Cyril Monnet

University of Bern

Gesellschaftsstrasse 49

Bern, BERN 3001

Switzerland

  • University of Bern

SCHOLARLY PAPERS

42

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130

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123

Scholarly Papers (42)

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1.

Central Bank Digital Currencies: Motives, Economic Implications and the Research Frontier

Annual Review of Economics, Forthcoming
Number of pages: 30 Posted: 16 Sep 2021 Last Revised: 04 Nov 2021
Raphael Auer, Jon Frost, Leonardo Gambacorta, Cyril Monnet, Tara Rice and Hyun Song Shin
Bank for International Settlements (BIS), Bank for International Settlements, Bank for International Settlements (BIS), University of Bern, Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 1,039 (36,364)
Citation 18

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money, digital currencies, central banks, central bank digital currencies, CBDC, stablecoins, cryptocurrencies, distributed ledgers, big tech, data privacy

2.

Measuring European Financial Integration

Downloads 669 (66,360)

Measuring European Financial Integration

ECB Occasional Paper No. 14
Number of pages: 98 Posted: 16 Aug 2005
Lieven Baele, Annalisa Ferrando, Peter Hördahl, Elizaveta Krylova and Cyril Monnet
Tilburg University - Department of Finance, European Central Bank (ECB), Bank for International Settlements (BIS) - BIS Representative Office for Asia and the Pacific, European Central Bank (ECB) and University of Bern
Downloads 669 (65,454)
Citation 87

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Financial integration, EMU, law of one price

Measuring European Financial Integration

Oxford Review of Economic Policy, Vol. 20, No. 4, pp. 509-530, 2004
Posted: 23 Jun 2006
Lieven Baele, Annalisa Ferrando, Peter Hördahl, Elizaveta Krylova and Cyril Monnet
Tilburg University - Department of Finance, European Central Bank (ECB), Bank for International Settlements (BIS) - BIS Representative Office for Asia and the Pacific, European Central Bank (ECB) and University of Bern

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Financial Integration, Home Bias, Price Differentials

3.

The Economics of Central Bank Digital Currency

Downloads 654 (68,327)
Citation 3

The Economics of Central Bank Digital Currency

ECB Working Paper No. 2022/2713
Number of pages: 52 Posted: 17 Aug 2022
Toni Ahnert, Katrin Assenmacher, Peter Hoffmann, Agnese Leonello, Cyril Monnet and Davide Porcellacchia
European Central Bank, Financial Research Division, European Central Bank (ECB), European Central Bank (ECB), European Central Bank, Financial Research Division, University of Bern and European Central Bank (ECB)
Downloads 512 (91,811)
Citation 3

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Central Bank Digital Currency, digital money, financial stability, monetary policy, payments

The economics of central bank digital currency

Number of pages: 47 Posted: 22 Aug 2022
Toni Ahnert, Katrin Assenmacher, Peter Hoffmann, Agnese Leonello, Cyril Monnet and Davide Porcellacchia
European Central Bank, Financial Research Division, European Central Bank (ECB), European Central Bank (ECB), European Central Bank, Financial Research Division, University of Bern and European Central Bank (ECB)
Downloads 142 (338,261)
Citation 3

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Central Bank Digital Currency, Digital Money, Payments, Monetary Policy, Financial Stability

4.

The Digital Economy, Privacy, and CBDC

ECB Working Paper No. 2022/2662
Number of pages: 62 Posted: 25 May 2022
Toni Ahnert, Peter Hoffmann and Cyril Monnet
European Central Bank, Financial Research Division, European Central Bank (ECB) and University of Bern
Downloads 623 (72,653)

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central bank digital currency, digital platforms, financial intermediation, payments, privacy

5.

Money and Payments: A Modern Perspective

Number of pages: 56 Posted: 02 Dec 2003
Cornelia Holthausen and Cyril Monnet
European Central Bank (ECB) and University of Bern
Downloads 459 (105,568)

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Money, private money, free banking, electronic money, payment systems

6.

Why Do Financial Systems Differ? History Matters

Downloads 368 (136,180)
Citation 3

Why Do Financial Systems Differ? History Matters

Number of pages: 32 Posted: 05 May 2005
Cyril Monnet and Erwan Quintin
University of Bern and Federal Reserve Bank of Dallas
Downloads 208 (242,450)
Citation 1

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Financial Systems, Financial Markets, Financial Institutions, Banks, Convergence

Why Do Financial Systems Differ? History Matters

Number of pages: 26 Posted: 29 Jul 2005
Cyril Monnet and Erwan Quintin
University of Bern and Federal Reserve Bank of Dallas
Downloads 160 (306,205)
Citation 2

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Financial Systems, Financial Markets, Financial Institutions, Banks, Convergence

7.

Permissioned Distributed Ledgers and the Governance of Money

Number of pages: 71 Posted: 17 Feb 2021
Raphael Auer, Cyril Monnet and Hyun Song Shin
Bank for International Settlements (BIS), University of Bern and Bank for International Settlements (BIS)
Downloads 293 (173,765)
Citation 1

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digital currencies, money, distributed ledger, blockchain, coordination game, global game, consensus, market design

8.

Emergence and Future of Central Counterparties

FRB of Philadelphia Working Paper No. 10-30
Number of pages: 52 Posted: 06 Oct 2010
Thorsten V. Koeppl and Cyril Monnet
Queen's University - Department of Economics and University of Bern
Downloads 278 (183,450)
Citation 8

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Counterparty Risk, Novation, Mutualization, Over-the-counter Markets, Customized Financial Contracts

9.

The Welfare Effects of Incentive Schemes

Number of pages: 33 Posted: 21 May 2003
Adam M. Copeland and Cyril Monnet
Federal Reserve Bank of New York and University of Bern
Downloads 188 (266,376)
Citation 15

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principal-agent theory, personnel economics

10.

Counterfeiting and Inflation

ECB Working Paper No. 512
Number of pages: 24 Posted: 25 Aug 2005
Cyril Monnet
University of Bern
Downloads 186 (268,955)
Citation 3

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Counterfeiting, Inflation, Money, Limited Commitment

11.

Optimal Contracts in a Dynamic Costly State Verification Model

Number of pages: 45 Posted: 20 Feb 2002
Cyril Monnet and Erwan Quintin
University of Bern and Federal Reserve Bank of Dallas
Downloads 178 (279,452)
Citation 2

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Dynamic Contracts, Theory of Uncertainty and Information, Costly State Verification, Monitoring

12.

Greening (Runnable) Brown Assets with a Liquidity Backstop

Swiss Finance Institute Research Paper No. 21-22, Bank for International Settlements
Number of pages: 45 Posted: 08 Mar 2021 Last Revised: 02 Mar 2023
Eric Jondeau, Benoît Mojon and Cyril Monnet
University of Lausanne - Faculty of Business and Economics (HEC Lausanne), Bank for International Settlements (BIS) and University of Bern
Downloads 175 (283,614)
Citation 6

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Financial stability, Runs, Brown assets, Liquidity provision

13.

An Impossibility Theorem on Truthful Reporting in Fully Decentralized Systems

Number of pages: 11 Posted: 31 Jan 2022 Last Revised: 17 Mar 2022
Rodney Garratt and Cyril Monnet
University of California, Santa Barbara (UCSB) and University of Bern
Downloads 170 (290,815)

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decentralized systems, smart contracts, truth-telling, contractibility

14.

The Risk-Taking Channel of Banks' Debt and Monetary Policy

Number of pages: 36 Posted: 14 Aug 2018 Last Revised: 08 May 2021
Stephan Imhof, Cyril Monnet and Shengxing Zhang
ETH Zürich - CER-ETH - Center of Economic Research at ETH Zurich, University of Bern and Peking University HSBC Business School
Downloads 165 (298,213)
Citation 2

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15.

Money Market Discipline and Central Bank Lending

Number of pages: 40 Posted: 30 May 2016
Marie Hoerova and Cyril Monnet
European Central Bank (ECB) and University of Bern
Downloads 164 (299,756)
Citation 4

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Asymmetric information, Money market, Rationing, Collateral, Central bank

16.

Monetary Policy Implementation Frameworks: A Comparative Analysis

FRB of New York Staff Report No. 313, FRB of Philadelphia Working Paper No. 09-27
Number of pages: 52 Posted: 23 Jan 2008
Antoine Martin and Cyril Monnet
Federal Reserve Bank of New York - Research and Statistics and University of Bern
Downloads 162 (302,866)

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monetary policy implementation, standing facilities, open market operations

17.

Credit and the No-Surcharge Rule

FRB of Atlanta Working Paper No. 2006-25
Number of pages: 36 Posted: 04 Dec 2006
Cyril Monnet and William Roberds
University of Bern and Federal Reserve Bank of Atlanta
Downloads 161 (304,452)
Citation 4

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no surcharge, credit cards, payments, money, search

18.

Money Talks

Downloads 159 (307,664)
Citation 5

Money Talks

FRB of Philadelphia Working Paper No. 09-18
Number of pages: 30 Posted: 22 Aug 2009 Last Revised: 21 Nov 2019
Marie Hoerova, Cyril Monnet and Ted P. Loch-Temzelides
European Central Bank (ECB), University of Bern and Rice University
Downloads 62 (586,346)
Citation 2

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Information, Interest rates, Monetary policy

Money Talks

ECB Working Paper No. 1091
Number of pages: 38 Posted: 16 Oct 2009
Marie Hoerova, Cyril Monnet and Ted P. Loch-Temzelides
European Central Bank (ECB), University of Bern and Rice University
Downloads 50 (651,157)

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information, interest rates, monetary policy

Money Talks

Economics Letters, Vol. 116, No. 3, pp. 617-621, 2012
Number of pages: 35 Posted: 28 Apr 2012 Last Revised: 17 Sep 2015
Marie Hoerova, Cyril Monnet and Ted P. Loch-Temzelides
European Central Bank (ECB), University of Bern and Rice University
Downloads 47 (669,366)

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Information, Interest rates, Monetary policy

19.

Monetary Policy in a Channel System

CESifo Working Paper Series No. 1929, FRB of Philadelphia Working Paper No. 08-7, University of Zurich, Institute for Empirical Research in Economics Working Paper No. 295
Number of pages: 43 Posted: 04 Aug 2006
Aleksander Berentsen and Cyril Monnet
University of Basel - Faculty of Business and Economics and University of Bern
Downloads 158 (309,296)
Citation 17

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Monetary Policy, Interest Rates, Search

20.

Guess What: It's the Settlements!

Number of pages: 36 Posted: 03 Dec 2004
Thorsten V. Koeppl and Cyril Monnet
Queen's University - Department of Economics and University of Bern
Downloads 151 (321,332)
Citation 4

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Clearing and Settlement, Mechanism Design, Horizontal and Vertical Integration

21.

Banking: A Mechanism Design Approach

FRB of Philadelphia Working Paper No. 09-26
Number of pages: 55 Posted: 22 Oct 2009
Fabrizio Mattesini, Cyril Monnet and Randall Wright
University of Rome Tor Vergata - Faculty of Economics, University of Bern and University of Wisconsin - Madison - Department of Finance, Investment and Banking
Downloads 133 (355,183)
Citation 7

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22.

A Theory of Repurchase Agreements, Collateral Re-Use, and Repo Intermediation

CESifo Working Paper Series No. 6579
Number of pages: 65 Posted: 22 Aug 2017
Piero Gottardi, Vincent Maurin and Cyril Monnet
University of Essex - Department of Economics, Swedish House of Finance and University of Bern
Downloads 117 (390,650)
Citation 26

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Repos, Collateral Multiplier, Limited Commitment, Intermediation

23.

A Dynamic Model of the Payment System

FRB of Philadelphia Working Paper No. 07-22
Number of pages: 37 Posted: 01 Nov 2007
Thorsten V. Koeppl, Cyril Monnet and Ted P. Loch-Temzelides
Queen's University - Department of Economics, University of Bern and Rice University
Downloads 109 (411,241)
Citation 3

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Payment Systems, Subsidization across Transactions, Liquidity Costs, Default

24.

Distributed Ledgers and the Governance of Money

Downloads 99 (439,961)
Citation 2

Distributed Ledgers and the Governance of Money

CESifo Working Paper No. 9441
Number of pages: 70 Posted: 02 Dec 2021
Raphael Auer, Cyril Monnet and Hyun Song Shin
Bank for International Settlements (BIS), University of Bern and Bank for International Settlements (BIS)
Downloads 98 (446,077)
Citation 4

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market design, money distributed ledger technology, DLT, blockchain, decentralized finance, global game, consensus

Distributed Ledgers and the Governance of Money

CEPR Discussion Paper No. DP16752
Number of pages: 71 Posted: 04 Feb 2022
Raphael Auer, Cyril Monnet and Hyun Song Shin
Bank for International Settlements (BIS), University of Bern and Bank for International Settlements (BIS)
Downloads 1 (1,065,337)
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blockchain, Consensus, decentralized finance, distributed ledger technology, DLT, Global game, market design, money

25.

On the Instability of Banking and Other Financial Intermediation

BIS Working Paper No. 862
Number of pages: 51 Posted: 15 May 2020
Chao Gu, Cyril Monnet, Ed Nosal and Randall Wright
University of Missouri at Columbia, University of Bern, Federal Reserve Banks - Federal Reserve Bank of Atlanta and University of Wisconsin - Madison - Department of Finance, Investment and Banking
Downloads 91 (464,652)
Citation 3

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banking, financial intermediation, instability, volatility

26.

Efficient Institutions

FRB of Philadelphia Working Paper No. 08-33
Number of pages: 29 Posted: 05 Feb 2009
Thorsten V. Koeppl, Cyril Monnet and Erwan Quintin
Queen's University - Department of Economics, University of Bern and Federal Reserve Bank of Dallas
Downloads 90 (467,776)

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Enforcement, Institutions, Inequality, Human and Physical Capital

27.

A Dynamic Model of Settlement

ECB Working Paper No. 604
Number of pages: 27 Posted: 24 Apr 2006
Thorsten V. Koeppl, Cyril Monnet and Ted P. Loch-Temzelides
Queen's University - Department of Economics, University of Bern and Rice University
Downloads 90 (467,776)

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Payments, Settlement, Intertemporal Incentives

28.

Why Rent When You Can Buy?

FEDS Working Paper No. 2017-094
Number of pages: 57 Posted: 28 Sep 2017
Cyril Monnet and Borghan Narajabad
University of Bern and Board of Governors of the Federal Reserve System
Downloads 86 (481,201)
Citation 3

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Bargaining, Bilateral matching, Over-the-counter market, Rent, Repo, Security lending, directed search

29.

Optimal Pricing of Payment Services When Cash is an Alternative

FRB of Philadelphia Working Paper No. 07-26
Number of pages: 32 Posted: 01 Nov 2007
Cyril Monnet and William Roberds
University of Bern and Federal Reserve Bank of Atlanta
Downloads 79 (506,104)
Citation 3

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30.

The Digital Economy, Privacy, and CBDC

Downloads 78 (509,958)

The Digital Economy, Privacy, and CBDC

Number of pages: 60 Posted: 18 May 2022 Last Revised: 05 Dec 2022
Peter Hoffmann, Cyril Monnet and Toni Ahnert
European Central Bank (ECB), University of Bern and European Central Bank, Financial Research Division
Downloads 78 (515,707)

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Central Bank Digital Currency, Privacy, Payments, Digital Platforms, Financial Intermediation

The Digital Economy, Privacy, and CBDC

CEPR Discussion Paper No. DP17313
Number of pages: 57 Posted: 27 May 2022
Toni Ahnert, Peter Hoffmann and Cyril Monnet
European Central Bank, Financial Research Division, European Central Bank (ECB) and University of Bern
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Central bank digital currency, Digital Platforms, Financial Intermediation, Payments, privacy

31.

Private Money and Banking Regulation

FRB of Philadelphia Working Paper No. 15-19
Number of pages: 46 Posted: 11 Apr 2015
Cyril Monnet and Daniel R. Sanches
University of Bern and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 78 (509,958)
Citation 9

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Private Money, Banking Structure, Regulation

32.

Optimal Public Money

Number of pages: 33 Posted: 24 Apr 2003
Cyril Monnet
University of Bern
Downloads 78 (509,958)

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Money, Limited Commitment

33.

A Search-Based Model of the Interbank Money Market and Monetary Policy Implementation

BIS Working Paper No. 529
Number of pages: 44 Posted: 24 Nov 2015
Morten L. Bech and Cyril Monnet
Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures and University of Bern
Downloads 62 (577,063)
Citation 11

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Interbank market, monetary policy implementation, unconventional monetary policy

34.

Private Liquidity and Banking Regulation

FRB of Philadelphia Working Paper No. 12-11
Number of pages: 45 Posted: 15 May 2012
Cyril Monnet and Daniel R. Sanches
University of Bern and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 62 (577,063)
Citation 2

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Private liquidity creation, banking regulation, limited commitment

35.

When Should Labor Contracts Be Nominal?

FRB of Kansas City Research Working Paper No. 01-07
Number of pages: 27 Posted: 17 Dec 2001
Antoine Martin and Cyril Monnet
Federal Reserve Bank of New York - Research and Statistics and University of Bern
Downloads 61 (581,646)

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Nominal Contracts, Theory of Uncertainty and Information

36.

Dealers’ Insurance, Market Structure, and Liquidity

BIS Working Paper No. 861
Number of pages: 78 Posted: 08 May 2020
Francesca Carapella and Cyril Monnet
Board of Governors of the Federal Reserve System and University of Bern
Downloads 52 (627,028)
Citation 1

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liquidity, dealers, insurance, central counterparties

37.

Monetary Emissions Trading Mechanisms

CESifo Working Paper Series No. 4633
Number of pages: 26 Posted: 06 Mar 2014
Cyril Monnet and Ted P. Loch-Temzelides
University of Bern and Rice University
Downloads 44 (678,821)
Citation 1

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38.

Comment on Cavalcanti and Nosal's 'Counterfeiting as Private Money in Mechanism Design'

FRB of Philadelphia Working Paper No. 10-29
Number of pages: 14 Posted: 22 Sep 2010
Cyril Monnet
University of Bern
Downloads 39 (704,441)

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39.

Dealers' Insurance, Market Structure, and Liquidity

FEDS Working Paper No. 2017-119
Number of pages: 73 Posted: 20 Dec 2017
Francesca Carapella and Cyril Monnet
Board of Governors of the Federal Reserve System and University of Bern
Downloads 34 (738,940)

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Insurance, Central counterparties, Dealers, Liquidity

40.

Monetary Policy Implementation Frameworks: A Comparative Analysis

FRB of Philadelphia Working Paper No. 09-27
Number of pages: 52 Posted: 14 Jun 2021
Cyril Monnet
University of Bern
Downloads 9 (958,076)

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41.

Central Bank Digital Currency: Stability and Information

OFR 22-04, https://www.financialresearch.gov/working-papers/2022/07/11/central-bank-digital-currency/
Posted: 02 Aug 2022 Last Revised: 16 Aug 2022
Todd Keister and Cyril Monnet
Rutgers, The State University of New Jersey - Department of Economics and University of Bern

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CBDC, digital currency, financial stability, bank runs

42.

Financial Fragility with Collateral Circulation

CEPR Discussion Paper No. DP15757
Number of pages: 55 Posted: 11 Feb 2021
Piero Gottardi, Vincent Maurin and Cyril Monnet
University of Essex - Department of Economics, Swedish House of Finance and University of Bern
Downloads 0 (1,030,852)
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