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Newsletter
Any bounce in the economy in 2003?
Journal Article
Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments
The U.S. payments industry is currently implementing faster payments that will enable consumers and businesses to send and receive payments almost instantly at any time of day, any day of the year. Mobile banking in particular may allow consumers to realize the full benefits of faster payments. As a result, a consumer’s use of mobile banking is a good indicator of their readiness to benefit from faster payments.Fumiko Hayashi and Ying Lei Toh examine which consumer characteristics are associated with mobile banking use as well as what other factors may influence consumer readiness. They ...
Briefing
Rationalizing financial literacy policy
It is hard to argue against the need for greater financial literacy. But how can households learn to make better decisions and to what extent can public policy help?
Journal Article
Financial literacy education: a potential tool for reducing predatory lending?
A review of studies on the effectiveness of financial literacy training and whether such training results in responsible financial decision making by consumers.
Working Paper
How and why do consumers choose their payment methods?
This essay provides an overview of the literature on consumer payment behavior. It considers the state of our understanding of how and why consumers choose their payment methods and what is needed to make more headway in understanding consumer payment decisions. It closes by discussing the policy issues that require that we make progress with payments research.
Speech
Economic outlook
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, Business Leaders Forum, Villanova School of Business, September 29, 2011>
Journal Article
Opinion : When disclosure is not enough
Journal Article
Survey shows increased income and net worth for U.S. families
Working Paper
The replacement demand for motor vehicles: evidence from the Survey of Consumer Finances
The motor vehicle industry has undergone important changes in recent years, including a shift in production from autos to light trucks and growth of vehicle leasing. This paper uses household-level data from the Federal Reserve's Survey of Consumer Finances to document changes in households' acquisitions and financing of motor vehicles from 1989 to 2001. We examine what types of vehicles households had, what financing arrangements were used to acquire them, and how vehicle holdings vary with such household characteristics as income, age, wealth, and creditworthiness. The data provide useful ...
Working Paper
Regulating two-sided markets: an empirical investigation
We study the effect of government encouraged or mandated interchange fee ceilings on consumer and merchant adoption and usage of payment cards in an economy where card acceptance is far from complete. We believe that we are the first to use bank- level data to study the impact of interchange fee regulation. We find that consumer and merchant welfare improved because of increased consumer and merchant adoption leading to greater usage of payment cards. We also find that bank revenues increased when interchange fees were reduced although these results are critically dependent on merchant ...