Since the mid-1990s, the U.S. payment system has been undergoing a transformation featuring a significant decline in the use of paper checks that has been quite uneven across consumers and not well understood. This paper estimates econometric models of consumers' adoption (extensive margin) and...

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...

One consequence of demographic change is substantial shifts in the age distribution of the working age population. As the baby boom generation ages, the usual historical pattern of there being a high ratio of younger workers relative to older workers is increasingly being replaced by a pattern...

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 –...

A two-sector real business cycle model, estimated with postwar U.S. data, identifies shocks to the levels and growth rates of total factor productivity in distinct consumption- and investmentgoods- producing technologies. This model attributes most of the productivity slowdown of the 1970s to...

Approximately half of credit card holders in the United States regularly carry unpaid credit card debt. These so-called revolvers exhibit payment behavior that differs from that of those who repay their entire credit card balance every month. Previous literature has focused on the adoption of...