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Discussion Paper
Who gains and who loses from credit card payments?: theory and calibrations
Stavins, Joanna; Shy, Oz; Schuh, Scott (2010)
Merchant fees and reward programs generate an implicit monetary transfer to credit card users from non-card (or ?cash?) users because merchants generally do not set differential prices for card users to recoup the costs of fees and rewards. On average, each cash-using household pays $151 to card-using households and each card-using household receives $1,482 from cash users every year. Because credit card spending and rewards are positively correlated with household income, the payment instrument transfer also induces a regressive transfer from low-income to high-income households in general. ...
Public Policy Discussion Paper , Paper 10-3

Report
Consumer Payment Choice for Bill Payments
Greene, Claire; Stavins, Joanna (2020-06-16)
Why do U.S. consumers pay their bills the way they do? Using data from a recent diary of consumer payment behavior, we find that the type of bill consumers are paying and how they are paying (online or automatically) are important factors in determining the payment method, in addition to the dollar value of the bill and the demographic and income profile of the individual who is paying. In contrast, dollar value and demographic attributes are found to be the most important factors determining the payment instrument chosen for purchases. Consumer choices for bill payments are somewhat ...
Consumer Payments Research Data Reports , Paper 2020-05

Working Paper
Are there social spillovers in consumers’ security assessments of payment instruments?
Liñares-Zegarra, José Manuel; Stavins, Joanna; Kahn, Charles M. (2016-09-21)
Even though security of payments has long been identified as an important aspect of the consumer payment experience, recent literature fails to appropriately assess the extent of social spillovers among payment users. We test for the existence and importance of such spillovers by analyzing whether social influence affects consumers? perceptions of the security of payment instruments. Based on a 2008?2014 annual panel data survey of consumers, we find strong evidence of social spillovers in payment markets: others? perceptions of security of payment instruments exert a positive influence on ...
Working Papers , Paper 16-19

Journal Article
Credit card borrowing, delinquency, and personal bankruptcy
Stavins, Joanna (2000-07)
Credit card delinquencies and personal bankruptcy rates increased during the mid 1990s, despite the strength of the U.S. economy. Even though per capita income rose during that period, household borrowing grew at an even faster pace. The rise in revolving debt-mainly credit card loans-was especially noticeable, and the increase in personal bankruptcy rates was also substantial. This article examines the relationship between consumer credit card borrowing, delinquency rates, and personal bankruptcies. The author looks at developments involving borrowers, the demand side, and lenders, the ...
New England Economic Review , Issue Jul , Pages 15-30

Working Paper
Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada
Hayashi, Fumiko; Felt, Marie-Hélène; Welte, Angelika; Stavins, Joanna (2020-12-01)
Using data from the United States and Canada, we quantify consumers’ net pecuniary cost of using cash, credit cards, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards received from credit or debit card issuers, and the merchant cost of accepting payments that is passed on to consumers as higher retail prices. Even though credit cards are more expensive for merchants to accept compared with other payment methods, merchants typically do not differentiate prices at checkout, but instead pass through their costs to all ...
Working Papers , Paper 20-13

Working Paper
Estimating demand elasticities in a differentiated product industry: the personal computer market
Stavins, Joanna (1995)
Supply and demand functions are typically estimated using uniform prices and quantities across products, but where products are heterogeneous, it is important to consider quality differences explicitly. This paper demonstrates a new approach to doing this by employing hedonic coefficients to estimate price elasticities for differentiated products in the market for personal computers. Differences among products are modeled as distances in a linear quality space derived from a multi-dimensional attribute space. Heterogeneous quality allows for the estimation of varying demand elasticities among ...
Working Papers , Paper 95-9

Working Paper
Faster Payments : Market Structure and Policy Considerations
Stavins, Joanna; Baughman, Garth; Stewart, Kylie; Rosenbaum, Aaron; Hayashi, Fumiko; Manuszak, Mark D. (2017-09-25)
The U.S. payments industry is in the process of developing ubiquitous, safe, faster electronic solutions for making a broad variety of business and personal payments. How this market for faster payments will evolve will be shaped by a range of economic forces, such as economies of scale and scope, network effects, switching costs, and product differentiation. Emerging technologies could alter these forces and lead to new organizational arrangements or market structures that are different from those in legacy payment markets to date. In light of this uncertainty, this paper examines three ...
Finance and Economics Discussion Series , Paper 2017-100

Discussion Paper
Consumer behavior and payment choice : 2006 conference summary
Littman, Daniel A.; Stavins, Joanna; Schuh, Scott; Carten, Margaret (2007)
This paper summarizes the proceedings of the second Consumer Behavior and Payment Choice conference, held at the Federal Reserve Bank of Boston on July 25?27, 2006. These conferences are unique in featuring the collaboration of two groups of payments experts ? the private-sector payments industry on the one hand, and the academic, research, and policymaking communities on the other ? to stimulate more research and understanding of consumer payment behavior. The central focus of this second conference was learning more about the numerous consumer payments data sources that are available ? but ...
Public Policy Discussion Paper , Paper 07-4

Working Paper
Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees
Shy, Oz; Stavins, Joanna (2022-08-01)
Banks impose a variety of account fees, and credit card issuers impose a variety of fees related to card usage. Using detailed data from a 2021 representative diary survey of US consumers, we investigate whether lower-income consumers and Black consumers are more likely to pay bank account or credit card fees, and how payment behavior varies depending on paying such fees. We find that the probability of paying several types of bank account and credit card fees is correlated with consumers’ demographic attributes and payment behavior. The percentage of Black consumers who pay overdraft or ...
Working Papers , Paper 22-18

Working Paper
Credit card debt and consumer payment choice: what can we learn from credit bureau data?
Stavins, Joanna (2018-10-01)
We estimate a two-stage Heckman selection model of credit card adoption and use with a unique dataset that combines administrative data from the Equifax credit bureau and self-reported data from the Survey of Consumer Payment Choice, a representative survey of US consumers. Even though the survey data from the borrowers vary somewhat from the data provided by the lenders, the results based on the merged data are qualitatively similar to those based exclusively on self-reported surveys. This finding suggests that if administrative data are not available, it might be sufficient to use survey ...
Working Papers , Paper 18-7

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