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Working Paper
Switching costs and adverse selection in the market for credit cards: new evidence
Gordy, Michael B.; Calem, Paul S.; Mester, Loretta J. (2005)
To explain persistence of credit card interest rates at relatively high levels, Calem and Mester (AER, 1995) argued that informational barriers create switching costs for high-balance customers. As evidence, using data from the 1989 Survey of Consumer Finances, they showed that these households were more likely to be rejected when applying for new credit. In this paper, they revisit the question using the 1998 and 2001 SCF. Further, they use new information on card interest rates to test for pricing effects consistent with information-based switching costs. The authors find that informational ...
Working Papers , Paper 05-16

Conference Paper
Interchange fees in various countries : developments and determinants : commentary on Weiner and Wright
Frankel, Alan S. (2005-05)
Proceedings – Payments System Research Conferences , Issue May , Pages 51-64

Working Paper
Charging up a mountain of debt: households and their credit cards.
Yoo, Peter S. (1996)
I use the Surveys of Consumer Finances conducted in 1983, 1989 and 1992 to separate the growth of credit card debt into two categories, changes in the number of households with credit cards and changes in households credit card debt. I can then account for the relative contributions of increases in credit card availability, number of households, and average credit card debt. I also use the household income information to quantify the impact of more lower income households with credit cards. Data suggest that the increases in credit card debt is largely attributable to increased average credit ...
Working Papers , Paper 1996-015

Conference Paper
Workshop overview
Barron, Patrick; Perrit, Henry H.; Vartanian, Thomas P.; Allen, Catherine (1999)
Proceedings , Paper 655

Conference Paper
The payment provider perspective
Weisman, David; Ollenburg, Steven; Fox, Gerald R. (1999)
Proceedings , Paper 657

Working Paper
Interchange fees and payment card networks: economics, industry developments, and policy issues
Prager, Robin A.; Borzekowski, Ron; Kiser, Elizabeth K.; Manuszak, Mark D. (2009)
In many countries around the world, electronic card-based payments have been replacing older types of payments at a rapid rate. In the United States, use of both debit cards and credit cards has been rising rapidly, while check volumes have been declining. The increased use of electronic payment methods has generated a number of public policy debates. One prominent debate concerns interchange fees. This paper is intended to provide background for understanding the interchange fee debate. The paper describes the operation of a typical payment card system, presents a summary of the economic ...
Finance and Economics Discussion Series , Paper 2009-23

Journal Article
Interchange fees in credit and debit card markets : what role for public authorities
Sullivan, Richard J.; Pacheco, Barbara (2006-01)
Credit and especially debit card transactions are on the rise worldwide. Interchange fees are an integral part of the pricing structure of credit and debit card transactions. Indirectly paid by merchants to card issuers, interchange fees in most countries are set by credit and debit card networks. But in one country, Australia, the central bank is regulating interchange fees, and in several other countries and areas, including the European Union, Mexico, the Netherlands, Spain, and the United Kingdom, public officials are taking, or considering taking, a more hands-on regulatory stance. In ...
Economic Review , Volume 91 , Issue Q I , Pages 87-113

Working Paper
Consumer behavior and the stickiness of credit card interest rates
Mester, Loretta J.; Calem, Paul S. (1995)
Working Papers , Paper 95-10

Working Paper
Why are credit card rates sticky?
Mester, Loretta J. (1993)
Working Papers , Paper 93-16

Journal Article
Merchant acquirers and payment card processors: a look inside the black box
DeGennaro, Ramon P. (2006-01-01)
Each year, hundreds of millions of credit and debit cardholders make billions of transactions worth trillions of dollars. Yet few consumers are aware that such transactions travel through, and are made possible by a highly evolved group of intermediaries that sign up merchants to accept cards, handle card transactions, manage the dispute-resolution process, and, along with regulatory agencies, set rules that govern card transactions. ; This article demystifies the ?Black Box? of the transactions process for payment cards. After describing a simple transaction with a private-label card, the ...
Economic Review , Volume 91 , Issue Q 1 , Pages 27-42

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