Details about Cyril Monnet

E-mail:
Homepage:	https://sites.google.com/site/cyrilmonnet/
Workplace:	Department Volkswirtschaftlehre (Department of Economics), Universität Bern (University of Berne), (more information at EDIRC) Studienzentrum Gerzensee (Study Center Gerzensee), (more information at EDIRC) Bank for International Settlements (BIS), (more information at EDIRC)

Access statistics for papers by Cyril Monnet.

Last updated 2025-01-06. Update your information in the RePEc Author Service.

Short-id: pmo288

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Working Papers

2024

1. Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?
   Staff Working Papers, Bank of Canada
2. Truth by Consensus: A Theoretical and Empirical Investigation
   Working Papers, Chapman University, Economic Science Institute
   Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2024)

2023

3. An impossibility theorem on truth-telling in fully decentralised systems
   BIS Working Papers, Bank for International Settlements View citations (1)
4. Diamond-Dybvig and Beyond: On the Instability of Banking
   FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (4)
   See also Journal Article Diamond–Dybvig and beyond: On the instability of banking, European Economic Review, Elsevier (2023) View citations (4) (2023)
5. Fragility of Secured Credit Chains
   Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft
   Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2023)

2022

6. Central Bank Digital Currency: Stability and Information
   Working Papers, Swiss National Bank, Study Center Gerzensee View citations (33)
   See also Journal Article Central bank digital currency: Stability and information, Journal of Economic Dynamics and Control, Elsevier (2022) View citations (33) (2022)
7. Payments and privacy in the digital economy
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Working Paper Series, European Central Bank (2022) View citations (9)
8. The economics of central bank digital currency
   Working Paper Series, European Central Bank View citations (43)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)
   See also Journal Article The Economics of Central Bank Digital Currency, International Journal of Central Banking, International Journal of Central Banking (2024) View citations (3) (2024)

2021

9. Central bank digital currencies: motives, economic implications and the research frontier
   BIS Working Papers, Bank for International Settlements View citations (9)
   See also Journal Article Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier, Annual Review of Economics, Annual Reviews (2022) View citations (30) (2022)
10. Distributed Ledgers and the Governance of Money
    CESifo Working Paper Series, CESifo View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
    BIS Working Papers, Bank for International Settlements (2021) View citations (9)
    Working Papers, Swiss National Bank, Study Center Gerzensee (2021) View citations (9)
11. Financial Fragility with Collateral Circulation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
12. Greening (Runnable) Brown Assets with a Liquidity Backstop
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
    Also in BIS Working Papers, Bank for International Settlements (2021) View citations (4)
13. Permissioned Distributed Ledgers and the Governance of Money
    Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft View citations (16)

2020

14. Dealers' insurance, market structure, and liquidity
    BIS Working Papers, Bank for International Settlements
    Also in 2013 Meeting Papers, Society for Economic Dynamics (2013)
    Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft (2018)
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2017)
    See also Journal Article Dealers’ insurance, market structure, and liquidity, Journal of Financial Economics, Elsevier (2020) View citations (3) (2020)
15. On the instability of banking and other financial intermediation
    BIS Working Papers, Bank for International Settlements
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2019) View citations (6)
    Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft (2019) View citations (6)

2019

16. On the Instability of Banking and Financial Intermediation
    2019 Meeting Papers, Society for Economic Dynamics View citations (7)
    Also in Working Papers, Department of Economics, University of Missouri (2019) View citations (6)
17. Online Appendix to "A theory of repurchase agreements, collateral re-use, and repo intermediation"
    Online Appendices, Review of Economic Dynamics View citations (16)
    See also Journal Article A theory of repurchase agreements, collateral re-use, and repo intermediation, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2019) View citations (37) (2019)
18. Online Appendix to "Relationships in the Interbank Market"
    Online Appendices, Review of Economic Dynamics View citations (1)
    See also Journal Article Relationships in the Interbank Market, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (11) (2020)

2018

19. Optimal Exclusion
    2018 Meeting Papers, Society for Economic Dynamics
    Also in Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft (2018)
20. The Risk-Taking Channel of Liquidity Regulations and Monetary Policy
    Working Papers, Swiss National Bank View citations (5)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2018) View citations (5)
    Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft (2018) View citations (5)

2017

21. A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation
    CESifo Working Paper Series, CESifo View citations (19)
    Also in 2016 Meeting Papers, Society for Economic Dynamics (2016) View citations (2)
    Economics Working Papers, European University Institute (2017) View citations (19)
    See also Journal Article A theory of repurchase agreements, collateral re-use, and repo intermediation, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2019) View citations (37) (2019)
22. Why Rent When You Can Buy?
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (8)

2016

23. Relationships in the Interbank Market
    Staff Working Papers, Bank of Canada View citations (5)
    Also in Working Paper Series, Victoria University of Wellington, School of Economics and Finance (2016)
    See also Journal Article Relationships in the Interbank Market, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (11) (2020)

2015

24. A search-based model of the interbank money market and monetary policy implementation
    BIS Working Papers, Bank for International Settlements View citations (3)
    See also Journal Article A search-based model of the interbank money market and monetary policy implementation, Journal of Economic Theory, Elsevier (2016) View citations (51) (2016)
25. Private money and banking regulation
    Working Papers, Federal Reserve Bank of Philadelphia View citations (24)
    See also Journal Article Private Money and Banking Regulation, Journal of Money, Credit and Banking, Blackwell Publishing (2015) View citations (14) (2015)

2014

26. A Theory of Blind Trading
    2014 Meeting Papers, Society for Economic Dynamics
27. Monetary Emissions Trading Mechanisms
    CESifo Working Paper Series, CESifo
    Also in Working Papers, Rice University, Department of Economics (2013)
    See also Journal Article Monetary emissions trading mechanisms, International Journal of Economic Theory, The International Society for Economic Theory (2016) View citations (1) (2016)
28. The Collateral Costs of Clearing
    Working Papers, Swiss National Bank View citations (3)
    See also Journal Article The Collateral Costs of Clearing, Journal of Money, Credit and Banking, Blackwell Publishing (2021) View citations (1) (2021)

2012

29. Private liquidity and banking regulation
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
30. Why Rent When You Can Buy? A Theory of Repurchase Agreements
    2012 Meeting Papers, Society for Economic Dynamics View citations (10)

2010

31. Comment on Cavalcanti and Nosal's \"Counterfeiting as private money in mechanism design\"
    Working Papers, Federal Reserve Bank of Philadelphia
32. The Emergence And Future Of Central Counterparties
    Working Paper, Economics Department, Queen's University View citations (17)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2010) View citations (10)

2009

33. Banking: a mechanism design approach
    2009 Meeting Papers, Society for Economic Dynamics View citations (5)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2009) View citations (10)
34. Monetary policy implementation frameworks: a comparative analysis
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
    Also in Staff Reports, Federal Reserve Bank of New York (2008) View citations (1)
    See also Journal Article MONETARY POLICY IMPLEMENTATION FRAMEWORKS: A COMPARATIVE ANALYSIS, Macroeconomic Dynamics, Cambridge University Press (2011) View citations (7) (2011)
35. Money talks
    Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
    Also in Working Paper Series, European Central Bank (2009) View citations (8)
    See also Journal Article Money talks, Economics Letters, Elsevier (2012) View citations (7) (2012)
36. Optimal Clearing Arrangements For Financial Trades
    Working Paper, Economics Department, Queen's University View citations (11)
    See also Journal Article Optimal clearing arrangements for financial trades, Journal of Financial Economics, Elsevier (2012) View citations (54) (2012)

2008

37. Central counterparties
    CFS Working Paper Series, Center for Financial Studies (CFS)
    Also in 2006 Meeting Papers, Society for Economic Dynamics (2006) View citations (8)
38. Efficient institutions
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
39. Monetary policy in a channel system
    Working Papers, Federal Reserve Bank of Philadelphia View citations (69)
    Also in CESifo Working Paper Series, CESifo (2007) View citations (17)
    See also Journal Article Monetary policy in a channel system, Journal of Monetary Economics, Elsevier (2008) View citations (72) (2008)
40. Public Information and Monetary Policy
    2008 Meeting Papers, Society for Economic Dynamics View citations (3)
41. The Poor, the Rich and the Enforcer: Institutional Choice and Growth
    2008 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers, Federal Reserve Bank of Dallas (2008)
    Working Paper, Economics Department, Queen's University (2007)

2007

42. A dynamic model of the payment system
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
43. Mechanism design and Payments
    2007 Meeting Papers, Society for Economic Dynamics
    Also in 2005 Meeting Papers, Society for Economic Dynamics (2005) View citations (3)
44. Optimal pricing of payment services when cash is an alternative
    Working Papers, Federal Reserve Bank of Philadelphia
45. Payments and Mechanism Design
    Working Paper, Economics Department, Queen's University

2006

46. A Dynamic Model Of Settlement
    Working Paper, Economics Department, Queen's University View citations (26)
    Also in Working Paper Series, European Central Bank (2006) View citations (6)
    See also Journal Article A dynamic model of settlement, Journal of Economic Theory, Elsevier (2008) View citations (29) (2008)
47. Credit and the no-surcharge rule
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (4)
48. Optimal Monetary Policy in a Channel System of Interest-Rate Control
    2006 Meeting Papers, Society for Economic Dynamics

2005

49. Counterfeiting and inflation
    Working Paper Series, European Central Bank View citations (7)
50. Guess What: It's The Settlements!
    Working Paper, Economics Department, Queen's University View citations (2)
    Also in Working Paper Series, European Central Bank (2004) View citations (7)
51. Why do financial systems differ? History matters
    Working Paper Series, European Central Bank View citations (2)
    Also in 2005 Meeting Papers, Society for Economic Dynamics (2005) View citations (3)
    Center for Latin America Working Papers, Federal Reserve Bank of Dallas (2004) View citations (1)
    See also Journal Article Why do financial systems differ? History matters, Journal of Monetary Economics, Elsevier (2007) View citations (10) (2007)

2004

52. Bankruptcy in Credit Chains
    Econometric Society 2004 North American Winter Meetings, Econometric Society View citations (1)
53. Measuring financial integration in the euro area
    Occasional Paper Series, European Central Bank View citations (415)

2003

54. Money and payments: a modern perspective
    Working Paper Series, European Central Bank View citations (1)
55. The welfare effects of incentive schemes
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
    See also Journal Article The Welfare Effects of Incentive Schemes, The Review of Economic Studies, Review of Economic Studies Ltd (2009) View citations (32) (2009)

2002

56. Optimal contracts in a dynamic costly state verification model
    Working Paper Series, European Central Bank View citations (10)
    See also Journal Article Optimal contracts in a dynamic costly state verification model, Economic Theory, Springer (2005) View citations (34) (2005)
57. Optimal public money
    Working Paper Series, European Central Bank View citations (6)

2001

58. When should labor contracts be nominal?
    Research Working Paper, Federal Reserve Bank of Kansas City
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2000)

2000

59. Costly banknote issuance and interest rates under the national banking system
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)

Journal Articles

2024

1. The Economics of Central Bank Digital Currency
   International Journal of Central Banking, 2024, 20, (4), 221-274 View citations (3)
   See also Working Paper The economics of central bank digital currency, Working Paper Series (2022) View citations (43) (2022)

2023

2. Diamond–Dybvig and beyond: On the instability of banking
   European Economic Review, 2023, 154, (C) View citations (4)
   See also Working Paper Diamond-Dybvig and Beyond: On the Instability of Banking, FRB Atlanta Working Paper (2023) View citations (4) (2023)
3. Monnaie numérique de banque centrale: une fissure dans l’accord historique entre banques centrales et commerciales ?
   Revue française d'économie, 2023, Vol XXXVIII, (4), 201-235

2022

4. Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier
   Annual Review of Economics, 2022, 14, (1), 697-721 View citations (30)
   See also Working Paper Central bank digital currencies: motives, economic implications and the research frontier, BIS Working Papers (2021) View citations (9) (2021)
5. Central bank digital currency: Stability and information
   Journal of Economic Dynamics and Control, 2022, 142, (C) View citations (33)
   See also Working Paper Central Bank Digital Currency: Stability and Information, Working Papers (2022) View citations (33) (2022)
6. Cold hard (digital) cash: the economics of central bank digital currency
   Research Bulletin, 2022, 100 View citations (11)

2021

7. Optimal Financial Exclusion
   American Economic Journal: Microeconomics, 2021, 13, (4), 101-34 View citations (2)
8. The Collateral Costs of Clearing
   Journal of Money, Credit and Banking, 2021, 53, (5), 939-970 View citations (1)
   See also Working Paper The Collateral Costs of Clearing, Working Papers (2014) View citations (3) (2014)

2020

9. Dealers’ insurance, market structure, and liquidity
   Journal of Financial Economics, 2020, 138, (3), 725-753 View citations (3)
   See also Working Paper Dealers' insurance, market structure, and liquidity, BIS Working Papers (2020) (2020)
10. Relationships in the Interbank Market
    Review of Economic Dynamics, 2020, 35, 170-191 View citations (11)
    See also Software Item Code and data files for "Relationships in the Interbank Market", Computer Codes (2019) (2019)
    Working Paper Relationships in the Interbank Market, Staff Working Papers (2016) View citations (5) (2016)
    Working Paper Online Appendix to "Relationships in the Interbank Market", Online Appendices (2019) View citations (1) (2019)

2019

11. A theory of repurchase agreements, collateral re-use, and repo intermediation
    Review of Economic Dynamics, 2019, 33, 30-56 View citations (37)
    See also Working Paper Online Appendix to "A theory of repurchase agreements, collateral re-use, and repo intermediation", Online Appendices (2019) View citations (16) (2019)
    Working Paper A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation, CESifo Working Paper Series (2017) View citations (19) (2017)

2017

12. Limited disclosure and hidden orders in asset markets
    Journal of Financial Economics, 2017, 123, (3), 602-616 View citations (2)
13. Rational Opacity
    The Review of Financial Studies, 2017, 30, (12), 4317-4348 View citations (2)

2016

14. A search-based model of the interbank money market and monetary policy implementation
    Journal of Economic Theory, 2016, 164, (C), 32-67 View citations (51)
    See also Working Paper A search-based model of the interbank money market and monetary policy implementation, BIS Working Papers (2015) View citations (3) (2015)
15. Monetary emissions trading mechanisms
    International Journal of Economic Theory, 2016, 12, (1), 85-100 View citations (1)
    See also Working Paper Monetary Emissions Trading Mechanisms, CESifo Working Paper Series (2014) (2014)

2015

16. Financial Frictions: An Introduction
    Journal of Money, Credit and Banking, 2015, 47, (S2), 3-6
17. Private Money and Banking Regulation
    Journal of Money, Credit and Banking, 2015, 47, (6), 1031-1062 View citations (14)
    See also Working Paper Private money and banking regulation, Working Papers (2015) View citations (24) (2015)

2014

18. Efficient contract enforcement
    Economic Theory, 2014, 55, (1), 161-183 View citations (10)

2013

19. Compensation par contrepartie centrale et assurance contre le risque systémique sur les marchés dérivés de gré à gré
    Revue d'économie financière, 2013, N° 109, (1), 179-196 View citations (4)
20. Endogenous Credit Cycles
    Journal of Political Economy, 2013, 121, (5), 940 - 965 View citations (84)

2012

21. Money talks
    Economics Letters, 2012, 116, (3), 617-621 View citations (7)
    See also Working Paper Money talks, Working Papers (2009) View citations (5) (2009)
22. Optimal clearing arrangements for financial trades
    Journal of Financial Economics, 2012, 103, (1), 189-203 View citations (54)
    See also Working Paper Optimal Clearing Arrangements For Financial Trades, Working Paper (2009) View citations (11) (2009)

2011

23. Discussion of “Counterfeiting as Private Money in Mechanism Design”
    Journal of Money, Credit and Banking, 2011, 43, 637-643 View citations (1)
24. Discussion of “Counterfeiting as Private Money in Mechanism Design”
    Journal of Money, Credit and Banking, 2011, 43, (s2), 637-643
25. MONETARY POLICY IMPLEMENTATION FRAMEWORKS: A COMPARATIVE ANALYSIS
    Macroeconomic Dynamics, 2011, 15, (S1), 145-189 View citations (7)
    See also Working Paper Monetary policy implementation frameworks: a comparative analysis, Working Papers (2009) View citations (3) (2009)
26. Rehypothecation
    Business Review, 2011, (Q4), 18-25

2010

27. Let's make it clear: how central counterparties save(d) the day
    Business Review, 2010, (Q1), 1-10 View citations (1)

2009

28. The Welfare Effects of Incentive Schemes
    The Review of Economic Studies, 2009, 76, (1), 93-113 View citations (32)
    See also Working Paper The welfare effects of incentive schemes, Finance and Economics Discussion Series (2003) View citations (2) (2003)

2008

29. A dynamic model of settlement
    Journal of Economic Theory, 2008, 142, (1), 233-246 View citations (29)
    See also Working Paper A Dynamic Model Of Settlement, Working Paper (2006) View citations (26) (2006)
30. Marcos de implementación de la política monetaria: un análisis comparativo
    Monetaria, 2008, XXXI, (2), 221-262
31. Monetary policy in a channel system
    Journal of Monetary Economics, 2008, 55, (6), 1067-1080 View citations (72)
    See also Working Paper Monetary policy in a channel system, Working Papers (2008) View citations (69) (2008)
32. Optimal pricing of payment services
    Journal of Monetary Economics, 2008, 55, (8), 1428-1440 View citations (28)

2007

33. Guess what: It's the settlements! Vertical integration as a barrier to efficient exchange consolidation
    Journal of Banking & Finance, 2007, 31, (10), 3013-3033 View citations (6)
34. Why do financial systems differ? History matters
    Journal of Monetary Economics, 2007, 54, (4), 1002-1017 View citations (10)
    See also Working Paper Why do financial systems differ? History matters, Working Paper Series (2005) View citations (2) (2005)

2006

35. Contracts and Money Revisited
    The B.E. Journal of Macroeconomics, 2006, 6, (1), 1-15 View citations (3)
36. PRIVATE VERSUS PUBLIC MONEY
    International Economic Review, 2006, 47, (3), 951-960 View citations (8)

2005

37. Optimal contracts in a dynamic costly state verification model
    Economic Theory, 2005, 26, (4), 867-885 View citations (34)
    See also Working Paper Optimal contracts in a dynamic costly state verification model, Working Paper Series (2002) View citations (10) (2002)
38. Securities settlement and dinancial integration: Why do we care?
    Research Bulletin, 2005, 2, 8-9

2001

39. Money and interest rates
    Quarterly Review, 2001, 25, (Fall), 2-13 View citations (17)

Chapters

2013

1. The Impact of Unconventional Monetary Policy on the Overnight Interbank Market
   A chapter in Liquidity and Funding Markets, 2013 View citations (19)

Software Items

2019

1. Code and data files for "Relationships in the Interbank Market"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Relationships in the Interbank Market, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (11) (2020)