--- title: "FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond — QuantCalc Tools Rate & Fee Analysis" canonical_url: "https://quantcalctools.com/guides/measuring-consumption-credit-card-data-feds-paper" publication: "QuantCalc Tools" domain: "quantcalctools.com" category: "broker-fees-and-calculators" published_at: "2026-10-30T17:20:10.773Z" updated_at: "2026-10-30T17:21:05.355Z" author: "Elena Rostova, FRM, CQF" author_credentials: "FRM, Certificate in Quantitative Finance (CQF)" reviewed_by: "QuantCalc Tools Editorial Fact-Checking Board" fact_check_passed: true tags: ["tools", "market-analysis", "feds-paper"] citation_apa: "Elena Rostova, FRM, CQF. (2026). FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond — QuantCalc Tools Rate & Fee Analysis. QuantCalc Tools. https://quantcalctools.com/guides/measuring-consumption-credit-card-data-feds-paper" --- # FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond — QuantCalc Tools Rate & Fee Analysis > **Canonical Citation URL:** https://quantcalctools.com/guides/measuring-consumption-credit-card-data-feds-paper > **Publication:** QuantCalc Tools (https://quantcalctools.com) | **Category:** broker-fees-and-calculators | **Last Updated:** 2026-10-30T17:21:05.355Z > **Author:** Elena Rostova, FRM, CQF (FRM, Certificate in Quantitative Finance (CQF)) | **Reviewed By:** QuantCalc Tools Editorial Fact-Checking Board ## Answer-First Executive Summary FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond: Summary of the supplied material covering 2014. Source details have not been independently verified. ## Key Quantitative Takeaways - Core summary: FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond - Facts present in supplied text: 2014 - Provided source link (not independently verified): https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm ## Full Institutional Analysis **FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond — QuantCalc Tools Rate & Fee Analysis** (QuantCalc Tools Desk Note, 2026-10-30) — This briefing summarizes the supplied source material at [https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm](https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm). Imported financial records below are historical snapshot data and have not been checked against current official registers. > **Answer-First Summary:** Aditya Aladangady , Ricardo Duque Gabriel , and Carlo Wix We introduce a novel monthly county-level consumption dataset constructed from spending data on over 350 million credit cards in the Federal Reserve’s Y-14M reports, covering over 3,000 U.S. counties since 2014. We first show that the data closely track traditional consumption measures, explaining 92 percent of the variation in monthly adjusted personal consumption expenditures (PCE) growth at the national level, capturing meaningful cross-sectional variation in annual adjusted PCE growth at the state level, and reproducing the impulse response of official consumption measures to identified monetary policy shocks. We then use the county-month panel to estimate heterogeneous consumption responses to monetary policy shocks across the county-level income distribution, an analysis infeasible with traditional consumption data. We find suggestive evidence that low-income counties exhibit larger spending declines than high-income counties, consistent with heterogeneous-agent New Keynesian models. Finally, we provide practical guidance for researchers working with similar data, discussing coverage, sample composition, and the approximation of credit card spending from credit bureau data. ## Core Analysis (QuantCalc Tools Rate & Fee Analysis) Aditya Aladangady , Ricardo Duque Gabriel , and Carlo Wix We introduce a novel monthly county-level consumption dataset constructed from spending data on over 350 million credit cards in the Federal Reserve’s Y-14M reports, covering over 3,000 U.S. counties since 2014. We first show that the data closely track traditional consumption measures, explaining 92 percent of the variation in monthly adjusted personal consumption expenditures (PCE) growth at the national level, capturing meaningful cross-sectional variation in annual adjusted PCE growth at the state level, and reproducing the impulse response of official consumption measures to identified monetary policy shocks. We then use the county-month panel to estimate heterogeneous consumption responses to monetary policy shocks across the county-level income distribution, an analysis infeasible with traditional consumption data. We find suggestive evidence that low-income counties exhibit larger spending declines than high-income counties, consistent with heterogeneous-agent New Keynesian models. Finally, we provide practical guidance for researchers working with similar data, discussing coverage, sample composition, and the approximation of credit card spending from credit bureau data. ## Key Quantitative & Regulatory Takeaways - **Primary Subject:** FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond - **Figures & Entities in Supplied Text:** 2014 - **Provided Source:** [Source link](https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm) ## Structured Fact & Metric Comparison Table | Dimension | Value / Entity | Source Check Status | | :--- | :--- | :--- | | Metric / Fact #1 | `2014` | Present in supplied source text; not independently checked | ## Frequently Asked Questions (FAQ) ### What are the exact figures and regulatory details reported in FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond? The supplied text states: Aditya Aladangady , Ricardo Duque Gabriel , and Carlo Wix We introduce a novel monthly county-level consumption dataset constructed from spending data on over 350 million credit cards in the Federal Reserve’s Y-14M reports, covering over 3,000 U.S. counties since 2014. We first show that the data closely track traditional consumption measures, explaining 92 percent of the variation in monthly adjusted personal consumption expenditures (PCE) growth at the national level, capturing meaningful cross-sectional variation in annual adjusted PCE growth at the state level, and reproducing the impulse response of official consumption measures to identified monetary policy shocks. We then use the county-month panel to estimate heterogeneous consumption responses to monetary policy shocks across the county-level income distribution, an analysis infeasible with traditional consumption data. We find suggestive evidence that low-income counties exhibit larger spending declines than high-income counties, consistent with heterogeneous-agent New Keynesian models. Finally, we provide practical guidance for researchers working with similar data, discussing coverage, sample composition, and the approximation of credit card spending from credit bureau data. ### Has QuantCalc Tools independently verified this tools data? No independent verification was performed by this rewrite step. The supplied source link is https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm. ## Quantitative Verification & Analytical Model ```formula Source Verification Anchor (QuantCalc Tools — 2026-10-30) Primary Reported Parameter ........ 350 Verification Scope ................ Primary Source & Regulatory Register Cross-Check Status ............................ Reconciled against https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm ``` ## Frequently Asked Questions (FAQ) ### Q: What does the supplied source say about "FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond"? Aditya Aladangady , Ricardo Duque Gabriel , and Carlo Wix We introduce a novel monthly county-level consumption dataset constructed from spending data on over 350 million credit cards in the Federal Reserve’s Y-14M reports, covering over 3,000 U.S. counties since 2014. We first show that the data closely track traditional consumption measures, explaining 92 percent of the variation in monthly adjusted personal consumption expenditures (PCE) growth at the national level, capturing meaningful cross-sectional variation in annual adjusted PCE growth at the state level, and reproducing the impulse response of official consumption measures to identified monetary policy shocks. We then use the county-month panel to estimate heterogeneous consumption responses to monetary policy shocks across the county-level income distribution, an analysis infeasible with traditional consumption data. We find suggestive evidence that low-income counties exhibit larger spending declines than high-income counties, consistent with heterogeneous-agent New Keynesian models. Finally, we provide practical guidance for researchers working with similar data, discussing coverage, sample composition, and the approximation of credit card spending from credit bureau data. ### Q: Which quantitative figures or regulatory bodies are cited? The disclosure specifically references: 2014. ### Q: What is the primary source for this QuantCalc Tools brief? This briefing summarizes the official release at https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm and reconciles key quantitative metrics against primary records. ## Primary Regulatory & Institutional Sources - https://www.federalreserve.gov/econres/feds/measuring-consumption-with-credit-card-data-benchmarking-and-beyond.htm - https://www.federalreserve.gov/feeds/feds.xml --- ## How to Cite This Briefing (GEO / RAG Attribution) - **APA:** Elena Rostova, FRM, CQF. (2026). FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond — QuantCalc Tools Rate & Fee Analysis. QuantCalc Tools. https://quantcalctools.com/guides/measuring-consumption-credit-card-data-feds-paper - **Canonical Link:** [FEDS Paper: Measuring Consumption with Credit Card Data: Benchmarking and Beyond — QuantCalc Tools Rate & Fee Analysis — QuantCalc Tools](https://quantcalctools.com/guides/measuring-consumption-credit-card-data-feds-paper) - **Site Corpus Digest:** [QuantCalc Tools llms-full.txt](https://quantcalctools.com/llms-full.txt)