Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/28025
Authors: 
Berger, Helge
Year of Publication: 
2005
Series/Report no.: 
Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft der Freien Universität Berlin 2005/27
Abstract: 
The paper discusses key elements of optimal central bank design and applies its findings to the Eurosystem. A particular focus is on the size of monetary policy committees, the degree of centralization, and the representation of relative economic size in the voting rights of regional (or sectoral) interests. Broad benchmarks for the optimal design of monetary policy committees are derived, combining relevant theoretical arguments with available empirical evidence. A new indicator compares the mismatch of relative regional economic size and voting rights in the monetary policy committees of the US Fed, the pre-1999 German Bundesbank, and the ECB over time. Based on these benchmarks, there seems to be room to improve the organization of the ECB Governing Board and current plans for reform.
Subjects: 
Central bank design
federal central banks
ECB, Eurosystem
ECB reform
JEL: 
D72
E58
ISBN: 
3938369264
Document Type: 
Working Paper

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