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The role of a regional bank in a system of central banks

Marvin Goodfriend

No 99-04, Working Paper from Federal Reserve Bank of Richmond

Abstract: The paper assesses the role of a Reserve Bank in the Federal Reserve System. It compares the Eurosystem with the Fed System, and offers suggestions for the Eurosystem based on the Fed's experience. A regional presence facilitates surveillance of the economy and helps a central bank to communicate with the public. Competition among regional banks stimulates innovative thinking on operational, research, and policy questions. The Chairman (President) of the system should be strong enough to encourage diverse views in the monetary policy committee and to build a consensus for decisive and timely policy actions as needed.

Keywords: Banks and banking; Federal Reserve System (search for similar items in EconPapers)
Date: 1999
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Journal Article: The role of a regional bank in a system of central banks (2000) Downloads
Journal Article: The role of a regional bank in a system of central banks (1999) Downloads
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