Comparison of Monetary Policy Strategies of Major Central Banks
This study gives a comprehensive overview of the evolution of modern central banking strategies followed by a thorough debate of the monetary policy strategy of the European Central Bank. It compares the strategy of the ECB with that of eight other central banks (Federal Reserve, Bank of Japan, Bank of England, Riksbank of Sweden, Reserve Bank of New Zealand, Bank of Estonia, Czech National Bank, People's Bank of China). The authors suggest reforms in goals, institutional arrangements and monetary instruments of the ECB. Despite the comparative success of the euro as an international currency, the present financial crisis has uncovered some flaws in the functioning of the ECB. However, these can be put in order by drawing appropriate conclusions from the comparative analysis in this study.
Estudo
Autor externo
Pedro Schwartz (lead author, San Pablo-CEU University, Madrid, Spain), Juan Castañeda (UNED, Madrid, Spain), David Mayes (University of Auckland, New Zealand), Anne Sibert (University of London, UK) and Geoffrey Wood (Cass Business School, City University, London, UK)
Sobre este documento
Tipo de publicação
Domínio de intervenção
Palavra-chave
- acordo de Bretton Woods
- ajustamento monetário
- banco central
- Banco Central Europeu
- coordenação das políticas UEM
- ECONOMIA
- economia monetária
- estabilização de preços
- euro
- FINANÇAS
- inflação
- instituições da União Europeia e função pública europeia
- país terceiro
- política de cooperação
- preços
- RELAÇÕES INTERNACIONAIS
- relações monetárias
- Sistema Europeu de Bancos Centrais
- situação económica
- UNIÃO EUROPEIA