomy. Agentic payments are intelligent, intent-driven systems where software agents understand user goals,...

After years of investigation, the digital euro project has entered the legislative stage. Geoeconomic developments, especially the full-scale invasion of Ukraine in 2022 and the following regime of sanctions against Russia, as well as the economist-nationalist policies of the second Trump...

After years of investigation, the digital euro project has entered the legislative stage. Geoeconomic developments, especially the full-scale invasion of Ukraine in 2022 and the following regime of sanctions against Russia, as well as the economist-nationalist policies of the second Trump...

What are the returns to firms of paying more? We study a Fortune 500 firm's voluntary firm-wide $15/hour minimum wage, which affected some warehouses more than others. Using a continuous difference-in-differences design, we find that a $1/hour pay increase (5.5 percent) halves worker departures,...