Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Working Paper
Network externalities and technology adoption: lessons from electronic payments
Stavins, Joanna; Gowrisankaran, Gautam (1999)
We seek to determine the presence and causes of network externalities for the automated clearinghouse (ACH) electronic payments system, using a monthly panel data set on individual bank adoption of ACH. We construct a model of ACH usage that shows how to separately identify network externalities from technological advancement and peer-group effects. We find significant evidence of network effects and find evidence that these network effects are not internalized. Moreover, a large part of these network effects is due to informational problems. Sunk costs of adoption appear to be low.
Working Papers , Paper 99-5

Working Paper
Consumer Payment Behavior by Income and Demographics
Greene, Claire; Perry, Julian; Stavins, Joanna (2024-07-01)
Despite the introduction of an array of innovations and new payment options for consumers over the last decade, income and demographics remain significant predictors of payment behavior. Using data from a 2023 consumer payments diary, we find that income, age, and education are significant predictors of which payment instruments consumers adopt and use. These associations hold not only for traditional payment instruments—cards and paper—but also for innovations such as mobile apps; buy now, pay later (BNPL); and cryptocurrency. In 2023, less educated consumers were significantly less ...
Working Papers , Paper 24-8

Working Paper
Defining Households That Are Underserved in Digital Payment Services
Greene, Claire; Hayashi, Fumiko; Lloro, Alicia; Shy, Oz; Stavins, Joanna; Toh, Ying Lei (2024-09-01)
US households that lack digital means of making and receiving payments cannot participate fully in an increasingly digitized economy. Assessing the scope of this problem and addressing it requires a definition of households that are underserved in digital payments. Traditional definitions of households underserved in the banking system—those that are unbanked and those that are underbanked—do not account for the ownership of nonbank transaction accounts that can be used to make and receive digital payments. In this paper, we define households underserved in digital payments by considering ...
Working Papers , Paper 24-10

Journal Article
Effect of consumer characteristics on the use of payment instruments
Stavins, Joanna (2002-07-03)
Predictions about a cashless and checkless society have been made for many years, but retail payments transactions made with electronic payment instruments still constitute only a small fraction of all payments made in the United States. This is the case despite differences in cost and despite marketing and educational campaigns conducted by the Federal Reserve and other institutions. One of the reasons the cost differences have little effect is that the differences in cost among payment instruments typically are not evident to consumers, who are charged the same amount regardless of how they ...
New England Economic Review , Issue Q 3 , Pages 19-31

Working Paper
The effect of pricing on demand and revenue in Federal Reserve ACH payment processing
Bauer, Paul W.; Stavins, Joanna (1997)
Because the automated clearinghouse (ACH) has been found to have lower social costs than paper checks, the Federal Reserve has been promoting more widespread use of ACH by lowering ACH processing fees. In this paper we have obtained the first numerical estimates of ACH demand elasticities, a measure of the responsiveness of ACH demand to price changes. In order to determine how robust the estimates are, various methods were employed to estimate the demand elasticities. ; Our results show that the volume of ACH items processed by the Federal Reserve does respond to changes in per-item fees. We ...
Financial Services working paper , Paper 97-01

Working Paper
Has COVID Changed Consumer Payment Behavior?
Greene, Claire; Merry, Ellen A.; Stavins, Joanna (2021-10-01)
The COVID-19 pandemic has caused large changes in consumer spending, including how people make their payments. We use data from a nationally representative survey of U.S. consumers collected before COVID in 2018 and 2019 and during COVID in 2020 to analyze changes in consumer payment behavior during the pandemic. We find that compared with their payment behavior in 2019, consumers had shifted some of their purchases from in person to online by fall 2020, significantly lowered their use of cash for purchases, and shifted their person-to-person (P2P) payments away from paper (cash and checks). ...
Working Papers , Paper 21-12

Journal Article
Has widespread use of credit cards contributed to the increase in personal bankruptcy?
Stavins, Joanna (2001-10)
Regional Review , Issue Q4 2000 / Q1 2001 , Pages 4-7

Journal Article
Perspective on payments
Stavins, Joanna (2003-01-01)
One reason the U.S. has been slow to move from paper checks to electronic payments is that the benefits for individual users are less than for the payments system as a whole.
Regional Review , Issue Q 1 , Pages 6-9

Working Paper
Payment discounts and surcharges: the role of consumer preferences
Wu, Huijia; Stavins, Joanna (2017-02-14)
We use new data from the 2015 Diary of Consumer Payment Choice to analyze price discounts and surcharges based on the payment method used for transactions. We examine consumer preferences for specific payment instruments and test whether consumer demand for payment instruments is price elastic. Specifically, we test whether consumers are likely to deviate from their preferred methods in order to get a discount or to avoid a surcharge. We find that the occurrence of price incentives is low, but consumers who preferred other payment methods had an 11.7 percent probability of switching to cash ...
Working Papers , Paper 17-4

Working Paper
How does liquidity affect consumer payment choice?
Stavins, Joanna (2019-08-01)
We measure consumers? readiness to face emergency expenses. Based on data from a representative survey of US consumers, we find that financial readiness varies widely across consumers, with lowest-income, least-educated, unemployed, and black consumers most likely to have $0 saved for emergency expenses. For these consumers, even a temporary financial shock, either an unexpected negative income shock (such as a layoff or a short-term government shutdown) or an unexpected expenditure (such as a medical expense or a car repair), could have severe financial consequences. The literature likely ...
Working Papers , Paper 19-7

show more (1)

show more (18)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords