{"id":1682,"date":"2007-01-15T18:26:35","date_gmt":"2007-01-15T11:26:35","guid":{"rendered":"http:\/\/docenti.luiss.it\/benigno\/working-papers\/"},"modified":"2026-06-27T16:09:50","modified_gmt":"2026-06-27T15:09:50","slug":"working-papers","status":"publish","type":"page","link":"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/","title":{"rendered":"Working Papers"},"content":{"rendered":"\n<p>\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2026\/01\/SCBDC-191225.pdf\"><span style=\"color: #0d86ba;\">Stablecoins and Central Bank Digital Currencies: Who Supplies Liquidity?<\/span><\/a>,&#8221; CEPR Working Paper No. <a href=\"https:\/\/hub.cepr.org\/published-discussion-paper\/284439\">21033<\/a>. (January 2026.)<\/p>\n\n\n\n\n<p>\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2025\/10\/Benigno_Eggertsson_Submission_JPE_Submission_Final_Suggested_Edits.pdf\n\"><span style=\"color: #0d86ba;\">It is Baaack. The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve<\/span><\/a>,&#8221; NBER Working Paper No. <a href=\"https:\/\/www.nber.org\/papers\/w31197\">31197<\/a>. (April 2023. Revised June 2025.) (with <a href=\"https:\/\/sites.google.com\/site\/gautieggertsson\/home\/?pli=1\"><span style=\"color: #0d86ba;\">Gauti Eggertsson<\/span><\/a>)<\/p>\n\n\n\n<p>\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2025\/06\/Gibson_CEPR.pdf\"><span style=\"color: #0d86ba;\">Gibson&#8217;s Paradox and The Natural Rate of Interest<\/span><\/a>,&#8221; CEPR Discussion Paper No. <a href=\"https:\/\/cepr.org\/active\/publications\/discussion_papers\/dp.php?dpno=17959\">17959<\/a>. (March 2023. Revised June 2025.) (with <a href=\"https:\/\/https:\/\/lucabenati.ch\/\"><span style=\"color: #0d86ba;\">Luca Benati<\/span><\/a>)<\/p>\n\n\n\n<p>\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2025\/06\/Bank-060521.pdf\"><span style=\"color: #0d86ba;\">Interest, Reserves and Prices<\/span><\/a>,&#8221; CEPR Discussion Paper No. <a href=\"http:\/\/www.cepr.org\/active\/publications\/discussion_papers\/dp.php?dpno=16222\">16222<\/a>. (June 2021.) (with <a href=\"https:\/\/www.newyorkfed.org\/research\/economists\/benigno\"><span style=\"color: #0d86ba;\">Gianluca Benigno<\/span><\/a>)<\/p>\n\n\n\n<p><span style=\"color: #000000;\">\u00b7\u201c<a style=\"color: #000000;\" href=\"http:\/\/ssrn.com\/abstract=3360703\"><span style=\"color: #0d86ba;\">Inefficiency and Regulation of Private Liquidity<\/span><\/a>,&#8221; CEPR Discussion Paper No. <a style=\"color: #000000;\" href=\"http:\/\/www.cepr.org\/active\/publications\/discussion_papers\/dp.php?dpno=13631\">13631<\/a>. (March 2019.) (with <span style=\"color: #0d86ba;\"><a style=\"color: #0d86ba;\" href=\"https:\/\/sites.google.com\/site\/robertorobatto\/home\">Roberto Robatto<\/a><\/span>)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00b7\u201cStablecoins and Central Bank Digital Currencies: Who Supplies Liquidity?,&#8221; CEPR Working Paper No. 21033. (January 2026.) \u00b7\u201cIt is Baaack. The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,&#8221; NBER Working Paper No. 31197. (April 2023. Revised June 2025.) (with Gauti Eggertsson) \u00b7\u201cGibson&#8217;s Paradox and The Natural Rate of Interest,&#8221; &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Working Papers&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":3,"menu_order":2,"comment_status":"closed","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-1682","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Working Papers - Prof. Pierpaolo Benigno<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Working Papers - Prof. Pierpaolo Benigno\" \/>\n<meta property=\"og:description\" content=\"\u00b7\u201cStablecoins and Central Bank Digital Currencies: Who Supplies Liquidity?,&#8221; CEPR Working Paper No. 21033. (January 2026.) \u00b7\u201cIt is Baaack. The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,&#8221; NBER Working Paper No. 31197. (April 2023. Revised June 2025.) 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(January 2026.) \u00b7\u201cIt is Baaack. The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,&#8221; NBER Working Paper No. 31197. (April 2023. Revised June 2025.) (with Gauti Eggertsson) \u00b7\u201cGibson&#8217;s Paradox and The Natural Rate of Interest,&#8221; &hellip; Continue reading \"Working Papers\"","og_url":"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/","og_site_name":"Prof. Pierpaolo Benigno","article_modified_time":"2026-06-27T15:09:50+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/","url":"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/","name":"Working Papers - Prof. Pierpaolo Benigno","isPartOf":{"@id":"https:\/\/benigno.ch\/#website"},"datePublished":"2007-01-15T11:26:35+00:00","dateModified":"2026-06-27T15:09:50+00:00","breadcrumb":{"@id":"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/benigno.ch\/index.php\/home\/research\/working-papers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/benigno.ch\/"},{"@type":"ListItem","position":2,"name":"Research","item":"https:\/\/benigno.ch\/index.php\/home\/research\/"},{"@type":"ListItem","position":3,"name":"Working Papers"}]},{"@type":"WebSite","@id":"https:\/\/benigno.ch\/#website","url":"https:\/\/benigno.ch\/","name":"Pierpaolo Benigno - University of Berne","description":"University of Bern","publisher":{"@id":"https:\/\/benigno.ch\/#\/schema\/person\/b45515c609d6403c6a93ea86b63b1fbf"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/benigno.ch\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"https:\/\/benigno.ch\/#\/schema\/person\/b45515c609d6403c6a93ea86b63b1fbf","name":"Pierpaolo Benigno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/benigno.ch\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/2b29ac699502e5bf9d09db6f00035e7d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2b29ac699502e5bf9d09db6f00035e7d?s=96&d=mm&r=g","caption":"Pierpaolo Benigno"},"logo":{"@id":"https:\/\/benigno.ch\/#\/schema\/person\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/pages\/1682"}],"collection":[{"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/comments?post=1682"}],"version-history":[{"count":54,"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/pages\/1682\/revisions"}],"predecessor-version":[{"id":2409,"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/pages\/1682\/revisions\/2409"}],"up":[{"embeddable":true,"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/pages\/3"}],"wp:attachment":[{"href":"https:\/\/benigno.ch\/index.php\/wp-json\/wp\/v2\/media?parent=1682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}