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September/October 2004, 
Vol. 86, No. 5
Posted 2004-09-01

Trends in the Efficiency of Federal Reserve Check Processing Operations

by David C. Wheelock and Paul Wilson

17.1 billion: That's how many checks the Federal Reserve processed in 1999. But that number continues to decline as electronic payments increase. The authors report new information about the Fed's efficiency and how to estimate it.