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The Eurosystem, the US Federal Reserve and the Bank of Japan - similarities and differences

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Author Info
Dieter Gerdesmeier () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.)
Francesco Paolo Mongelli () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.)
Barbara Roffia () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.)

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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. JEL Classification: E40, E52, E58.

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Paper provided by European Central Bank in its series Working Paper Series with number 742.

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Length: 45 pages
Date of creation: Mar 2007
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Handle: RePEc:ecb:ecbwps:20070742

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Keywords: Monetary policy; central banks and their policies; monetary policy committees.;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Stephen G. Cecchetti & Guy Debelle, 2006. "Has the inflation process changed?," Economic Policy, CEPR, CES, MSH, vol. 21(46), pages 311-352, 04. [Downloadable!] (restricted)
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  2. Olli Castrén & Chiara Osbat & Matthias Sydow, 2006. "What drives investors’ behaviour in different FX market segments? A VAR-based return decomposition analysis," Working Paper Series 706, European Central Bank. [Downloadable!]
  3. Gabriel Fagan & Vítor Gaspar, 2007. "Adjusting to the euro," Working Paper Series 716, European Central Bank. [Downloadable!]
  4. Marco Cipriani & Antonio Guarino, 2006. "Transaction Costs and Informational Cascades in Financial Markets: Theory and Experimental Evidence," WEF Working Papers 0008, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
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  5. Lucia Cuadro Sáez & Marcel Fratzscher & Christian Thimann, 2007. "The transmission of emerging market shocks to global equity markets," Working Paper Series 724, European Central Bank. [Downloadable!]
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  6. Rudolfs Bems & Luca Dedola & Frank Smets, 2007. "US imbalances: the role of technology and policy," Working Paper Series 719, European Central Bank. [Downloadable!]
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  7. Riccardo Calcagno & Florian Heider, 2007. "Market based compensation, price informativeness and short-term trading," Working Paper Series 735, European Central Bank. [Downloadable!]
  8. Erwan Gautier & Ignacio Hernando & Philip Vermeulen & Daniel Dias & Maarten Dossche & Roberto Sabbatini & Harald Stahl, 2007. "Price setting in the euro area: some stylised facts from individual producer price data," Working Paper Series 727, European Central Bank. [Downloadable!]
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  9. Reint Gropp & Christoffer Kok Sørensen & Jung-Duk Lichtenberger, 2007. "The dynamics of bank spreads and financial structure," Working Paper Series 714, European Central Bank. [Downloadable!]
  10. Barry E. Jones & Livio Stracca, 2006. "Are money and consumption additively separable in the euro area? A non-parametric approach," Working Paper Series 704, European Central Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Barbara Roffia & Andrea Zaghini, 2007. "Excess money growth and inflation dynamics," Working Paper Series 749, European Central Bank. [Downloadable!]
    Other versions:
  2. Jukka Jalava & Ilja Kristian Kavonius, 2007. "Durable goods and their effect on household saving rations in the euro area," Working Paper Series 755, European Central Bank. [Downloadable!]
  3. Philipp Engler & Michael Fidora & Christian Thimann, 2007. "External imbalances and the US current account - how supply-side changes affect an exchange rate adjustment," Working Paper Series 761, European Central Bank. [Downloadable!]
  4. Barthélemy, J. & Clerc L. & Marx, M., 2008. "A Two-Pillar DSGE Monetary Policy Model for the Euro Area," Documents de Travail 219, Banque de France. [Downloadable!]
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