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Working Paper
“Free” Internet Content: Web 1.0, Web 2.0, and the Sources of Economic Growth
The Internet has evolved from Web 1.0, with static web pages and limited interactivity, to Web 2.0, with dynamic content that relies on user engagement. This change increased production costs significantly, but the price charged for Internet content has generally remained the same: zero. Because no transaction records the ?purchase? of this content, its value is not reflected in measured growth and productivity. To capture the contribution of the ?free? Internet, we model the provision of ?free? content as a barter transaction between the content users and the content creators, and we value ...
Journal Article
Why do consumers pay bills electronically? an empirical analysis
Why do consumers use electronic bill payment services? what do the differences between nonusers, low users, and high users imply about the potential future market these services? How might public policy evolve in the future? Analyzing a unique consumer survey conducted by the Federal Reserve's Retail Product Office, the author finds important differences between nonusers, low users, and high users of electronic bill payment. The analysis suggests that the industry will need to address fundamental customer needs before a broader portion of consumers will adopt these services.
Journal Article
City or country: where do businesses use the internet?
This Economic Letter summarizes research finding that the use of basic internet technology is widely dispersed among both urban and rural locations. Moreover, although advanced internet technology was adopted most rapidly in large urban areas, the research finds that much (but not all) of the apparent "digital divide" in internet use can be explained by the heavy concentration of internet-intensive industries in large urban areas.
Working Paper
Internet banking: an exploration in technology diffusion and impact
This paper studies endogenous diffusion and impact of a cost-saving technological innovation -- Internet Banking. When the innovation is initially introduced, large banks have an advantage to adopt it first and enjoy further growth of size. Over time, as the innovation diffuses into smaller banks, the aggregate bank size distribution increases stochastically towards a new steady state. Applying the theory to a panel study of Internet Banking diffusion across 50 US states, we examine the technological, economic and institutional factors governing the process. The empirical findings allow us to ...
Journal Article
Is there a digital divide?
Journal Article
Growth and the internet: surfing to prosperity?
Do countries that inhibit the quick integration of new technologies pay a price in slower economic growth? This commentary suggests they do. Focusing on the level of Internet use to indicate the absorption rate of emerging computer technologies, the authors argue that faster technology absorption leads to increased economic growth.
Journal Article
The internet: changing businesses' approach to business
Conference Paper
Old-fashioned banking in a high-tech medium: Internet-only banks
Journal Article
The financial performance of pure play Internet banks
In theory, banks that conduct all their business over the Internet will have low overhead expenses. If these saving materialize, Internet banks could use them to fuel fast growth while still earning normal profits. This article analyzes a small sample of "pure lay" Internet banks launched during the late 1990s. Compared with young branching banks, these young Internet banks have low physical overhead and grow fast--but they earn low profits due to high labor expenses, low noninterest income, and low core deposits.