The Money and Payments Studies Function conducts research on the economics of payments system design and performance as well as on bank and consumer behavior. Payments systems of particular interest include the Fedwire Funds and Fedwire Securities Services and the Clearing House Interbank Payments System. Money and Payments Studies works closely with other areas of the Bank and with other official agencies, including the Board of Governors of the Federal Reserve System, the Bank for International Settlements, and foreign central banks. Staff members, who have backgrounds in economics, business, and public policy, also represent the Bank in various payments industry groups.

• examining operational events and the risk of fraud in new and emerging payments systems,
• analyzing the possible effects of paying interest on bank reserves,
• studying the effects of new Federal Reserve policies relating to the provision of daylight credit and the cash services made available to banks,
• characterizing the topology of large-value payments flows across banks, and
• providing support for the Federal Reserve’s management of its wholesale payments services.

To learn more about joining the Research Group: www.newyorkfed.org/careers/phd.html.

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