Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/154117 
Year of Publication: 
2014
Series/Report no.: 
ECB Working Paper No. 1684
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Data from the 2012 Diary of Consumer Payment Choice (DCPC) shows substantial changes in payment instrument use of U.S. households compared to the results in Klee (2008) (which were based on data from 2001): Checks have virtually disappeared from purchase transactions, while still play a role in bill payments. Cash, on the other hand, still plays a large role for low-value transactions. The diary data is used to jointly analyse payment instrument use and consumers' demand for liquid assets. Preliminary results indicate that payment instrument choice is an integral part of consumers' cash management practices and hence cash demand; therefore, contrary to simple Baumol (1952)obin (1956) models, they should be analysed together.
Subjects: 
cash withdrawals
Diary of Consumer Payment Choice
money demand
payment cards
payment instrument choice
JEL: 
E41
E42
Document Type: 
Working Paper

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