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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.
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.
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 ...