Man putting a credit card in his jacket's breast pocket

Payment Systems

Working Paper

Dynamic Pricing of 信贷 Cards and the Effects of Regulation

WP 21-38 – We construct a two-period model of revolving credit with asymmetric information and adverse selection.

Featured Work

Payment Systems

Discussion Paper

The Future of Cash

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.

Payment Systems


Central Bank Digital Currency: Central 银行 For All

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.

Consumer 信贷

Working Paper

The 信贷 Card Act and Consumer Debt Structure

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.