Search Results
Journal Article
The Great ATM Shakeout
Editor's Note: Welcome to the inaugural "At the Richmond Fed" column, a new series profiling economic research activities at the Richmond Fed. {{p}} "Innovation, Deregulation, and the Life Cycle of a Financial Service Industry.Offsite" Fumiko Hayashi, Bin Grace Li, and Zhu Wang. Review of Economic Dynamics, October 2017, vol. 26, pp. 180-203.
Working Paper
How Currency Denomination and the ATM Affect the Way We Pay
I show how currency denomination and the ATM influence consumers' choice of whether to pay cash for in-person purchases. I identify transaction values above which consumers switch from paying cash to paying with cards. The sharpest changes in the share of cash payments occur at $20 and $40, which coincide with the observation that most ATMs in the United States dispense multiples of $20 bills. Other thresholds prevail at multiples of $5 and $10. The above thresholds generate asymmetries in consumer behavior where the share of cash payments increases for payments values just below the ...
Journal Article
Did the Great Recession Increase Skill Requirements?
Research Spotlight on "Do Recessions Accelerate Routine-Biased Technological Change? Evidence from Vacancy Postings." Brad Hershbein and Lisa B. Kahn. American Economic Review, July 2018, vol. 108, no. 7, pp. 1737-1772.