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3029 Results

Cash Versus Card: Payment Discontinuities and the Burden of Holding Coins

Staff Working Paper 2017-47 Heng Chen, Kim Huynh, Oz Shy
Cash is the preferred method of payment for small value transactions generally less than $25. We provide insight to this finding with a new theoretical model that characterizes and compares consumers’ costs of paying with cash to paying with cards for each transaction.
Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Econometric and statistical methods JEL Code(s): D, D0, D03, E, E4, E42

High-Frequency Cross-Sectional Identification of Military News Shocks

Staff Working Paper 2025-27 Francesco Amodeo, Edoardo Briganti
We identify and quantify fiscal news shocks, compiling events (2001–2023) that altered the expected path of U.S. defense expenditure. For each event, we estimate market-implied shifts in expected spending. A shift-share analysis yields a two-year, metropolitan statistical area–level GDP multiplier of approximately 1 for U.S. military build-ups.

What to Expect When China Liberalizes Its Capital Account

Staff Discussion Paper 2016-10 Mark Kruger, Gurnain Pasricha
When China joined the World Trade Organization in December 2001, it marked a watershed for the world economy. Ten years from now, the opening of China’s capital account and the financial integration that will unfold will be viewed as a milestone of similar importance.

Measures of Aggregate Credit Conditions and Their Potential Use by Central Banks

Staff Discussion Paper 2009-12 Alejandro García, Andrei Prokopiw
Understanding the nature of credit risk has important implications for financial stability. Since authorities – notably, central banks – focus on risks that have systemic implications, it is crucial to develop ways to measure these risks.

The Productivity Slowdown in Canada: An ICT Phenomenon?

Staff Working Paper 2019-2 Jeffrey Mollins, Pierre St-Amant
We ask whether a weaker contribution of information and communication technologies (ICT) to productivity growth could account for the productivity slowdown observed in Canada since the early 2000s. To answer this question, we consider several methods capturing channels through which ICT could affect aggregate productivity growth.
Content Type(s): Staff research, Staff working papers Research Topic(s): Productivity JEL Code(s): D, D2, D24, O, O4, O41, O47

Inflation and Unemployment in Competitive Search Equilibrium

Staff Working Paper 2010-15 Mei Dong
Using a monetary search model, Rocheteau, Rupert and Wright (2007) show that the relationship between inflation and unemployment can be positive or negative depending on the primitives of the model. The key features are indivisible labor, nonseparable preferences and bargaining.
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation: costs and benefits JEL Code(s): E, E1, E12, E13, E4, E40, E5, E52

The impact of a central bank digital currency on payments at the point of sale

Staff Analytical Note 2024-27 Walter Engert, Oleksandr Shcherbakov, André Stenzel
We simulate the impact of a central bank digital currency (CBDC) on consumer adoption, merchant acceptance and use of different payment methods. Modest frictions that deter consumer adoption of a CBDC inhibit its market penetration. Minor pricing responses by financial institutions and payment service providers further reduce the impact of a CBDC.
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