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The role of a regional bank in a system of central banks

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  • Goodfriend, Marvin

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.

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File URL: http://www.sciencedirect.com/science/article/B6V8D-493GBVD-5/2/eb87d12b1195475bb3e19af53690c508
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Bibliographic Info

Article provided by Elsevier in its journal Carnegie-Rochester Conference Series on Public Policy.

Volume (Year): 51 (1999)
Issue (Month): 1 (December)
Pages: 51-71

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Handle: RePEc:eee:crcspp:v:51:y:1999:i::p:51-71

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Web page: http://www.elsevier.com/locate/jme

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  1. Satyajit Chatterjee & Gerald Carlino, 1998. "Aggregate employment growth and the deconcentration of metropolitan employment," Working Papers 98-6, Federal Reserve Bank of Philadelphia.
  2. Marvin Goodfriend, 1997. "Monetary policy comes of age: a 20th century odyssey," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-22.
  3. Mark A. Wynne, 1999. "The European system of central banks," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 2-14.
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