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Working Paper
Alternative Methods for Studying Consumer Payment Choice
Shy, Oz (2020-06-23)
Using machine learning techniques applied to consumer diary survey data, the author of this working paper examines methods for studying consumer payment choice. These techniques, especially when paired with regression analyses, provide useful information for understanding and predicting the payment choices consumers make.
FRB Atlanta Working Paper , Paper 2020-8

Working Paper
Private money and banking regulation
Sanches, Daniel R.; Monnet, Cyril (2015-04-09)
We show that a competitive banking system is inconsistent with an optimum quantity of private money. Because bankers cannot commit to their promises and the composition of their assets is not publicly observable, a positive franchise value is required to induce the full convertibility of bank liabilities. Under perfect competition, a positive franchise value can be obtained only if the return on bank liabilities is sufficiently low, which imposes a cost on those who hold these liabilities for transaction purposes. If the banking system is monopolistic, then an efficient allocation is ...
Working Papers , Paper 15-19

Report
Monetizing Privacy
Lee, Michael Junho; Garratt, Rod (2021-01-01)
In a market where consumers choose between payment options and firms compete with products and prices, we show that payment data drives the formation of a market monopoly. A data-sharing policy can successfully restore and maintain a competitive market, but often at the expense of both efficiency and consumer welfare. The introduction of a low-cost anonymous means of electronic payment, or digital cash, preserves the market structure and improves consumers’ welfare by enabling them to monetize their private information. We discuss the potential role of central banks in providing digital ...
Staff Reports , Paper 958

Working Paper
A TRACTABLE MODEL OF THE DEMAND FOR RESERVES UNDER NONLINEAR REMUNERATION SCHEMES
Armenter, Roc (2016-12-12)
We propose a tractable model of the demand for reserves under nonlinear remuneration schemes that can encompass quota systems and voluntary reserve target frameworks, among other possibilities. We show how such remuneration schemes have several favorable properties regarding interest-rate control by the central bank. In particular, wider tolerance bands can reduce rate volatility due to variations in the supply of reserves, both large and small, although they may curtail trading in the interbank market.
Working Papers , Paper 16-35

Working Paper
Consumer Use of Multiple Payment Methods
Shy, Oz (2019-10-01)
The paper investigates the degree to which buyers choose to diversify their use of payment methods for in-person purchases. Some buyers use only one payment instrument. Others combine the use of mostly cash, credit, debit cards, and a few paper checks and prepaid cards. To each survey respondent, I apply three concentration measures over the use of payment instruments. Results show that the degree of consumers' payment concentration exhibits almost no correlation with consumer demographics, payment volume, or aggregate value.
FRB Atlanta Working Paper , Paper 2019-19

Working Paper
The efficiency of private e-money-like systems: the U.S. experience with state bank notes
Weber, Warren E. (2015-03-01)
In the United States prior to 1863, each bank issued its own distinct notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes. It examines historical evidence on how well the bank notes?a privately issued currency system with multiple issuers?functioned with respect to ease of transacting, counterfeiting, safety, overissuance, and par exchange. It finds that bank notes made transacting easier and were not subject to overissuance. However, counterfeiting of bank notes was ...
FRB Atlanta CenFIS Working Paper , Paper 15-1

Working Paper
A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow
Afonso, Gara M.; Lester, Benjamin; Armenter, Roc (2018-02-21)
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves, and new regulations made it more costly for these institutions to lend. As traditional levers for implementing monetary policy became less effective, the Federal Reserve introduced new tools to implement the target range for the federal funds rate, changing this landscape even more. In this paper, we develop a model that is capable of reproducing the main features of the federal funds market, as observed ...
Working Papers , Paper 18-10

Report
How Consumers Get Cash: Evidence from a Diary Survey
Shy, Oz; Greene, Claire (2020-04-01)
Most research on payment instruments focuses on how consumers pay or spend their money using a wide variety of payment instruments including cash. This report focuses on the inverse of the question of spending, that is, how do consumers obtain cash? Data from the 2017 Diary of Consumer Payment Choice shows that, over a three-day period, about 21 percent of survey respondents get cash via various methods, such as getting cash from a family member or friend, using an ATM, getting cash back at retail, visiting a bank teller, etc. We find that consumers mostly get cash from family and friends, ...
Consumer Payments Research Data Reports , Paper 2019-1

Report
A study of competing designs for a liquidity-saving mechanism
Martin, Antoine; McAndrews, James J. (2008-07-01)
We study two designs for a liquidity-saving mechanism (LSM), a queuing arrangement used with an interbank settlement system. We consider an environment where banks are subjected to liquidity shocks. Banks must make the decision to send, queue, or delay their payments after observing a noisy signal of the shock. With a balance-reactive LSM, banks can set a balance threshold below which payments are not released from the queue. Banks can choose their threshold such that the release of a payment from the queue is conditional on the liquidity shock. With a receipt-reactive LSM, a payment is ...
Staff Reports , Paper 336

Working Paper
Liquidity Traps and Monetary Policy: Managing a Credit Crunch
Buera, Francisco J.; Nicolini, Juan Pablo (2014-05-14)
We study a model with heterogeneous producers that face collateral and cash in advance constraints. These two frictions give rise to a non-trivial financial market in a monetary economy. A tightening of the collateral constraint results in a credit-crunch generated recession. The model can suitable be used to study the effects on the main macroeconomic variables - and on welfare of each individual - of alternative monetary - and fiscal - policies following the credit crunch. The model reproduces several features of the recent financial crisis, like the persistent negative real interest rates, ...
Working Paper Series , Paper WP-2014-14

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