The paper proposes an architecture for implementing the Bank of England's basic principles for the design of a CBDC with a focus on real-time high value, often cross border, enterprise transactions. The use of digital ledger technology makes innovative use of chaincode - smart contracts...

A fundamental question that arises in derivative pricing is why investors trade at a fair price. A common opinion attributes trading to differences in the beliefs that market participants have about the future development of market prices. We develop a model that accounts for investors'...

Digital currencies are under serious consideration but there are many concerns: reliable payment delivery, crime prevention, and safety. This paper develops a Trust Anchor architecture that addresses these concerns through the use of digital signature and blockchain database technologies

Die Hintergründe der theoretischen Debatte über Monetarismus Es ist allgemeine Überzeugung - wie dies von Benjamin Friedman 1978 mit Nachdruck erklärt wird -, daß es keine theoretische Debatte über Monetarismus gibt. Die Probleme, .die die Monetaristen und Keynesianer trennen, sind eher...

Three puzzles are closely related to the forward-bias puzzle and the failure of uncovered interest parity: (1) UIP failure is greater for short than long maturities, (2) forward bias is larger between developed than between developing countries and (3) there is no systematic forward bias in...