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

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Working Paper ; No. 742

Classification and Topics

• Classification: Wirtschaft ; Money and Interest Rates: General ; Monetary Policy ; Central Banks and Their Policies
• Subject: central banks and their policies ; monetary policy ; monetary policy committees ; Zentralbank ; Geldpolitik ; EU-Staaten ; USA ; Japan

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Gerdesmeier, Dieter ; Mongelli, Francesco Paolo ; Roffia, Barbara
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2007

Further information

• Handle: http://hdl.handle.net/10419/153176
• Last update: 10.03.2025, 11:45 AM CET