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The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences

Dieter Gerdesmeier, Francesco Paolo Mongelli and Barbara Roffia
Journal of Money, Credit and Banking
Vol. 39, No. 7 (Oct., 2007), pp. 1785-1819
Published by: Wiley
Stable URL: http://www.jstor.org/stable/4494320
Page Count: 35
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The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences
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Abstract

The paper provides a systematic comparison of the Eurosystem, the U.S. 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.

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