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Series:Economic Review  Bank:Federal Reserve Bank of Kansas City 

Journal Article
The new debit card regulations: initial effects on networks and banks
American consumers are using debit cards more than ever before, triggering key changes in the payment card industry and affecting how banks and merchants do business. ; Controversy has arisen as the industry raised the fees it charges on merchants for debit transaction processing?fees that merchants may pass on to consumers, affecting the prices that consumers pay for goods and services. Congress and the Justice Department have stepped in with rules to cap certain fees and promote competition among card networks. ; In this first article of two, Hayashi finds the new regulations and legal framework have caused distinct shifts in the revenues, incentives and market shares of both banks and card networks. Early signs suggest network competition among networks for merchants has risen, but the outlook for merchants and consumers may hinge on new revenue strategies adopted by the industry.
AUTHORS: Hayashi, Fumiko
DATE: 2012-10

Journal Article
Approaches to bank liquidity management
AUTHORS: Luckett, Dudley G.
DATE: 1980-03

Journal Article
Monetary Policy Shocks and Aggregate Supply
Willem Van Zandweghe examines whether monetary policy has had long-lasting effects on labor productivity and potential output.
AUTHORS: Van Zandweghe, Willem
DATE: 2015-07

Journal Article
Capital adequacy at commercial banks
AUTHORS: Mitchell, Karlyn
DATE: 1984-09

Journal Article
Bank holding companies, cross-bank guarantees, and source of strength
AUTHORS: Keeton, William R.
DATE: 1990-05

Journal Article
Has durable goods spending become less sensitive to interest rates?
Despite record-low interest rates, the pace of the current economic recovery has been only moderate. One reason is that the positive impact of lowered interest rates on consumer purchases of durable goods has diminished. Comparing the current economic recovery with those that followed the recessions of 1981-82, 1990-91 and 2001, Van Zandweghe and Braxton explore the way movements in key interest rates have affected consumer spending on durable goods. They find that if the boost from lowered interest rates to durable goods spending in the current recovery had stayed as strong as it was on average in previous recoveries, durable goods spending from the beginning of 2012 to midway through 2013 could have contributed almost half a percentage point more to the United States? quarterly GDP growth.
AUTHORS: Van Zandweghe, Willem; Braxton, John Carter
DATE: 2013-10

Journal Article
Could restrictions on payday lending hurt consumers?
The payday loan, or more generally, the deferred deposit loan, is among the most contentious forms of credit. It typically signifies a small-dollar, short-term, unsecured loan to a high-risk borrower, often resulting in an effective annual percentage rate of 390 percent a rate well in excess of usury limits set by many states. Consumer advocates argue that payday loans take advantage of vulnerable, uninformed borrowers and often create ?debt spirals.? Debt spirals arise from repeated payday borrowing, using new loans to pay off old ones, and often paying many times the original loan amount in interest. ; In the wake of the 2008 financial crisis, many policymakers are considering strengthening consumer protections on payday lending. Yet few studies have focused on any unintended consequences of restricting such lending. Thus, the question arises: Could restrictions on payday lending have adverse effects? ; Edmiston examines payday lending and provides new empirical evidence on how restrictions could affect consumers. His analysis shows that restrictions could deny some consumers access to credit, limit their ability to maintain formal credit standing, or force them to seek more costly credit alternatives. Thus, any policy decisions to restrict payday lending should weigh these potential costs against the potential benefits.
AUTHORS: Edmiston, Kelly D.
DATE: 2011-01

Journal Article
Impact of population aging on financial markets in developed countries
The impact of population aging on asset prices is a topic that has attracted tremendous interest, both in academic research and even more so in the popular press. It is not too hard to understand why. Poterba addresses three issues related to the links between demography and financial markets. First, he outlines a very simple model in which there can be an important linkage between the age structure of the population and the level of financial asset prices. Then he describes the empirical evidence that is available on this relationship, focusing primarily on the U.S. experience in the 20th century. Finally, he explores how the changing age structure of the population will affect the demand for different types of financial products.
AUTHORS: Poterba, James M.
DATE: 2004-10

Journal Article
What explains low net interest income at community banks?
Community bank performance has improved significantly since the financial crisis but is still below pre-crisis levels. One key concern is net interest income, which rose early in the recovery but now is near a 40-year low. Net interest income is important to the long-term viability of community banks because it is their core source of revenue. Given community banks' significance to local households and businesses, policymakers, bankers, and other stakeholders would like to know whether low net interest income is the "new normal" or if it will reverse when the economy improves. Morris and Regehr examine net interest income starting in the late 1970s. They find low net interest income can be largely explained by current economic and banking conditions, suggesting it will return to pre-recession levels as monetary policy normalizes and the economic recovery continues. They also find that compared to some more severe recessions in the past 40 years, net interest income is somewhat stronger given economic and banking conditions.
AUTHORS: Morris, Charles S.; Regehr, Kristen
DATE: 2014-04

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