[1]Consider the introduction of CBDC. Explain the optimal strategy of the monopolist in the following cases:

1. R^e< R^d₀ 2. R^d₀< R^e< R^r 3. R^d₀< R^r< R^e< R^p(corridor system)

[2]Departing from the Andolfatto model, describe at least three ways in which CBDC and deposits can be imperfect substitutes.