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The European Central Bank and the Federal Reserve

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Author Info

  • Stephen G. Cecchetti
  • RÛisÌn O'Sullivan

Abstract

In the 4 years of its existence, the European Central Bank (ECB) has made significant contributions to the macroeconomic stability of the euro area. This paper takes a critical look at the ECB and compares its institutional structure, policy framework, and operational procedures with those of the longer-established US central bank. We discuss the implications of various differences between the ECB and the Federal Reserve with a view toward identifying successful elements of the practices of both these institutions. The paper recommends that the ECB abandon the first pillar of its monetary policy strategy that affords a special role to monetary aggregates in the evaluation of financial market conditions. It also suggests that the Federal Reserve should follow the ECB's lead and provide an explicit definition of price stability. Copyright 2003, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 19 (2003)
Issue (Month): 1 ()
Pages: 30-43

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Handle: RePEc:oup:oxford:v:19:y:2003:i:1:p:30-43

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Web page: http://oxrep.oupjournals.org/

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RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Political Economy > The Political Economy of the European Union > Economic Policy and Policy-Making in the European Union
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Cited by:
  1. Kathryn M. E. Dominguez, 2006. "The European Central Bank, the Euro, and Global Financial Markets," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 67-88, Fall.
  2. Joerg Bibow, 2006. "Inflation Persistence and Tax-Push Inflation in Germany and in the Euro Area: A Symptom of Macroeconomic Mismanagement?," IMK Studies 01-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  3. Kirsten Wandschneider & Nikolaus Wolf, 2009. "Shooting on a Moving Target: Eyplaining European Bank Rates during the Interwar Period," CESifo Working Paper Series 2694, CESifo Group Munich.
  4. Chiara Scotti, 2006. "A bivariate model of Fed and ECB main policy rates," International Finance Discussion Papers 875, Board of Governors of the Federal Reserve System (U.S.).

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