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

30 Pages Posted: 26 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: July 1, 1999

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: Central bank, Eurosystem, Federal Reserve System

JEL Classification: E58, F33

Suggested Citation

Goodfriend, Marvin, The Role of a Regional Bank in a System of Central Banks (July 1, 1999). FRB Richmond Working Paper No. 99-4. Available at SSRN: https://ssrn.com/abstract=2180958 or http://dx.doi.org/10.2139/ssrn.2180958

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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