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CEPR-ECB Conference 2023

The macroeconomic implications of central bank digital currencies

Frankfurt am Main, Thursday, 23 and Friday, 24 November 2023
Hybrid event

The Centre for Economic Policy Research (CEPR) and the European Central Bank (ECB) are hosting this joint conference The conference brings together academics and policy makers to discuss theoretical and practical aspects of central bank digital currencies (CBDCs). Relying on a combination of research presentations, keynote speeches and panel discussions, it aims to advance our understanding of the potential benefits and costs of CBDCs from a macroeconomic and policy perspective.


High-quality images of the conference are available on Flickr.


Times are Central European Time

* indicates the presenter

Thursday, 23 November

Welcome and opening of the conference

Piero Cipollone, Member of the Executive Board, European Central Bank, and Dirk Niepelt, University of Bern, CEPR & RPN leader


Keynote speech “The cost of not issuing a digital euro”

Fabio Panetta, Governor, Banca d’Italia

Chair: Dirk Niepelt, University of Bern, CEPR & RPN leader


Session 1
CBDC and monetary policy transmission

Chair: Massimo Ferrari Minesso, European Central Bank


Monetary policy pass-through with central bank digital currency

Janet Jiang*, Bank of Canada, and Yu Zhu, Renmin University of China

Discussant: Mariana Rojas Breu, Université Paris II Panthéon-Assas


The impact of central bank digital currency on bank deposits and the interbank market

Benjamin Hemingway*, Bank of England

Discussant: Timothy Jackson, University of Liverpool


Coffee break


Session 2
Side effects of CBDC

Chair: Arnaud Mehl, European Central Bank & CEPR


CBDC and financial stability

  • Toni Ahnert*, European Central Bank & CEPR
  • Peter Hoffmann, European Central Bank
  • Agnese Leonello, European Central Bank
  • Davide Porcellacchia, European Central Bank

Discussant: Yu Zhu, Renmin University of China


The external financial spillovers of CBDCs

Alessandro Moro* and Valerio Nispi Landi, both Banca d'Italia

Discussant: Livio Stracca, European Central Bank


End of day 1

Friday, 24 November

Registration and coffee


Session 3
CBDC and the banking sector

Chair: Toni Ahnert, European Central Bank & CEPR


Unveiling the interplay between central bank digital currency and bank deposits

Maria Elena Filippin* and Hanfeng Chen, both Uppsala University

Discussant: Dirk Niepelt, University of Bern & CEPR


Central bank digital currency and banking choices

  • Andrew Usher*, Bank of Canada
  • Jiaqi Li, Bank of Canada
  • Yu Zhu, Renmin University of China

Discussant: Nicola Pavanini, University of Tilburg & CEPR


Coffee break


Session 4
CBDC and monetary policy implementation

Chair: Katrin Assenmacher, European Central Bank & RPN member


CBDC, monetary policy implementation and the interbank market

  • Nora Lamersdorf*, Frankfurt School of Economics
  • Tobias Linzert, European Central Bank
  • Cyril Monnet, University of Bern

Discussant: Anneke Kosse, Bank for International Settlements


CBDC and the operational framework of monetary policy

  • Galo Nuño*, Bank for International Settlements
  • Jorge Abad, Banco de España
  • Carlos Thomas, Banco de España

Discussant: Lea Bitter, European Central Bank




End of conference

This programme may be subject to change without notice.

A photographer will be present at the event taking photographs for our internet/intranet webpage. If you prefer not to have your photograph taken, please inform us in advance of the conference. The event may be filmed and the video recording (or parts of it) may be published on the internet / intranet.

General information


European Central Bank
Kaiserstrasse 29
60311 Frankfurt am Main
and WebEx events



Organising Committee
  • Toni Ahnert, European Central Bank & CEPR
  • Katrin Assenmacher, European Central Bank & RPN member
  • Peter Hoffmann, European Central Bank
  • Arnaud Mehl, European Central Bank & CEPR
  • Massimo Ferrari Minesso, European Central Bank
  • Dirk Niepelt, University of Berne, CEPR & RPN leader