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Consumer Behavior in a Health Crisis: What Happened with Cash?

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  • Kevin Foster
  • Claire Greene

Abstract

In the United States, COVID-19 cases and currency in circulation both surged in March 2020. Did consumer choice play a role in the increase in currency in circulation? With fewer opportunities to shop and pay in person, why would consumers hold more cash? Data from the fall 2019 Survey and Diary of Consumer Payment Choice and interim rapid-response surveys in spring and late summer 2020 give some insights into consumer cash holdings and payments behavior.

Suggested Citation

  • Kevin Foster & Claire Greene, 2021. "Consumer Behavior in a Health Crisis: What Happened with Cash?," Policy Hub, Federal Reserve Bank of Atlanta, vol. 2021(1), pages 1-10, January.
    • Handle: RePEc:fip:a00068:99125
    DOI: 10.29338/ph2021-01
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    References listed on IDEAS

    as
    1. Heng Chen & Walter Engert & Kim Huynh & Gradon Nicholls & Mitchell Nicholson & Julia Zhu, 2020. "Cash and COVID-19: The impact of the pandemic on demand for and use of cash," Discussion Papers 2020-6, Bank of Canada.
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    Cited by:

    1. Kevin Foster & Claire Greene & Joanna Stavins, 2021. "2020 Survey of Consumer Payment Choice," Consumer Payments Research Data Reports 2021-01, Federal Reserve Bank of Atlanta.

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    More about this item

    Keywords

    D9; D14; E42;
    All these keywords.

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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