Paul Dolfen, Liran Einav, Peter J. Klenow, Benjamin Klopack, Jonathan Levin, Laurence Levin, Wayne Best
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E-commerce represents a rapidly growing share of consumer spending in the United States. We use transactions-level data on credit and debit cards from Visa, Inc. between 2007 and 2017 to quantify the resulting consumer surplus. We estimate e-commerce reached 8 percent of consumption by 2017, yielding the equivalent of a 1 percent boost to their consumption, or over $1,000 per household per year. While some of the gains arose from avoiding travel costs to local merchants, most of the gains stemmed from substituting to merchants available online but not locally. Higher income consumers gained more, as did consumers in more densely populated counties. (JEL D12, E21, G51, L81, L86)
期刊介绍:
American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.