We propose a new approach to studying the pass-through of credit expansion policies that
focuses on frictions, such as asymmetric information, that arise in the interaction between …

I exploit a unique data set on the payment card industry to study issues associated with
network effects and two‐sided markets. I show that consumers concentrate their spending …

This paper examines the impact of financial deregulation on entrepreneurship. We assess
the impact of credit card deregulation on transitions into self-employment using state-level …

We test whether a nonbinding price ceiling may serve as a focal point for tacit collusion,
using data from the credit card market during the 1980's. Our empirical model can …

We document substantial cross-individual dispersion in US credit card borrowing costs,
even after controlling for borrower risk and card characteristics. That remaining dispersion …

The credit card market is a natural setting for investigating the relationship between pricing
and consumer switching costs. I find, using a detailed panel of credit card issuers, that …

This paper provides a critical survey of the large and diffuse literature on credit cards, debit
cards and ATMs. We argue that because there are still many outstanding issues and …

To explain persistence of credit card interest rates at relatively high levels, Calem and
Mester (AER, 1995) argued that informational barriers create switching costs for high …

An important part of monetary policy is the monetary transmis-sion mechanism, the process
by which monetary policy actions influence the economy. While the transmission mechanism …

A more generous consumer bankruptcy system provides greater insurance against financial
risks but may also raise the cost of credit. We study this trade-off using the 2005 Bankruptcy …