Replication codes for Abad, Nuño and Thomas "CBDC and the operational framework of monetary policy" (Journal of Monetary Economics, 2025)
• calibration/ – Contains functions used in the model calibration.
• functions/ – Contains functions used in the model solution.
• transitions/ – Contains Dynare files used in the transitional dynamics analysis.
• graphs/ – Stores output figures.
• A0_script.m – This is the main file and should be run to generate the results in the paper.
Before running A0_script.m, you might need to modify line 17 to specify the correct path to your Dynare installation.
addpath '/Applications/Dynare/6.1-arm64/matlab'If you use this code, please cite the paper as follows:
@article{ABAD2025103762,
title = {CBDC and the operational framework of monetary policy},
journal = {Journal of Monetary Economics},
pages = {103762},
year = {2025},
issn = {0304-3932},
doi = {https://doi.org/10.1016/j.jmoneco.2025.103762},
url = {https://www.sciencedirect.com/science/article/pii/S0304393225000339},
author = {Jorge Abad and Galo Nuño and Carlos Thomas},
}This code is released under the MIT License. You are free to use, modify, and distribute it, provided that you include proper attribution.
See the LICENSE file for full details.
For questions or issues, please contact jorgeabad@bde.es.