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The role of a regional bank in a system of central banks

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  • Marvin Goodfriend

Abstract

The 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.

Suggested Citation

  • Marvin Goodfriend, 1999. "The role of a regional bank in a system of central banks," Working Paper 99-04, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:fedrwp:99-04
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    References listed on IDEAS

    as
    1. Marvin Goodfriend, 1997. "Monetary policy comes of age: a 20th century odyssey," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-22.
    2. Robert L. Hetzel, 1985. "The rules verses discretion debate over monetary policy in the 1920s," Economic Review, Federal Reserve Bank of Richmond, vol. 71(Nov), pages 3-14.
    3. Gerald A. Carlino & Satyajit Chatterjee, 1999. "Postwar trends in metropolitan employment growth: decentralization and deconcentration," Working Papers 99-10, Federal Reserve Bank of Philadelphia.
    4. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, January-J.
    5. Gerald A. Carlino & Satyajit Chatterjee, 1998. "Aggregate employment growth and the deconcentration of metropolitan employment," Working Papers 98-6, Federal Reserve Bank of Philadelphia.
    6. 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.
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