The role of a regional bank in a system of central banks
AbstractThe 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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Bibliographic InfoPaper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 99-04.
Date of creation: 1999
Date of revision:
Other versions of this item:
- Goodfriend, Marvin, 1999. "The role of a regional bank in a system of central banks," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 51-71, December.
- Marvin Goodfriend, 2000. "The role of a regional bank in a system of central banks," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 7-25.
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.:
- Satyajit Chatterjee & Gerald Carlino, 1998. "Aggregate employment growth and the deconcentration of metropolitan employment," Working Papers 98-6, Federal Reserve Bank of Philadelphia.
- 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.
- Marvin Goodfriend, 1997. "Monetary policy comes of age: a 20th century odyssey," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-22.
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