Economics of Payments II - FEDERAL RESERVE BANK of NEW YORK

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Economics of Payments II

March 29-30, 2006

Overview Economists in recent years have opened many interesting avenues for research on the economics of payments. Contributions in industrial organization of two-sided markets, in monetary theory, and in empirical economics have come from research on the economics of payments. In addition, payments markets continue to be dynamic. Among such developments are the rapid changes in the use of various payment instruments around the world including, for example, the continuing decline in check usage in the U.S., the growth of debit and credit card payments in many countries, the continued development of personal online payment methods, the redesign of large-value payment systems in many countries, and the response to various antitrust disputes involving card-based payments. The conference on the Economics of Payments will bring together central bank and academic economists to discuss these developments and other issues of interest to researchers in this area. Conference Location Federal Reserve Bank of New York 12th floor Conference Center 33 Liberty Street New York, New York Conference Organizers William Roberds, Federal Reserve Bank of Atlanta James McAndrews, Federal Reserve Bank of New York Morten Bech, Federal Reserve Bank of New York David Skeie, Federal Reserve Bank of New York Antoine Martin, Federal Reserve Bank of New York Antoine.Martin@ny.frb.org

Program


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Wednesday, March 29

8:15 a.m.	Continental breakfast

8:45 a.m.	Introductory Remarks: Timothy Geithner President Federal Reserve Bank of New York

9:00 a.m.	Invited Lecture Central Bank Credit in the Theory of Money and Payments Printer Version Jeff Lacker President Federal Reserve Bank of Richmond

10:00 a.m.	Break

10:30 a.m. Session I	Payments in a Historical Perspective Chair: John A. Weinberg, Federal Reserve Bank of Richmond Towards a More Perfect American Payments Union: The Civil War as a Political Economic Watershed John James, University of Virginia, and David Weiman, Barnard College, Columbia University Discussant: Bruce Champ, Federal Reserve Bank of Cleveland Payment Systems and the Collapse of the Banking System During the Great Depression Gary Richardson, University of California, Irvine Discussant: Joseph Mason, Drexel University

Noon	Lunch

2:00 p.m. Session II	Theoretical Studies of Payments, Past and Present Chair: Sujit Chakravorti, Federal Reserve Bank of Chicago A Model of Banknote Discounts Laurence Ales, Francesca Carapella, Pricila Maziero, and Warren Weber, Federal Reserve Bank of Minneapolis and University of Minnesota Discussant: Francois Velde, Federal Reserve Bank of Chicago Policy in International Payment Systems with a Timing Friction James Chapman, University of Iowa Discussant: Hiroshi Fujiki, Bank of Japan

3:30 p.m.	Break

4:00 p.m. Session III	Studies of Wholesale Payment Systems Chair: David Mills, Board of Governors of the Federal Reserve System A Dynamic Model of Settlement Thorsten Koeppl, Queen’s University; Cyril Monnet, European Central Bank; and Ted Temzelides, University of Pittsburgh Discussant: Nobuhiro Kiyotaki, London School of Economics and Federal Reserve Bank of New York Optimal Settlement Rules for Payment Systems Benjamin Lester, University of Pennsylvania; Stephen Millard and Matthew Willison, Bank of EnglandDiscussant: James Bullard, Federal Reserve Bank of St. Louis

5:30 p.m.	Reception

Thursday, March 30

8:30 a.m.	Continental breakfast

9:00 a.m. Session I	Choice of Payments by Consumers Chair: Richard Porter, Federal Reserve Bank of Chicago How People Pay: Evidence from Grocery Store Data Elizabeth Klee, Board of Governors of the Federal Reserve System Discussant: Joanna Stavins, Federal Reserve Bank of Boston The Choice at the Checkout: Quantifying Demand Across Payment Instruments Ronald Borzekowski and Elizabeth Kiser, Board of Governors of the Federal Reserve System Discussant: David Bounie, École National Supérieure des Télécommunications

10:30 a.m.	Break

11:00 a.m.	Invited Lecture Why Pay? Charles Kahn, Bailey Memorial Chair of Money, Banking and Finance, University of Illinois

Noon	Lunch

1:30 p.m. Session II	Pricing of Retail Payments Methods Chair: Stuart Weiner, Federal Reserve Bank of Kansas City The Effect of Transaction Pricing on the Adoption of Electronic Payments: A Cross-Country Comparison Wilko Bolt, De Nederlandsche Bank; David Humphrey, Florida State University; and Roland Uittenbogaard, De Nederlandsche Bank Discussant: Andrew Stone, Reserve Bank of Australia The Cost of Being Late: The Case of Credit Card Penalty Fees Nadia Massoud, University of Alberta; Anthony Saunders, New York University; and Barry Scholnick, University of Alberta Discussant: Marc Fusaro, East Carolina University

3:00 p.m.	Break

3:30 p.m. Session III	The Credit Card Debt Puzzle Chair: Paula Hernandez, Texas A&M University A Model of Money and Credit with Application to the Credit Card Debt Puzzle Irina Telyukova and Randall Wright, University of Pennsylvania Discussant: Ed Nosal, Federal Reserve Bank of Cleveland

4:15 p.m.	Close

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