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Keywords:Credit cards 

Working Paper
Spending responses to state sales tax holidays

Every year over 20 states offer sales tax holidays (STHs) on specific items like clothes, shoes and other items to encourage consumption, affecting over 100 million consumers. We use a unique dataset of credit cards transaction to study the spending response to these holidays. Using a diff-in-diff methodology, we find that STHs increase overall daily spending by 8%, with large percentage increases in spending on children?s clothes and shoes of 193% and 98% respectively. Consumers with children increase spending more during STHs. Our estimates of price elasticities range from 6 for big box ...
Working Paper Series , Paper WP-2012-10

Journal Article
The economics of payment finality

Payment finality is critical to decentralized exchange. By specifying how the transfer of one type of claim extinguishes another, the rules governing finality minimize opportunities for default along credit chains and allocate other risks. ; The authors provide a basic analysis of finality and its role in facilitating exchange. They first present a simple, historically based model of transferable debt and finality. The discussion demonstrates the desirability of transferable debt and why rules governing payment finality are needed to sort out who will bear the losses in the event of default. ...
Economic Review , Volume 87 , Issue Q2 , Pages 1-12

Journal Article
Fed proposes new protections for credit card users

The Fed has proposed rules to prohibit unfair practices concerning credit card and overdraft services. Among other safeguards, the rules would protect consumers from unexpected interest rate increases on pre-existing card balances.
Financial Update , Volume 21 , Issue 2

Working Paper
Convenience or necessity? understanding the recent rise in credit card debt

Economist disagree whether the recent increase in credit card debt has been detrimental to U.S. household. However, many rely on a measure of revolving credit published by the Federal Reserve, which captures transactions in which a credit card is used because of its advantages over cash or a check. An increase in debt stemming from such convenience use likely would not signal greater financial vulnerability for households. In this paper, I present evidence that some of the significant increase in both the level of credit card debt and it growth from 1992 to 2001 was due to convenience use.
Finance and Economics Discussion Series , Paper 2004-47

Journal Article
Economics of payment cards: a status report

This article surveys the recent theoretical literature on payment cards (focusing on debit and credit cards) and studies this research's possible implications for the current public policy debate over payment card networks and the pricing of their services for both consumers and merchants.
Economic Perspectives , Volume 32 , Issue Q IV , Pages 15-27

Journal Article
Revisions clarify Reg Z consumer lending provisions

Financial Update , Volume 12 , Issue Jul , Pages 3, 5

Discussion Paper
Who pays for credit cards?

We model side payments in a competitive credit-card market. If competitive retailers charge a single (higher) price to cover the cost of accepting cards, banks must subsidize convenience users to prevent them from defecting to merchants who do not accept cards. The side payments will be financed by card users who roll over balances at interest if their subjective discount rates are high enough. Despite the feasibility of cross subsidies among cardholders, price discrimination without side payments is Pareto preferred because of the costliness of the card network--unless banks have other ...
Occasional Paper; Emerging Payments , Paper EPS-2001-1

Conference Paper
Public policy and the invisible price : competition law, regulation, and the interchange fee

Proceedings – Payments System Research Conferences , Issue May , Pages 231-247

Working Paper
Competition and credit and debit card interchange fees: a cross-country analysis

This paper seeks to provide a bridge between the theoretical and empirical literatures on interchange fees. Specifically, the paper confronts theory with practice by asking, to what extent do existing models of interchange fees match up with actual interchange fee practices in various countries? For each of four countries?Australia, the Netherlands, the UK, and the United States?models that ?best? fit the competitive and institutional features of that country?s payment card market are identified, and the implications of those model are compared to actual practices. Along what competitive ...
Payments System Research Working Paper , Paper PSR WP 05-03

Working Paper
Pricing and welfare implications of payment card network competition

This paper examines how competition among payment card networks three-party scheme networks and four-party scheme networks affects pricing as well as the welfare of various parties. A competing network has an incentive to provide rewards to its card users. By providing more generous rewards than its rival networks, the network can increase its own card transactions because multihoming cardholders who hold multiple networks cards choose to use its card instead of using its rivals. Although a monopoly network does not have such an incentive, in a monopoly four-party scheme network, competition ...
Payments System Research Working Paper , Paper PSR WP 06-03



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