How people pay: Evidence from grocery store data

Elizabeth Klee

Journal of Monetary Economics, 2008, vol. 55, issue 3, pages 526-541

Abstract: Empirical evidence based on grocery store transaction data shows that consumer payment behavior at the point of sale is important for understanding models of money demand. There are statistically significant effects of transaction costs, opportunity costs, and product characteristics on the choice of payment instrument, which then, in turn, affect money demand. These results emphasize the overlap between the work of empirical researchers in payment choice and theoretical modelers of monetary economics and should inform both literatures.

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Journal of Monetary Economics is edited by R. G. King and C. I. Plosser

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