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Summary of the Workshop on Credit Card Lending and Payments
Dolson, Erik; Canals-Cerda, Jose J. (2021-05-14)
The Federal Reserve Bank of Philadelphia’s Supervisory Research Forum (SURF) and Consumer Finance Institute (CFI) held the virtual Workshop on Credit Card Lending and Payments on September 16‒17, 2020. The workshop included sessions on payment systems and financial innovation, the COVID-19 pandemic's impact on consumer finance and credit use, and the industry impact of machine learning and artificial intelligence (ML/AI). This summary offers highlights of keynote speakers, academic paper presentations, and discussion panels.
Consumer Finance Institute conference summaries

Working Paper
Search, switching costs, and the stickiness of credit card interest rates
Mester, Loretta J.; Calem, Paul S. (1992)
Working Papers , Paper 92-24

Journal Article
Anatomy of a \\"fiscal crisis\\"
Rufolo, Anthony M. (1975-06)
Business Review , Issue Jun , Pages 3-12

Working Paper
Nonlinear adventures at the zero lower bound
Rubio-Ramirez, Juan F.; Gordon, Grey; Guerron-Quintana, Pablo; Fernández-Villaverde, Jesús (2012)
Motivated by the recent experience of the U.S. and the Eurozone, the authors describe the quantitative properties of a New Keynesian model with a zero lower bound (ZLB) on nominal interest rates, explicitly accounting for the nonlinearities that the bound brings. Besides showing how such a model can be efficiently computed, the authors found that the behavior of the economy is substantially affected by the presence of the ZLB. In particular, the authors document 1) the unconditional and conditional probabilities of hitting the ZLB; 2) the unconditional and conditional probabilty distributions ...
Working Papers , Paper 12-10

Working Paper
Assessing bankruptcy reform in a model with temptation and equilibrium default
Nakajima, Makoto (2015-03-09)
A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform and other counterfactual reforms. The calibrated model indicates that the 2005 bankruptcy reform achieves its goal of reducing the number of bankruptcy filings, as seen in the data, but at the cost of loss in social welfare. The creditor-friendly reform provides borrowers with a stronger commitment to repay and thus yields lower default premia and better consumption smoothing. However, those who borrow and default due to temptation or ...
Working Papers , Paper 15-12

Working Paper
A tractable circular city model with an application to the effects of development constraints on land rents
Eyigungor, Burcu; Chatterjee, Satyajit (2012)
Superseded by working paper 13-37.> A tractable production-externality-based circular city model in which both firms and workers choose location as well as intensity of land use is presented. The equilibrium structure of the city has either (i) no commuting ("mixed-use" form) or (ii) a central business district (CBD) of positive radius and a surrounding residential ring. Regardless of which form prevails, the intra-city variation in all endogenous variables displays the negative exponential form: x(r) = x(0)exr (where r is the distance from the city center and x depends only on preference ...
Working Papers , Paper 12-25

Working Paper
Economic growth in Argentina in the period 1900-30: some evidence from stock returns
Nakamura, Leonard I.; Zarazaga, Carlos E. (1997)
This paper reports the first stage of a project to recover Argentine stock market data for the entire 20th century. The authors find that real rates of return on Argentine stocks and bonds after 1920 were above those in the Belle poque, and that they were consistent with the view that in the postwar period Argentina remained firmly integrated with international financial markets.
Working Papers , Paper 97-22

Working Paper
Aging and the Real Interest Rate in Japan: A Labor Market Channel
Fujiwara, Ippei; Fujita, Shigeru (2021-06-08)
This paper explores a causal link between aging of the labor force and declining trends in the real interest rate in Japan. We develop a search/matching model that features heterogeneous workers with respect to their ages and firm-specific skills. Using the model, we examine the long-run implications of the sharp drop in labor force entry in the 1970s. We show that the changes in the demographic structure induce significant low-frequency movements in per capita consumption growth and the real interest rate. The model suggests that aging of the labor force accounts for 40 percent or more of ...
Working Papers , Paper 21-23

Journal Article
Patent reform: a mixed blessing for the U.S. economy?
Hunt, Robert M. (1999-11)
The 1980s represented a period of dramatic change in the design and enforcement of U.S. intellectual property law. Many of these changes were adopted in the hopes of stimulating private research and development and improving the technological competitiveness of American industries. This article examines the effects of an especially important aspect of these changes: many more inventions qualify for patent protection than before. While it seems logical that making patents easier to obtain will encourage more inventive activity, economic analysis reveals this is not always true, and it is less ...
Business Review , Issue Nov , Pages 15-29

Journal Article
The complexities of monetary policy.
Santomero, Anthony M. (2001-04)
What happens when an academic researcher becomes a policymaker? Recently, President Anthony Santomero shared some thoughts on this topic with members for the Downtown Economists Club in New York City. In particular, he talked about several conundrums he's encountered since moving from the academy to the central bank. We've reprinted his speech "The Complexities of Monetary Policy" in this issue of the Business Review so that we can share President Santomero's insights with our readers as well.
Business Review , Issue Q2 , Pages 3-6

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