The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences

Dieter Gerdesmeier, Francesco Mongelli and Barbara Roffia

No 742, Working Paper Series from European Central Bank

Abstract: The paper provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect different historical conditions and national characteristics. However, widespread changes in central banking practices in the direction of greater independence and increased transparency, as well as changes in the economic and financial environment over the past 15-20 years, have contributed to reduce the differences among these three world's principal monetary authorities. A comparison based on simple "over-the-counter" policy reaction functions shows no striking differences in terms of monetary policy implementation. JEL Classification: E40, E52, E58

Keywords: central banks and their policies; monetary policy; monetary policy committees. (search for similar items in EconPapers)
Date: 2007-03
Note: 190719
References: View complete reference list from CitEc
Citations: View citations in EconPapers (22)

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Journal Article: The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2007742

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