WP 21-38 – We construct a two-period model of revolving credit with asymmetric information and adverse selection.
DP 21-03 - In many advanced economies around the world, the share of transactions conducted using cash payments has been falling over the past several years.
The possibility and logistics of developing a central bank digital currency for the general public has attracted significant attention. Such an initiative would require central banks to be involved in financial intermediation and maturity transformation.
WP 20-32 - We investigate whether the 信贷 Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 influenced the debt structure of consumers. By debt structure, we mean the proportion of total available credit from credit cards for each consumer.