THE EUROPEAN CENTRAL BANK AND THE FEDERAL RESERVE: A COMPARATIVE ANALYSIS

Dorina Clichici

Revista de Economie Mondiala / The Journal of Global Economics, 2017, vol. 9, issue 2, 19-35

Abstract: The purpose of this article is to identify the main differences andsimilarities between the European Central Bank (ECB) and US Federal Reserve (FED)in terms of their functional framework and monetary policy. The research is basedon a comparative analysis of the history of establishing the Eurosystem and theFederal Reserve System, which has influenced the way these central banks operatetoday. It also analyzes the policy responses of the two institutions to the 2007global financial crisis, since both their non-conventional policy measures and theeffects thereof on growth, inflation and unemployment rates were slightlydifferent. The paper finds that there are differences between the ECB and FEDrather regarding the organization and functioning of the Committees for monetarypolicy and monetary policy objectives than the institutional structure and policyframework.

Keywords: Eurosystem; European Central Bank; US Federal Reserve System; monetarypolicy; non-conventional measures (search for similar items in EconPapers)
JEL-codes: G01 G15 G21 G28 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:iem:journl:v:9:y:2017:i:2:p:19-35

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