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

Posted: 18 Apr 2001

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

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: 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. Carnegie-Rochester Conference Series on Public Policy, Vol. 51, Issue 1, December 1999. Available at SSRN: https://ssrn.com/abstract=250804

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

Register to save articles to
your library

Register

Paper statistics

Abstract Views
590
PlumX Metrics