The rapid proliferation of electronic payment media continues to change the way consumers shop and merchants sell goods and services. Many policymakers and economists agree that the digitization of payments is socially beneficial. However, there is considerable debate regarding the optimal...

Three main forces—innovations, incentives, and regulation—have affected the migration to more efficient payment mechanisms. Though several payment alternatives have been introduced recently, many have not been widely adopted. The Chicago Fed held a conference to explore why certain payment...

The migration to more efficient payment mechanisms is affected by innovations, incentives, and regulation. While advances in technology have yielded numerous payment method alternatives, many have not been widely adopted. A recent Chicago Fed conference explored why certain payment innovations...

In this article, we construct a model to study competing payment networks, where networks offer differentiated products in terms of benefits to consumers and merchants. We study market equilibria for a variety of market structures: duopolistic competition and cartel, symmetric and asymmetric...

In this chapter, the authors study how cryptotoken issuance, also referred to as initial coin offerings and security token offerings, may disrupt funding markets such as venture capital, crowdfunding, and private equity. The authors discuss the necessary infrastructure to support this new asset...