THE EUROPEAN CENTRAL BANK AND THE FEDERAL RESERVE: A COMPARATIVE ANALYSIS
The purpose of this article is to identify the main differences and similarities between the European Central Bank (ECB) and US Federal Reserve (FED) in terms of their functional framework and monetary policy. The research is based on a comparative analysis of the history of establishing the Euro...
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| Format: | Article |
| Language: | ron |
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Institute for World Economy
2017-06-01
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| Series: | Revista de Economie Mondială |
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| Online Access: | http://iem.ro/rem/index.php/REM/article/view/576/637 |
| Summary: | The purpose of this article is to identify the main differences and similarities between the
European Central Bank (ECB) and US Federal Reserve (FED) in terms of their functional framework
and monetary policy. The research is based on a comparative analysis of the history of establishing
the Eurosystem and the Federal Reserve System, which has influenced the way these central banks
operate today. It also analyzes the policy responses of the two institutions to the 2007 global financial
crisis, since both their non-conventional policy measures and the effects thereof on growth, inflation
and unemployment rates were slightly different. The paper finds that there are differences between
the ECB and FED rather regarding the organization and functioning of the Committees for
monetary policy and monetary policy objectives than the institutional structure and policy framework |
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| ISSN: | 2343-9521 2343-9521 |