income effects. Our simulations shed light on the consumer response to the 2011 regulation of interchange fees on debit cards …

, 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 …

likely to use cash at all compared with those who worked at least partly in person, even after we control for income and …

determining the payment method, in addition to the dollar value of the bill and the demographic and income profile of the … lack access to most payment methods and, hence, use cash or prepaid cards to pay their bills. Low-income consumers pay … preferred payment method, while those who pay their bills automatically are more likely to deviate, after we control for income …

, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards … financial institutions are additional sources of cross-subsidies. We find that consumers in the lowest-income cohort pay the … highest net pecuniary cost as a percentage of transaction value, while consumers in the highest-income cohort pay the lowest …

, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards … financial institutions are additional sources of cross-subsidies. We find that consumers in the lowest-income cohort pay the … highest net pecuniary cost as a percentage of transaction value, while consumers in the highest-income cohort pay the lowest …

control for income and demographics in a regression, we find that carrying a mortgage or other debt (such as auto or …