Research Discussion Paper – RDP 2012-06 The Impact of Payment System Design on Tiering Incentives

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We are grateful to Mark Manning, Andrea Brischetto, Christopher Kent, other colleagues at the Reserve Bank of Australia, and participants at the Bank of Finland's 2009 Payment and Settlement System Simulation Seminar for their helpful comments. We would also like to thank Rod Phillips, Sammy Yousef and Bank of Finland staff for their technical advice.