Papers by Hanfeng Chen

Online First Journal of Money, Credit and Banking Online 4 Jun 2026

Central Bank Digital Currency with Collateral-Constrained Banks

The paper analyzes the implications of introducing a retail central bank digital currency (CBDC) that competes with commercial bank deposits for household liquidity, in a model where banks must post …

Cbdc Digital Currency Banking Credit Financial Frictions Monetary Policy Transmission Free Read ↗