Fumiko Hayashi

Fumiko Hayashi

Senior Economist
Federal Reserve Bank of Kansas City
1 Memorial Drive
Kansas City, Missouri

Biography

Fumiko Hayashi is a Senior Economist in the Payments System Research Department at the Federal Reserve Bank of Kansas City. Since joining the Federal Reserve in 2001, Ms. Hayashi published studies on the ATM and debit card industry, regulatory developments around interchange fees and card network rules, consumer payment choice, mobile payments, and nonbanks in the payments system. She is currently conducting research on the use of general purpose reloadable prepaid cards, implications of recent regulations and litigations in the payment card industry for industry participants and end users, and the security of the payments system.

Prior to joining the Federal Reserve Bank of Kansas City, Ms. Hayashi conducted research examining consumer savings and long-term care insurance, social security reform in Japan, and nursing home markets in the United States. She holds a B.A. and a M.A. in economics from Hitotsubashi University, and a Ph. D. in economics from the University of Minnesota.

Professional Journals and Books

  • "Quantifying the Impacts of Limited Supply: The Case of Nursing Homes"
    with Andrew Ching and Hui Wang, International Economic Review, 2015, 56: 1291-1322.
  • "Payment Card Rewards Programs and Consumer Payment Choice"
    Journal of Banking and Finance,
    2010, 34: 1773-1787
  • "Payment Card Interchange Fees and Merchant Service Charges--An International Comparison" 
    Lydian Payments Journal, Vol. 1, Issue 3, January 2010
  • "A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments?"
    Review of Network Economics
    , Vol. 5, Issue 1 - March 2006
  • "A Guide to the ATM and Debit Card Industry: 2006 Update" 
    with Richard J. Sullivan and Stuart E. Weiner, 2006
  • "Technology Adoption and Consumer Payments: Evidence from Survey Data" 
    with Elizabeth Klee, Review of Network Economics, Vol. 2, Issue 2 - June 2003
  • "A Guide to the ATM and Debit Card Industry" 
    with Richard J. Sullivan and Stuart E. Weiner, 2003

Research Working Papers