Fumiko Hayashi is a Senior Policy Advisor specializing in payments in the Economic 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, various types of payment methods (including credit, debit, and prepaid cards, mobile and QR code-based payments, instant payments, and central bank digital currency), payment fraud and security, nonbanks and fintechs in the payment system. She is currently conducting research on undeserved consumers in payments, fraud and scams involving instant payments, role of intermediaries in the payment system modernization, among others.

Prior to joining the Federal Reserve Bank of Kansas City, Ms. Hayashi conducted research examining consumer savings and long-tern 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

  • "Heterogeneous unbanked households: Which types of households are more (or less) likely to open a bank account?” with Aditi Routh and Ying Lei Toh, 2023, Journal of Economics and Business, forthcoming.
  • “Regressive Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada” with Marie-Hélène Felt, Joanna Stavins, and Angelika Welte, Journal of Banking and Finance, 2023, 154.
  • "Delivering Benefits of Faster Payments to the Underserved" with Claire Greene and Joanna Stavins, Consumer & Community Context, 2020, Vol.2, No. 1
  • "Innovation, Deregulation and the Life Cycle of a Financial Service Industry" with Bin Li and Zhu Wang on Review of Economic Dynamics, 2017, 26: 180-203.
  • "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
  • "Nonbanks and Risk in Retail Payments: EU and U.S." with Terri Bradford, Christian Hung, Simonetta Rosati, Richard J. Sullivan, Zhu Wang, and Stuart E. Weiner, In: M. Eric Johnson (eds) Managing Information Risk and the Economics of Security, Springer, Boston, MA, 2009.
  • "A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments?" Review of Network Economics, Vol. 5, Issue 1 - March 2006
  • PDFA 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
  • PDFA Guide to the ATM and Debit Card Industry with Richard J. Sullivan and Stuart E. Weiner, 2003

Economic Review Articles

Other District Publications

Research Working Papers