Payment choice and currency use: Insights from two billion retail transactions

• 成果类型: Article
• 署名作者: Wang, Zhu; Wolman, Alexander L.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - Richmond
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2016.10.005
• 发表日期: 2016
• 页码: 94-115
• 关键词: Payment choice; Money demand; consumer behavior

摘要

Using three years of transactions data from a discount retailer with thousands of stores, we study payment variation along three dimensions: transaction size and location; weekly and monthly frequencies; and longer time horizons. In each case, we connect empirical patterns to theories of money demand and payments. We show that cross-sectional and time-series payment patterns are consistent with a theoretical framework in which individual consumers choose between cash and non-cash payments based on a threshold transaction size, and we evaluate factors that may account for the variation in threshold distributions across locations and time. (C) 2016 Elsevier B.V. All rights reserved.