Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153176
Authors: 
Gerdesmeier, Dieter
Mongelli, Francesco Paolo
Roffia, Barbara
Year of Publication: 
2007
Series/Report no.: 
ECB Working Paper 742
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.
Subjects: 
central banks and their policies
monetary policy
monetary policy committees
JEL: 
E40
E52
E58
Document Type: 
Working Paper

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