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标题：U.S. consumer demand for cash in the era of low interest rates and electronic payments
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作者：Tamás Briglevics ; Scott Schuh
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：U.S. consumers’ demand for cash is estimated with new panel micro data for 2008–2010using econometric methodology similar to Mulligan and Sala-i-Martin (2000), Attanasio,Guiso, and Jappelli (2002), and Lippi and Secchi (2009). We extend the Baumol-Tobinmodel to allow for credit card payments and revolving debt, as in Sastry (1970). Withinterest rates near zero, cash demand by consumers using credit cards for convenience(without revolving debt) has the same small negative interest elasticity as estimated inearlier periods and with broader money measures. However, cash demand by consumersusing credit cards to borrow (with revolving debt) is interest inelastic. Thesefindings may have aggregate implications for the welfare cost of inflation because thenon-trivial share of consumers who revolve credit card debt are less likely to switchfrom cash to credit. In the 21st century, consumers get cash from bank and non-banksources with heterogeneous transactions costs, so withdrawal location is essential toidentify cash demand properly
关键词：Cash demand; Baumol-Tobin model; Survey of Consumer Payment Choice;SCPC