The Eurosystem, the US Federal Reserve and the Bank of Japan: Similarities and Differences
47 Pages Posted: 11 Apr 2007
Date Written: March 2007
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.
Keywords: Monetary policy, central banks and their policies, monetary policy committees
JEL Classification: E40, E52, E58
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
Transparency and Credibility: Monetary Policy with Unobservable Goals
By Jon Faust and Lars E. O. Svensson
-
Social Value of Public Information: Morris and Shin (2002) is Actually Pro Transparency, Not Con
-
Transparency of Information and Coordination in Economies with Investment Complementarities
-
Transparency of Information and Coordination in Economies with Investment Complementarities
-
Efficient Use of Information and Social Value of Information