The Federal Reserve Bank of New York has hired Stephen G. Cecchetti, professor of economics at Ohio State University in Columbus since 1992, as director of research and executive vice president. He will join the bank in August.

Mr. Cecchetti been a consultant to the Federal Reserve Bank of Cleveland since 1991. He was a visiting economics professor at the University of Melbourne in 1986, at Boston College in 1994 and 1995, and at Princeton University in 1992 and 1993. At the New York Fed, he will succeed Frederic S. Mishkin, who will return to Columbia University's graduate school of business in September as professor of economics. Mr. Mishkin has been director of research for the last three years.

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