1 Table of Contents: “... including business and model risk31.6 Direct demand deposit income smoothing through a simple example32...”

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3 “... and instruments of money as opposed to just currency and transferable demand deposits. This fact is borne out...”

4 “... to the private sector and restrict nonbank intermediaries from funding investments with demand deposits...”

5 “...Our proposal draws on the premise that the availability of stable demand deposits for bank lending...”

6 “.... The analysis finds evidence that reforms led to a shift away from cash in favor of demand deposits...”

7 “... are those with banking systems dominated by small retail deposits and demand deposits, low levels of digital...”

8 “... are those with banking systems dominated by small retail deposits and demand deposits, low levels of digital...”

9 “... on interest rates on time de­ posits, or prohibit payments on demand deposits during part of the period...”

10 “... of demand deposits, and therefore bank-like entities. The potential role of central bank digital currency...”