We find that central bank reserves injected by QE crowd out bank lending. We estimate a
structural model with cross-sectional instrumental variables for deposit and loan demand …

We find that central bank reserves injected by QE crowd out bank lending. We estimate a
structural model with cross-sectional instrumental variables for deposit and loan demand …

We analyze the run risk of USD-backed stablecoins. Stablecoin issuers aim to keep the
stablecoin price at $1 by holding a portfolio of US dollar assets like bank deposits …

We demonstrate the passthrough of Treasury supply to bank deposit funding through bank
market power. We show that an increase in Treasury supply crowds out bank deposits with …

We study the role of scope in financial intermediation. Using new credit registry data on US
firms, we show that in the market for small business lending, multi-product banks benefit …

To what extent does a central bank digital currency (CBDC) compete with bank deposits? To
answer this question, we develop and estimate a structural model where each household …

This paper studies the effect of deposit insurance on depositor behavior. Our theoretical
framework integrates insights from public and financial economics and predicts that (1) …

By applying a structural demand model to unique consumer-level survey data from the euro
area, we assess how different CBDC design options, combined with individual (revealed) …

Abstract Since the European Central Bank's (ECB's) 2003 strategy review, the importance of
macro-financial amplification channels for monetary policy has increasingly gained …

Small businesses in the US rely on business credit cards to meet their financing needs.
Using a large dataset from a credit reporting agency we document new facts on firms …