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Title: News and consumer card payments Authors:  Guerino Ardizzi - Bank of Italy (Italy)
Simone Emiliozzi - Banca d'Italia (Italy)
Juri Marcucci - Bank of Italy (Italy)
Libero Monteforte - Bank of Italy (Italy) [presenting]
Abstract: Central banks and policy makers are strongly interested in finding ways to measure the impact of policy uncertainty and cyber-security related news on economic activity. We investigate how consumers consumption (saving) decisions and payment instrument choices are influenced by these two important sources of news: the ones concerning economic policy uncertainty and those related to payment card frauds. We use a unique daily data set, for the Italian economy, with payment data recorded electronically through clearing and settlement circuits managed by the Bank of Italy, and coupled with indicators of news derived using big data techniques. We provide a quantitative assessment of how these news shape consumers behaviour and their preferences for liquidity at a daily frequency.