Regulating Consumer Financial Products: Evidence from Credit Cards

We thank our discussants Effie Benmelech, Olivier de Jonghe, Brigitte Madrian, Victor Stango, and Jialan Wang for thoughtful comments. We are grateful to John Campbell, Chris Carroll, Raj Chetty, Liran Einav, Alexander Frankel, Matthew Gentzkow, Andra Ghent, Benjamin Keys, Theresa Kuchler, Andres Liberman, Monika Piazzesi, Jesse Shapiro, Richard Thaler, Alessandra Voena, and Glen Weyl. Seminar participants at the University of Chicago, New York University, Harvard University, Harvard Business School, Arizona State University, the University of Michigan, Texas A&M University, the NBER meetings in Industrial Organization and Law & Economics, the Boston Fed Conference on Payment Systems, the Empirical Macro Workshop in New Orleans, the Consumer Financial Protection Bureau, the Sloan Conference on Benefit-Cost Analysis of Financial Regulation, the Bonn/Bundesbank conference for Regulating Financial Intermediaries, the Office of the Comptroller of the Currency, the FDIC, Kansas University, University of Virginia, Johns Hopkins University, and the College ofWilliam and Mary provided helpful comments. We thank Regina Villasmil for truly outstanding and dedicated research assistance. Mahoney and Stroebel thank the Fama-Miller Center at Chicago Booth for financial support. The views expressed are those of the authors alone and do not necessarily reflect those of the Office of the Comptroller of the Currency or the National Bureau of Economic Research.

• September 24, 2013