Papers by Philippe Bacchetta

Showing 3 papers

Online First Journal of Money, Credit and Banking Online 28 Aug 2025

CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective

As central banks worldwide explore retail central bank digital currency (CBDC), the macroeconomic consequences depend heavily on how CBDC interacts with bank deposits. Prior work spans a wide range of …

Monetary Policy Banking Credit Inequality Macro Dynamics Free Read ↗

Published Classic American Economic Review Published Dec 2000

Does Exchange-Rate Stability Increase Trade and Welfare?

Philippe Bacchetta · Eric van Wincoop

This 2000 American Economic Review paper by Philippe Bacchetta and Eric van Wincoop builds a one-period, two-country monetary general-equilibrium model to ask whether exchange-rate stability really …

Exchange Rates Trade Open Economy Macro Nominal Rigidities

Online First Review of Economic Studies Online 6 Aug 2026

Foreign Exchange Intervention with UIP and CIP Deviations

Philippe Bacchetta · Kenza Benhima · Brendan Berthold

Most recent work on optimal foreign-exchange intervention prices the opportunity cost of reserves off either deviations from uncovered interest parity or deviations from covered interest parity, and …

International Finance Monetary Policy Exchange Rates Financial Frictions Safe Assets Convenience Yield Free Read ↗