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The federal design of a central bank in a monetary union: The case of the European system of central banks

  • Sylvester C.W. Eijffinger

    (CentER, Tilburg University, The Netherlands, and CEPR)

In this paper we analyse the ESCB as a federal central bank system. First, the degree of decentralization of the ESCB will be briefly compared with its predecessor, the Deutsche Bundesbank, and its counterweight in the US, the Federal Reserve System. Moreover, the development during the period 1990-99 of the total, economics and research staffing of the ECB and the national central banks in the EU will be investigated and also the staff ratios of the national central banks in 1999. Furthermore, the research activities of the central banks in the European Union over the period 1990-99 will be analysed both in terms of input (economics and research staff) and output (quality-weighted number of articles in scientific journals). The share of economics research staff in total staff of the national central banks varies between 0.02 and 0.17. The ECB has the highest ratio between economists and researchers and other staff. A ranking of research performance based on the quality-weighted number of scientific articles per economics and research employee reveals that the Bank of Finland has the best research performance of European central banks, followed by De Nederlandsche Bank, the Banco de Portugal and the Oesterreichische Nationalbank. There is only a weak relationship between the research performance and the share of research staff. The conclusion 'small is beautiful' also seems to hold for the economics and research departments of the European central banks. Copyright © 2003 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/ijfe.214
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Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 8 (2003)
Issue (Month): 4 ()
Pages: 365-380

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Handle: RePEc:ijf:ijfiec:v:8:y:2003:i:4:p:365-380
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  1. Eijffinger, S.C.W. & de Haan, J. & Koedijk, C.G., 2002. "Small is beautiful : Measuring the research input and output of European Central Banks," Other publications TiSEM 54809c56-978b-43f0-8117-8, Tilburg University, School of Economics and Management.
  2. repec:ner:tilbur:urn:nbn:nl:ui:12-82796 is not listed on IDEAS
  3. Ellen E. Meade & D. Nathan Sheets, 2002. "Regional Influences on U.S. Monetary Policy: Some Implications for Europe," CEP Discussion Papers dp0523, Centre for Economic Performance, LSE.
  4. Eijffinger, S.C.W. & de Haan, J., 2000. "European Monetary and Fiscal Policy," Other publications TiSEM a056022b-c6b1-4c89-bcd5-3, Tilburg University, School of Economics and Management.
  5. Marvin Goofriend, 1999. "The role of a regional bank in a system of central banks," Working Paper 99-04, Federal Reserve Bank of Richmond.
  6. Andrea Tokman Ramos, 2002. "Is Private Education Better? Evidence from Chile," Working Papers Central Bank of Chile 147, Central Bank of Chile.
  7. Vaubel, Roland, 1997. "The bureaucratic and partisan behavior of independent central banks: German and international evidence," European Journal of Political Economy, Elsevier, vol. 13(2), pages 201-224, May.
  8. M.A. Akhtar & Howard Howe, 1991. "The political and institutional independence of U.S. monetary policy," Research Paper 9110, Federal Reserve Bank of New York.
  9. Carsten Hefeker, 2003. "Federal Monetary Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(4), pages 643-659, December.
  10. Angeloni, Ignazio, 1999. "The role of a regional bank in a system of central banks : A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 73-77, December.
  11. Eduard Hochreiter, 2000. "The current role of national central banks in the Eurosystem," Atlantic Economic Journal, International Atlantic Economic Society, vol. 28(3), pages 300-308, September.
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