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The European Central Bank And The Federal Reserve: A Comparative Analysis

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  • Dorina Clichici

Abstract

The purpose of this article is to identify the main differences andsimilarities between the European Central Bank (ECB) and US Federal Reserve (FED)in terms of their functional framework and monetary policy. The research is basedon a comparative analysis of the history of establishing the Eurosystem and theFederal Reserve System, which has influenced the way these central banks operatetoday. It also analyzes the policy responses of the two institutions to the 2007global financial crisis, since both their non-conventional policy measures and theeffects thereof on growth, inflation and unemployment rates were slightlydifferent. The paper finds that there are differences between the ECB and FEDrather regarding the organization and functioning of the Committees for monetarypolicy and monetary policy objectives than the institutional structure and policyframework.

Suggested Citation

  • Dorina Clichici, 2017. "The European Central Bank And The Federal Reserve: A Comparative Analysis," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 9(2), pages 19-35.
    • Handle: RePEc:iem:journl:v:9:y:2017:i:2:p:19-35
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    File URL: http://iem.ro/rem/index.php/REM/article/view/576/637
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    Keywords

    Eurosystem; European Central Bank; US Federal Reserve System; monetarypolicy; non-conventional measures;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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