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...

This paper summarizes and outlines some interesting issues that arose during a recent workshop on Consumer Behavior and Payment Choice, hosted by the Federal Reserve Bank of Boston's Emerging Payments Research Group (EPRG) on July 25, 2008. Topics addressed are the consumer adoption of new...