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on Central Banking |
| By: | Brian Silverstone (University of Waikato) |
| Abstract: | New Zealand is acknowledged widely as the first country to implement a formal monetary policy agreement specifying an explicit inflation target. This agreement, signed in March 1990 between the Minister of Finance and the Governor of the Bank, was implemented under Section 9 of the Reserve Bank of New Zealand Act 1989. By 2014, inflation targeting agreements had been established, in several forms, in more than 25 countries. During the evolving 1984-1989 price stability and inflation targeting deliberations in New Zealand, a survey of Reserve Bank economists in early 1987 included the question 'Should the Bank have an explicitly-stated desired inflation time path?' This paper is primarily a record of the background and responses to this question. It also includes the original documents and related material. |
| Keywords: | inflation targeting; monetary policy; New Zealand; Reserve Bank of New Zealand |
| JEL: | E31 E52 E58 |
| Date: | 2014–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:wai:econwp:14/11&r=cba |
| By: | Christian Lambert Nguena (Association of African Young Economists) |
| Abstract: | The relative positive economic growth experienced by most African countries in the recent decade has come with insufficient demand stimulation. The concern of poverty at the forefront of economic policy, the need for inclusive growth and sustainable development, inter alia, brings forward the inevitable question of the monetary policy responsibility. Accordingly, the monetarist theory that focuses on price stability inherently neglects the demand stimulation aspect of economic prosperity. Since the mid 1980s, the monetarist school driven by its central aim of fighting inflation and maintaining credibility in markets and economic agents has been priority for monetary authorities (especially in Africa). To this effect, while good results in terms of inflation targeting has been achieved in many African countries; economic growth has sometimes been low. Hence, in light of the above, using a statistical and theoretical debate method, the Credible Monetary Policy (CMP)1 paradox is traceable to Africa. Accordingly, with the promising economic environment in Africa, we recommend the promotion of a monetary policy oriented toward improving economic growth under the constraint of price stability. In light of the above view, there are some note worthy signs such the recent decision by the two CFA zone central banks to either maintain interest rates at a low level or reduce it despite tightening measures of monetary policy taken by the European Central Bank (ECB) earlier in the year. In the same vein, the central bank of South Africa has maintained its policy of low interest rates with an objective of economic expansion. Since, the 2008 financial crisis, the consolidation of the Federal Reserve’s declared final objective of lowering interest rates and making emergency loans is an eloquent example to reassure African central banks in the choice of the pro-growth monetary policy option. |
| Keywords: | Pro growth monetary policy, CMP paradox, Financing enterprises, African central bank |
| JEL: | C23 C33 E52 E58 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:aay:wpaper:1&r=cba |
| By: | Michał Brzoza-Brzezina (Narodowy Bank Polski and Warsaw School of Economics); Marcin Kolasa (National Bank of Poland, Warsaw School of Economics); Krzysztof Makarski (Narodowy Bank Polski and Warsaw School of Economics) |
| Abstract: | In a number of countries a substantial proportion of mortgage loans is denominated in foreign currency. In this paper we demonstrate how their presence affects economic policy and agents’ welfare. To this end we construct a small open economy model with financial frictions where housing loans can be denominated in domestic or foreign currency. We calibrate the model for Poland - a typical small open economy with a large share of foreign currency loans (FCL) - and use it to conduct a series of simulations. They show that FCLs negatively affect the transmission of monetary policy. In contrast, their impact on the effectiveness of macroprudential policy is much weaker but positive. We also demonstrate that FCLs increase welfare when domestic interest rate shocks prevail and decrease it when risk premium (exchange rate) shocks dominate. Under a realistic calibration of the stochastic environment FCLs are welfare reducing. Finally, we show that regulatory policies that correct the share of FCLs may cause a cyclical slowdown. |
| Keywords: | foreign currency loans, monetary and macroprudential policy, DSGE models with banking sector |
| JEL: | E32 E44 E58 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:184&r=cba |
| By: | Andrew Filardo; Hans Genberg; Boris Hofmann |
| Abstract: | EM Asia has seen a transformation of its monetary policy environment over the past 2 decades. By far, the most relevant change has been the maturing of its financial systems and the growing relevance of the global financial cycle: financial inclusion has spread, financial markets have deepened and financial globalisation has linked domestic markets closer to international markets. One consequence of the maturing of the financial systems has been the weakening of the traditional case for the monetarist view of the roles of monetary and credit aggregates in the conduct of monetary policy: velocity has been unstable in ways similar to that in the advanced economies decades earlier; yet, longer-term monetary growth correlations with inflation are evident. In addition, the maturing of the financial systems has elevated concerns of financial stability, as both a source of shocks and as something central banks have a responsibility for. These developments have been further complicated by monetary policy spillovers from the advanced economies. The challenge now is how best to integrate mandates for financial stability into monetary policy frameworks, both conceptually and practically. Moreover, the exchange rate choice is particularly relevant in EM Asia. While managed exchange rate regimes in EM Asia have been implemented with mixed success, the risks associated with the choice can be seen through the lens of aggregates based on central bank balance sheets. The size and growth of central bank balance sheets suggest an ongoing build-up in risks. All this points to the need to consider alternatives to conventional inflation targeting frameworks. This paper lays out a policy framework based on a multi-pillar monetary policy approach as a potentially attractive alternative for EM Asia. The three pillars are based on economic, financial and exchange rate stability, respectively. This framework not only offers an alternative conceptual framework but also implies institutional reforms to ensure central banks take a longer term perspective when setting policy. |
| Keywords: | central bank mandates, financial cycle, financial inclusion, globalisation, managed exchange rates, monetary analysis, monetary policy frameworks, emerging Asia |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:463&r=cba |
| By: | Juan Carlos Berganza (Banco de España); Ignacio Hernando (Banco de España); Javier Vallés (Banco de España) |
| Abstract: | After almost six years with official interest rates at close to zero and with numerous unconventional measures still in place, 2014 is witnessing the beginning of the process of monetary normalisation in those economies, such as the United States and the United Kingdom, in which the recovery seems to have taken hold. However, the Bank of Japan is still implementing an ambitious programme of monetary expansion and the ECB has recently adopted new expansionary measures. This paper first assesses the various extraordinary monetary policy programmes conducted by the major central banks in advanced economies in response to the global financial crisis. Second, it sets out the risks associated with keeping the existing measures in place and raises questions in relation to the gradual withdrawal of these stimuli. Finally, it offers some lessons for the conduct of monetary policy in the future. |
| Keywords: | monetary policy, unconventional measures, risks, exit strategies |
| JEL: | E44 E52 E58 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:bde:opaper:1404&r=cba |
| By: | Hyeongwoo Kim; Wen Shi |
| Abstract: | This paper empirically investigates the determinants of key benchmark interest rates in China using an array of constrained ordered probit models for quarterly frequency data from 1987 to 2013. Specifically, we estimate the behavioral equation of the People's Bank of China that models their decision-making process for revisions of the benchmark deposit rate and the lending rate. Our findings imply that the PBC's policy decisions are better understood as responses to changes in inflation and money growth, while output gaps and the exchange rate play negligible roles. We also implement in-sample fit analyses and out-of-sample forecast exercises. These tests show robust and reasonably good performances of our models in understanding dynamics of these benchmark interest rates. |
| Keywords: | Monetary Policy; People's Bank of China; Ordered Probit Model; Deposit Rate; Lending Rate; In-Sample Fit; Out-of-Sample Forecast |
| JEL: | E52 E58 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:abn:wpaper:auwp2014-12&r=cba |
| By: | Max Gillman; Michal Kejak; Giulia Ghiani |
| Abstract: | The paper sets out theory and evidence for the equilibrium determination of the nominal interest rate. We test the cash-in-advance economy using US postwar data and find cointegration of the interest rate, inflation, unemployment and the money supply, using either M2 or M1 monetary aggregates, and the Federal Funds rate or the three month Treasury bill rate. Results are consistent both with a persistent monetary liquidity effect in the cointegrating vector coefficients and also a long run quantity theoretic relation. We identify three Markov-switching regimes similar to NBER contractions, expansions, and the "unconventional" period. Dropping money indicates model misspecification. |
| Date: | 2014–10–02 |
| URL: | http://d.repec.org/n?u=RePEc:ceu:econwp:2014_3&r=cba |
| By: | Rodrigo Vergara |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:chb:bcchep:51&r=cba |
| By: | Sami Alpanda; Gino Cateau; Cesaire Meh |
| Abstract: | We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial interactions between the balance sheets of households, firms and banks within a unified framework. Second, it incorporates a risk-taking channel by allowing the risk appetite of investors to depend on aggregate economic activity and funding conditions. Third, it incorporates long-term debt by allowing households and businesses to pay back their stock of debt over multiple periods. Fourth, it incorporates targeted and broader macroprudential instruments to analyze the interaction between macroprudential and monetary policy. The model also features nominal and real rigidities, and is calibrated to match dynamics in Canadian macroeconomic and financial data. We study the transmission of monetary policy and financial shocks in the model economy, and analyze the effectiveness of various policies in simultaneously achieving macroeconomic and financial stability. We find that, in terms of reducing household debt, more targeted tools such as loan-to-value regulations are the most effective and least costly, followed by bank capital regulations and monetary policy, respectively. |
| Keywords: | macroprudential policy, DSGE, real-fi?nancial linkages |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:461&r=cba |
| By: | M. Brun; H. Fraisse; D. Thesmar |
| Abstract: | We measure the impact of bank capital requirements on corporate borrowing and business activity. We use loan-level data and take advantage of the transition from Basel 1 to Basel 2. While under Basel 1 the capital charge was the same for all firms, under Basel 2, it depends in a predictable way on both the bank's model and the firm's risk. We exploit this two-way variation to empirically estimate the semi-elasticity of bank lending to capital requirement. This rich identification allows us to control for firm-level credit demand shocks and bank-level credit supply shocks. We find very large effects of capital requirements on bank lending: a one percentage point increase in capital requirements leads to a reduction in lending by approximately 10%. At the firm level, borrowing is reduced, as well as total assets (mostly working capital); we provide some evidence of the impact on employment and investment. Overall, however, because Basel 2 reduced the capital requirements for the average firm, our results suggest that the transition to Basel 2 supported firm activity during the crisis period. |
| Keywords: | Bank capital ratios, Bank regulation, Credit supply. |
| JEL: | E51 G21 G28 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:decfin:8&r=cba |
| By: | Miguel Rocha de Sousa (Universidade de Évora, Departamento de Economia, NICPRI-UE e CEFAGE-UE) |
| Abstract: | This paper evaluates the optimal bail-out and bail-in mix in the case of bankruptcy of Banco Espírito Santo (BES), SA, the second largest Portuguese private bank. The solution after the crisis of the BES, was to partition the bank into a good bank (Novo Banco (New Bank)) and keep the toxic assets and problematic ones in a bad bank, the old BES bank, which would also receive those assets and bonds which were correlated with the ESFG (Espírito Santo Financial Group). We show, in general, that the optimal policy mix parameter for the regulator’s bail-out and bail-in is contingent on the correlations between the shocks of residuals to the deposits and the shocks to the assets (equity and bonds). We develop three cases: case A, regulation under perfect information and no shocks, a kind of benchmark; case B; with subcases B1 and B2, which reflect respectively perfect positive correlation between the deposit and assets shocks, and perfect negative correlation; and finally case C, which reflect a general correlation between the deposits and assets, between -1 and 1. The conclusions, based upon simulations, tend to show that the optimal regulator problem in A was to intervene with optimal bail-out policy mix correspondence between deposit rates (r ) and assets (ra); while at B1 and B2 the optimal mix bail-out case is around 50% with deviation being derived from the correlation between deposits and assets’ residuals. The main lesson that can be derived from the BES implosion, is that market value of the Novo Banco (New Bank) can be effectively assured if the market decouples for real the Novo Banco from BES, because if the correlation is a perfect fit (+1), new problems might arise in the near future. |
| Keywords: | Banco Espírito Santo(BES); Bank of Portugal (BdP); Bankruptcy; Bail-in; Bail-out; ECB; Novo Banco; Optimal mix bail-out; Portuguese Banking sector; Regulators. |
| JEL: | C15 E02 E44 E58 F36 G11 G18 G21 G28 G33 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:cfe:wpcefa:2014_16&r=cba |
| By: | Oliver Röhn; Rauf Gönenç; Vincent Koen; Evren Erdoğan Coşar |
| Abstract: | Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these imbalances endure. The financial sector still looks resilient thanks to buffers built up mainly prior to the financial crisis. However, private sector balance sheet risks have gained prominence as leverage increased. Macroeconomic and structural policy levers need to steer a passage between robust but externally unsustainable growth and externally viable but low growth. Monetary policy needs to bring inflation and inflation expectations closer to target. Macroprudential policies could more systematically lean against capital inflows and credit cycles to reduce private sector balance sheet vulnerabilities. The fiscal stance is broadly appropriate, but compliance with a multi-year general government spending ceiling would help avoid pro-cyclical loosening in case of revenue surprises and help boost domestic saving. Overall, policies should help reduce the risk of disruptions in capital flows as monetary policy stimulus is being withdrawn in the United States. Réduire les déséquilibres macroéconomiques en Turquie La Turquie s’est remise rapidement de la crise financière mondiale, qui a toutefois laissé dans son sillage des déséquilibres macroéconomiques importants. Le niveau élevé de l’inflation des prix à la consommation et l’ampleur du déficit de la balance courante sont des points de vulnérabilité. Même si une croissance inférieure à son potentiel contribue au rééquilibrage de l’économie et à la désinflation, les déséquilibres perdurent. Le secteur financier paraît encore résilient, grâce aux volants de sécurité constitués pour l’essentiel avant la crise financière, mais les risques entourant les bilans se sont accrus dans le secteur privé à mesure que l’endettement se développait. Les autorités devraient faire jouer les leviers macroéconomiques et structurels pour trouver une voie entre les deux écueils que constituent une croissance robuste mais non tenable extérieurement et une croissance extérieurement viable mais faible. La politique monétaire devrait permettre de rapprocher l’inflation et les anticipations d’inflation de l’objectif. Les politiques macroprudentielles pourraient être plus systématiquement orientées à contre-courant des entrées de capitaux et des cycles du crédit, pour réduire les vulnérabilités des bilans dans le secteur privé. L’orientation budgétaire est globalement appropriée, mais un plafonnement pluriannuel des dépenses des administrations publiques contribuerait, s’il était respecté, à éviter un assouplissement procyclique en cas de surprise au niveau des recettes ainsi qu’à doper l’épargne intérieure. Globalement, l’action des pouvoirs publics devrait aider à réduire le risque de ruptures dans les flux de capitaux, dans le contexte de l’abandon progressif de la politique de relance monétaire des États-Unis. |
| Keywords: | monetary policy, competitiveness, current account, Turkey, fiscal policy, saving, financial market policy, politique des marchés financiers, politique budgétaire, épargne, politique monétaire, balance courante, Turquie, compétitivité |
| JEL: | E2 E3 E44 E52 E62 F32 F41 G18 O52 |
| Date: | 2014–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1160-en&r=cba |
| By: | Manish K. Singh (Department of Economic Theory, Universitat de Barcelona); Marta Gómez-Puig (Department of Economic Theory, Universitat de Barcelona); Simón Sosvilla-Rivero (Department of Quantitative Economics, Universidad Complutense de Madrid) |
| Abstract: | Based on contingent claims analysis(CCA), this paper tries to estimate the systemic risk build-up in the European Economic and Monetary Union (EMU) countries using a market based measure "distance-to-default"(DtD). It analyzes the individual and aggregated series for a comprehensive set of banks in each eurozone country over the period 2004-Q4 to 2013-Q2. Given the structural differences in financial sector and banking regulations at national level, the indices provide a useful indicator for monitoring country specific banking vulnerability and stress. We find that average DtD indicators are intuitive, forward-looking and timely risk indicators. The underlying trend, fluctuations and correlations among indices help us analyze the interdependence while cross-sectional differences in DtD prior to crisis suggest banking sector fragility in peripheral EMU countries. |
| Keywords: | contingent claim analysis, distance-to-default, systemic risk |
| JEL: | G01 G21 G28 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:aee:wpaper:1410&r=cba |
| By: | 0. De Bandt; B. Camara; P. Pessarossi; M. Rose |
| Abstract: | In the paper, we first investigate the impact of an increase in capital requirements on the equity risk (beta) of listed banks in France. We find that an increase in capital ratios reduces banks’ systematic risk. This leads to a decrease in shareholders’ required return on equity, providing evidence in favour of the Modigliani-Miller theorem: the greater cost of capital due to higher capital ratios appears to be mitigated by the decrease in shareholders’ expected return on equity. We then analyze the impact of liquidity position and find almost no evidence so far that investors take banks’ liquidity risk into account. |
| Keywords: | Modigliani-Miller, cost of equity, solvency ratios, liquidity ratios. |
| JEL: | G21 G28 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:decfin:11&r=cba |
| By: | Tairi Rõõm; Katri Urke |
| Abstract: | Estonia changed over from the kroon to the euro in January 2011. This paper analyses the inflationary effect of this event. The analysis is based on the Harmonised Indices of Consumer Prices. The difference-in-differences method is employed where the treated group is Estonia and the control group consists of the other EU member states. The estimation results imply that the inflationary impact of the euro changeover was either insignificant or small in magnitude, depending on which treatment period is considered. The acceleration in inflation mostly occurred in the second half of 2010, during the six-month period prior to the adoption of the euro. Although the actual effect of the euro changeover on inflation was modest, most Estonian citizens felt that the introduction of the new currency increased consumer prices considerably. |
| Keywords: | euro, currency changeover, consumer prices, inflation |
| JEL: | D49 P46 E58 |
| Date: | 2014–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:eea:boewps:wp2014-6&r=cba |
| By: | Manuel Ramos Francia; Ana María Aguilar Argaez; Santiago García-Verdú; Gabriel Cuadra |
| Abstract: | We compare the experience of Latin American external debt crises, in particular the one in the 80s, with the current European one. We do so with the aim of shedding some light on the needed adjustment mechanisms. We argue for the need of much larger debt relief in Europe. To address the moral hazard problems that would arise, we propose providing such relief conditional on the reduction of both the fiscal and the current account deficits to zero as a commitment signal. |
| Keywords: | Sovereign Debt, Debt Crisis, Crisis Management. |
| JEL: | F34 H12 H63 |
| Date: | 2014–08 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2014-17&r=cba |
| By: | Andre Diniz (Escola de Economia de São Paulo (EESP) Fundação Getulio Vargas); Bernardo Guimaraes (Escola de Economia de São Paulo (EESP) Fundação Getulio Vargas) |
| Abstract: | The recent European debt crisis has sparked a heated debate on the merits of fiscal austerity. Since the main objective of the proposed fiscal tightenings is to reduce sovereign default risk, the solution to this debate depends on the costs of a sovereign debt restructuring. One important cost is its negative effect on the banking system. This paper extends an off-the-shelf macroeconomic model with financial frictions in order to quantitatively assess the costs of financial disruption ensuing from a sovereign debt restructuring. Results show that the losses from financial disruption are offset by the benefits of a less contractionary fiscal policy. Government size is crucial for the relative effects of financial disruption as austerity becomes substantially more costly when tax rates are large. |
| Keywords: | Financial disruption, sovereign debt, sovereign default, Deleveraging |
| JEL: | E32 F34 G01 H63 |
| Date: | 2014–08 |
| URL: | http://d.repec.org/n?u=RePEc:cfm:wpaper:1427&r=cba |
| By: | Stephan Luck (Max Planck Institute for Research on Collective Goods, Bonn); Paul Schempp (Max Planck Institute for Research on Collective Goods, Bonn) |
| Abstract: | This paper discusses whether financial intermediaries can optimally provide liquidity, or whether the government has a role in creating liquidity by supplying government securities. We discuss a model in which intermediaries optimally manage liquidity with outside rather than inside liquidity: instead of holding liquid real assets that can be used at will, banks sell claims on long-term projects to investors. While increasing efficiency, liquidity management with private outside liquidity is associated with a rollover risk. This rollover risk either keeps intermediaries from providing liquidity optimally, or it makes the economy inherently fragile. In contrast to privately produced claims, government bonds are not associated with coordination problems unless there is the prospect that the government may default. Therefore, efficiency and stability can be enhanced if liquidity management relies on public outside liquidity. |
| Keywords: | liquidity provision, liquidity mismatch, bank run, roll-over freeze, outside liquidity, government bonds, liquidity regulation |
| JEL: | G21 G28 H81 H63 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2014_14&r=cba |
| By: | Alessandra Amendola; Vincenzo Candila; Antonio Scognamillo |
| Abstract: | Modeling crude oil volatility is of substantial interest for both energy researchers and policy makers. Many authors emphasize the link between this volatility and some exogenous economic variables. This paper aims to investigate the impact of the U.S. Federal Reserve monetary policy on crude oil future price (COFP) volatility. By means of the recently proposed generalized autoregressive conditional heteroskedasticity-mixed data sampling (GARCH-MIDAS) model, the Effective Federal Fund Rate (EFFR) - as a proxy of the monetary policy - is plugged into the mean-reverting unit GARCH(1,1) model. Strong evidence of an inverse relation between the EFFR and COFP volatility is found. This means that an expansionary monetary policy is associated with an increase of the COFP volatility. Conjecturing that the unusual behavior of the COFP in 2007-2008 was driven by a monetary policy shock, we test the presence of mildly explosive behavior in the prices. The sup Augmented Dickey-Fuller test (SADF) confirms the presence of a bubble in the COFP series that started in October 2007 and ended in October 2008. We expect that the COFP-EFFR association could be affected by such a bubble. Therefore, we apply the same experimental set-up to two sub-samples - before and after October 2007. Interestingly, the results show that EFFR influence on COFP volatility is greater in the aftermath of the bubble. |
| Keywords: | Volatility, GARCH-MIDAS, Bubbles, Futures, Crude Oil. |
| JEL: | C22 C58 E30 Q43 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:frz:wpaper:wp2014_17.rdf&r=cba |
| By: | Ritter, Dubravka (Federal Reserve Bank of Philadelphia) |
| Abstract: | The Payment Cards Center's September 2012 policy conference advanced the discussion of targeted design and outcome measurement as central features of public policy in the area of consumer financial protections. Speakers considered regulations addressing the disclosure of credit terms; standards for assessing the unfairness, deceptiveness, and abusiveness of lending acts or practices; the management of revolving credit accounts; and the challenges of analyzing consumer complaints in the context of consumer financial protections. The concluding panel discussed unanswered questions and research priorities going forward. Discussion focused on the data and methodology required and available for assessing the contribution of consumer financial protections to the advancement of, and the challenges inherent in, measuring social welfare. Panelists also considered the intended and unintended effects of these regulations on prices, quantities, competition, innovation, and the overall business risk market participants face. |
| Keywords: | Measurement; Consumer financial protection; Disclosure; UDAP; Unfair Deceptive Acts and Practices; UDAAP; Unfair; Deceptive; or Abusive Acts or Practices; Account management; Mortgages; Credit Cards; Consumer complaints |
| JEL: | G28 K23 |
| Date: | 2014–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpdp:14-05&r=cba |