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Costs and benefits of building faster payment systems: the U.K. experience and implications for the United States

Greene, Claire; Rysman, Marc; Schuh, Scott; Shy, Oz - Federal Reserve Bank of Boston - 2014

This paper studies the economic cost-benefit analysis behind the decision by the United Kingdom on how to implement its Faster Payments Service (FPS), which allows consumers and businesses to rapidly transfer money between bank accounts, and draws implications for the U.S. payments system.

Persistent link: https://www.econbiz.de/10011147066

Bitcoin as money?

Lo, Stephanie; Wang, J. Christina - Federal Reserve Bank of Boston - 2014

The spectacular rise late last year in the price of Bitcoin, the dominant virtual currency, has attracted much public attention as well as scholarly interest. This policy brief discusses how some features of Bitcoin, as designed and executed to date, have hampered its ability to perform the...

Persistent link: https://www.econbiz.de/10010938789

U.S. consumer demand for cash in the era of low interest rates and electronic payments

Briglevics, Tamas; Schuh, Scott - Federal Reserve Bank of Boston - 2013

U.S. consumers' demand for cash is estimated with new panel micro data for 2008-2010 using econometric methodology similar to Mulligan and Sala-i-Martin (2000); Attanasio, Guiso, and Jappelli (2002); and Lippi and Secchi (2009). We extend the Baumol-Tobin model to allow for credit card payments...

Persistent link: https://www.econbiz.de/10010791604

Technological progress, the "user cost of money," and the real output of banks

Basu, Susanto; Wang, J. Christina - Federal Reserve Bank of Boston - 2013

Financial institutions provide their customers a variety of unpriced services and cover their costs through interest margins - the interest rates they receive on assets are generally higher than the rates they pay on liabilities. In particular, banks pay below-public-market interest rates on...

Persistent link: https://www.econbiz.de/10010744722

Consumer cash usage: a cross-country comparison with payment diary survey data

Bagnall, John; Bounie, David; Huynh, Kim P.; Kosse, Anneke - Federal Reserve Bank of Boston - 2014

We measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany, and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences...

Persistent link: https://www.econbiz.de/10011027189

This is what's in your wallet... and here's how you use it

Briglevics, Tamas; Schuh, Scott - Federal Reserve Bank of Boston - 2014

Models of money demand, in the Baumol (1952)-Tobin (1956) tradition, describe optimal cash management policy in terms of when and how much cash to withdraw, an (s, S) policy. However, today, a vast array of instruments can be used to make payments, opening additional ways to control cash...

Persistent link: https://www.econbiz.de/10010885327

U.S. consumers' holdings and use of $100 bills

Greene, Claire; Schuh, Scott - Federal Reserve Bank of Boston - 2014

Conventional wisdom asserts that $100 bills are often associated with crime and foreign cash holdings, leading some commentators to call for their elimination; in light of this proposal, it is useful to examine the legal, domestic use of cash. This report uses new data from the 2012 Diary of...

Persistent link: https://www.econbiz.de/10011274942

U.S. consumer holdings and use of $1 Bills

Fulford, Scott L.; Greene, Claire; Murdock, William - Federal Reserve Bank of Boston - 2015

Small denominations play a special role in a payments ecosystem because they facilitate exchange for small-value goods and services. This report examines the $1 bill holdings of adults in the United States using data from the Diary of Consumer Payments Choice (DCPC). Simply knowing the number of...

Persistent link: https://www.econbiz.de/10011274944

The ins and arounds in the U.S. housing market

Bachmann, Rudiger; Cooper, Daniel - Federal Reserve Bank of Boston - 2014

Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market — renter …. From a secular perspective, housing turnover exhibits a hump-shaped pattern between 1970 and 2000, which this paper … attributes to changes in the age composition of the U.S. population. At higher frequencies, housing turnover is procyclical and …

Persistent link: https://www.econbiz.de/10011027180

Real estate brokers and commission: theory and calibrations

Shy, Oz - Federal Reserve Bank of Boston - 2009

The author constructs a theoretical model to examine the effects of an inherent conflict of interest between a seller of a house and the real estate broker hired by the seller. The model is then used to calibrate the broker's commission rates that would maximize the seller's expected gain. The...

Persistent link: https://www.econbiz.de/10008623373