Gerdesmeier, Dieter
[Verfasser:in]
;
Mongelli, Francesco Paolo
[Sonstige Person, Familie und Körperschaft];
Roffia, Barbara
[Sonstige Person, Familie und Körperschaft]
The Eurosystem, the US Federal Reserve and the Bank of Japan
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 2007 erstellt
Beschreibung:
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 quot;over-the-counterquot; policy reaction functions shows no striking differences in terms of monetary policy implementation