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Report
Consumer Payment Choice for Bill Payments
Greene, Claire; Stavins, Joanna (2020-06-16)
Why do U.S. consumers pay their bills the way they do? Using data from a recent diary of consumer payment behavior, we find that the type of bill consumers are paying and how they are paying (online or automatically) are important factors in determining the payment method, in addition to the dollar value of the bill and the demographic and income profile of the individual who is paying. In contrast, dollar value and demographic attributes are found to be the most important factors determining the payment instrument chosen for purchases. Consumer choices for bill payments are somewhat ...
Consumer Payments Research Data Reports , Paper 2020-05

Working Paper
Are there social spillovers in consumers’ security assessments of payment instruments?
Liñares-Zegarra, José Manuel; Stavins, Joanna; Kahn, Charles M. (2016-09-21)
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 whether social influence affects consumers? perceptions of the security of payment instruments. Based on a 2008?2014 annual panel data survey of consumers, we find strong evidence of social spillovers in payment markets: others? perceptions of security of payment instruments exert a positive influence on ...
Working Papers , Paper 16-19

Report
What would you do with $500? Spending responses to gains, losses, news, and loans
Kaplan, Greg; Fuster, Andreas; Zafar, Basit (2018-03-01)
We use survey questions about spending to investigate features of propensities to consume that are useful for distinguishing between consumption theories. Asking households about their intended spending under various scenarios, we find that 1) responses to unanticipated gains are vastly heterogeneous (either zero or substantially positive), 2) responses to losses are much larger and more widespread than responses to gains, and 3) even those with large responses to gains do not respond to news about future gains. These three findings suggest that limited access to disposable resources is an ...
Staff Reports , Paper 843

Working Paper
Social Capital and Mortgages
An, Xudong; El Ghoul, Sadok; Guedhami, Omrane; Levine, Ross; Roman, Raluca (2023-10-12)
Using comprehensive mortgage-level data, we discover that the social capital of the community in which households live positively influences the likelihood of the approval of their mortgage applications, the terms of approved mortgages, and the subsequent performance of those mortgages. The results hold when conditioning on extensive household and community characteristics and a battery of fixed effects, including individual effects, data permitting, and when employing instrumental variables and propensity score matching to address identification and selection concerns. Concerning causal ...
Working Papers , Paper 23-23

Working Paper
Effects of Wildfire Destruction on Migration, Consumer Credit, and Financial Distress
McConnell, Kathryn; Fussell, Elizabeth; DeWaard, Jack; Whitaker, Stephan; Curtis, Katherine; Price, Kobie; St. Denis, Lise; Balch, Jennifer (2021-12-27)
The scale of wildfire destruction has grown exponentially in recent years, destroying nearly 25,000 buildings in the United States during 2018 alone. However, there is still limited research exploring how wildfires affect migration patterns and household finances. In this study, we evaluate the effects of wildfire destruction on in-migration and out-migration probability at the Census tract level in the United States from 1999 to 2018. We then shift to the individual level and examine changes in homeownership, consumer credit usage, and financial distress among people whose neighborhood ...
Working Papers , Paper 21-29

Working Paper
Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada
Hayashi, Fumiko; Felt, Marie-Hélène; Welte, Angelika; Stavins, Joanna (2020-12-01)
Using data from the United States and Canada, we quantify consumers’ net pecuniary cost of using cash, credit cards, and debit cards for purchases across income cohorts. The net cost includes fees paid to financial institutions, rewards received from credit or debit card issuers, and the merchant cost of accepting payments that is passed on to consumers as higher retail prices. Even though credit cards are more expensive for merchants to accept compared with other payment methods, merchants typically do not differentiate prices at checkout, but instead pass through their costs to all ...
Working Papers , Paper 20-13

Working Paper
Liquidity Crises in the Mortgage Market
Stanton, Richard; Laufer, Steven; Pence, Karen M.; Kim, You Suk; Wallace, Nancy (2018-03-08)
Non-banks originated about half of all mortgages in 2016, and 75% of mortgages insured by the FHA or VA. Both shares are much higher than those observed at any point in the 2000s. We describe in this paper how non-bank mortgage companies are vulnerable to liquidity pressures in both their loan origination and servicing activities, and we document that this sector in aggregate appears to have minimal resources to bring to bear in a stress scenario. We show how the same liquidity issues unfolded during the financial crisis, leading to the failure of many non-bank companies, requests for ...
Finance and Economics Discussion Series , Paper 2018-016

Report
The 2010 Survey of Consumer Payment Choice: Technical Appendix
Angrisani, Marco; Foster, Kevin; Hitczenko, Marcin (2013-11-18)
This document serves as the technical appendix to the 2010 Survey of Consumer Payment Choice. The Survey of Consumer Payment Choice (SCPC) is an annual study designed primarily to study the evolving attitudes to and use of various payment instruments by consumers over the age of 18 in the United States. The main report, which introduces the survey and discusses the principal economic results, can be found here. In this data report, we detail the technical aspects of the survey design, implementation, and analysis.
Consumer Payments Research Data Reports , Paper 2013-03

Working Paper
Rational but Not Prescient: Borrowing during the Fracking Boom
Berkowitz, Daniel; Boslett, Andrew J.; Brown, Jason; Weber, Jeremy G. (2022-05-23)
To study how income expectations affect borrowing, we use leased natural gas rights in Texas in the mid-2000s, which created potential for future leaseholder income without loosening credit constraints. In matching 11,000 leaseholders with non-leaseholders selected from a screened pool of 5.2 million, we find that the average leaseholder borrowed $13,000 more over the 2003–08 leasing boom. A consumption-smoothing modelindicates that leaseholders’ income expectations aligned with forecasts of persistently high natural gas prices. Yet, the unforeseeable success of fracking was associated ...
Research Working Paper , Paper RWP 2022-05

Working Paper
Measuring consumer expenditures with payment diaries
Schuh, Scott (2017-01-20)
As the 2012 Diary of Consumer Payment Choice (DCPC) illustrates, there are advantages to measuring consumer expenditures by tracking the authorization of payments by instrument type (cash, check, debit or credit card, etc.). The main advantages of payment diaries appear to be the following: 1) the ability to measure expenditures by payment instrument aggregated into lumpy purchases (?shopping baskets?), 2) relatively low respondent burden, and 3) effective random sampling. Three notable results emerge from comparing the 2012 DCPC estimates with estimates from other reputable estimates of the ...
Working Papers , Paper 17-2

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