The Role of a Regional Bank in a System of Central Banks

FRB Richmond Economic Quarterly, Vol. 86, No. 1, Winter 2000, pp. 7-25

19 Pages Posted: 28 Nov 2012

See all articles by Marvin Goodfriend

Marvin Goodfriend

Carnegie Mellon University - David A. Tepper School of Business; National Bureau of Economic Research (NBER)

Multiple version iconThere are 3 versions of this paper

Date Written: 2000

Abstract

After assessing the role of a Reserve Bank in the Federal Reserve System, the author 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.

Suggested Citation

Goodfriend, Marvin, The Role of a Regional Bank in a System of Central Banks (2000). FRB Richmond Economic Quarterly, Vol. 86, No. 1, Winter 2000, pp. 7-25. Available at SSRN: https://ssrn.com/abstract=2126564

Marvin Goodfriend (Contact Author)

Carnegie Mellon University - David A. Tepper School of Business ( email )

5000 Forbes Avenue
Pittsburgh, PA 15213-3890
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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