Cash burns: An inventory model with a cash-credit choice
研究了一个动态现金管理模型，其中代理人每时每刻选择用现金还是信用卡支付，发现信用卡使用取决于当前现金存量，这一新结果与家庭支付选择的微观证据吻合，并可用于评估取消现金对家庭福利的成本。
A dynamic cash-management model is analysed where agents choose whether to pay with cash or credit at every point in time. In the model credit usage depends on the current stock of cash, a novel result that matches recent micro evidence on households’ payment choices. The optimality of such a decision rule is novel and cannot be obtained by models where cash-credit decisions are made at the “beginning” of each period. We discuss how to use the model to account for cross country-evidence on the intensity of credit usage and for several statistics on the size and frequency of cash withdrawals. The model is used to assess the household's welfare cost of phasing out cash.