Which are the new frontiers in central banking? Which things have changed in the aftermath of the financial, economic and sovereign debt crisis? These are questions raised frequently by central bankers, academics and interested observers alike. There are quite a few areas to cover in answering...

Motivations for introducing a retail central bank digital currency (CBDC) could range from a rapid decline in the use of physical cash or financial inclusion strategies to an underdeveloped retail payment market. The COVID-19 pandemic and the emergence of global stablecoins proposals have...

Should central banks be in charge of micro-prudential as well as of macro-prudential supervision? This paper uses a formal model to analyze that question, and thereby informs the current reform efforts on the fields of banking supervision. Our main finding is that, while there are good reasons...