The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issu[...]

Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of t[...]

Using transaction-level data from a three-day shopping diary, we estimate a model of consumer payment instrument choice that disentangles the effect of merchant card acce[...]

One similarity among many developed economies is the predominance of cash over electronic payments in terms of payment frequency, especially for the low-value transaction[...]

In this study we examine the stability of long-run broad money demand in Japan. In contrast to previous studies of Japanese broad money demand, we use a series of tests d[...]

I use data from the Bank of Canada’s Bank Note Distribution System and exploit a natural experiment offered by the timing of Easter in the Gregorian calendar to analyse t[...]

The money-consumption ratio increases with age and decreases with consumption, and the recent era of low interest rates has seen a large increase in the aggregate money-c[...]

This paper studies an empirical model of shoe-leather cost applied to consumer cash withdrawal. The unique feature is to estimate the effect of shoe-leather cost from the[...]

This paper uses discrete-choice models to quantify the role of consumer socioeconomic characteristics, payment instrument attributes, and transaction features on the prob[...]

I study an economy in which money and credit coexist as means of payment and the settlement of credit requires money. The model extends recent developments in microfounde[...]