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Who Pays for Payments?

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NBER2026-04-01 更新2026-04-18 收录
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https://www.nber.org/papers/w35067
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We use novel data on the composition and cost of payments across U.S. merchants to quantify consumer redistribution in the payment system. Cards charge interchange fees to merchants to fund consumer rewards. When merchants raise prices for all consumers in response to these costs, users of low-cost
创建时间:
2026-04-01
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