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control for income and demographics in a regression, we find that carrying a mortgage or other debt (such as auto or …
Persistent link: https://www.econbiz.de/10014278474
The use of paper instruments-cash and checks-has been declining in the United States, and consumers have been gradually replacing paper with cards and electronic payments. Stavins (2021) examines the evolution of payments from paper to cards and electronic payments, while Shy (2020) shows the...
Persistent link: https://www.econbiz.de/10014304777
income and demographics in a regression, we find that carrying a mortgage or other debt (such as auto or educational loans …
Persistent link: https://www.econbiz.de/10014304779
statistically insignificant when we control for demographics and income in regressions. Carrying credit card debt (revolving …
Persistent link: https://www.econbiz.de/10014442998
income effects. Our simulations shed light on the consumer response to the 2011 regulation of interchange fees on debit cards …
Persistent link: https://www.econbiz.de/10010343338
Using data from a nationally representative survey on consumer payment behavior, we estimate Heckman two-stage regressions on the adoption and use of seven different payment instruments. We find that the characteristics of payments are important in determining consumer payment behavior, even...
Persistent link: https://www.econbiz.de/10010343358
The Federal Reserve Financial Services Strategic Plan for 2012 - 2016 specifies five main policy goals for the next few years. The second of its goals is to "Maintain public confidence in the end-to-end safety and security of clearing and settlement systems." Indeed, in each annual Survey of...
Persistent link: https://www.econbiz.de/10010377452
Connolly and Stavins (2015) showed that payment behavior is strongly correlated with consumers’ demographic and income …, income, and race are significant in explaining payment behavior even after controlling for all the other attributes of … consumers and for payment-instrument characteristics. Most notably, the lowest-income, lowest-education, and minority consumers …
Persistent link: https://www.econbiz.de/10011754802
Even though security of payments has long been identified as an important aspect of the consumer payment experience, recent literature fails to appropriately assess the extent of social spillovers among payment users. We test for the existence and importance of such spillovers by analyzing...
Persistent link: https://www.econbiz.de/10011754816
, we find that financial readiness varies widely across consumers, with lowest-income, least-educated, unemployed, and …, either an unexpected negative income shock (such as a layoff or a short-term government shutdown) or an unexpected … drop in income from one year to the next, like one resulting from a layoff or a government shutdown, increased their credit …
Persistent link: https://www.econbiz.de/10012388943