Interchange Fees and Payment Card Networks: Economics, IndustryDevelopments, and Policy Issues
Robin A. PragerMark D. ManuszakElizabeth K. KiserRon BorzekowskiMay 13, 2009
The views expressed in this paper are those of the authors and do not necessarily representthe views of the Board of Governors of the Federal Reserve System or its staff.
Prager, Kiser and Borzekowski: Division of Research and Statistics, Federal Reserve Board.Manuszak: Division of Reserve Bank Operations and Payment Systems, Federal Reserve Board.Contact authors at Robin.Prager@frb.gov, Mark.D.Manuszak@frb.gov,Elizabeth.K.Kiser@frb.gov, Ron.Borzekowski@frb.gov. The authors would like to thank RobertAdams, Sujit Chakravorti, Win Hambley, Fumiko Hayashi, Susan Herbst-Murphy, Robert Hunt,Erik Kiefel, Jeffrey Marquardt, James McAndrews, David Mills, Jean-Charles Rochet, LouiseRoseman, Zhu Wang, and John Wolken for helpful comments on this paper.