scholarly journals Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of U.S.

2005 ◽  
Author(s):  
L. Randall Wray ◽  
Claudio Sardoni
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Federal Reserve ◽  
European Central Bank ◽  
Federal Reserve Bank ◽  
European Central ◽  
Reserve Bank ◽  
Policy Strategies

Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the purposes of Rule 0-2(a)

Policy Papers ◽  
2016 ◽  
Vol 16 (60) ◽  
Author(s):  
Keyword(s):  
New York ◽  
Central Bank ◽  
Exchange Rates ◽  
Federal Reserve ◽  
European Central Bank ◽  
Federal Reserve Bank ◽  
European Central ◽  
Reserve Bank ◽  
Bank Of England ◽  
The U.S

This paper proposes modifications to the method of collecting exchange rates for the calculation of the value of the SDR for the purposes of Rule O-2(a). The value of the SDR in terms of the U.S. dollar is determined daily as the sum of the equivalents in U. S. dollar values of the amounts of the currencies that comprise the SDR valuation basket (as provided in Rule O-1), calculated on the basis of exchange rates established in accordance with procedures decided from time to time by the Fund.1 The current procedures are set out in Decision No. 6709-(80/189) S, as amended by Decision No. 12157-(00/24) S, March 9, 2000 (see Annex), which specifies the method for collecting exchange rates for this purpose. Under these procedures, the relevant currency amounts are converted into U.S. dollars using daily exchange rates that are provided to the Fund by the Bank of England (BoE). If rates cannot be obtained from the BoE, they are provided by the Federal Reserve Bank of New York (FRBNY) and, if not available there, by the European Central Bank (ECB). The BoE, FRBNY, and ECB intend to rely on a new, more robust methodology to provide exchange rates to the Fund after November 1, 2016, and the proposed modifications reflect these changes.

The Politics of Monetary Policy: A Critical Review

1994 ◽  
Vol 14 (1) ◽  
pp. 57-85 ◽  
Author(s):  
John T. Woolley
Keyword(s):  
United States ◽  
Monetary Policy ◽  
Central Bank ◽  
Federal Reserve ◽  
Critical Review ◽  
The United States ◽  
Central Banks ◽  
Federal Reserve Bank ◽  
Reserve Bank ◽  
Banking Institution

ABSTRACTThe Federal Reserve Bank of the United States is a pre-eminent banking institution, and an institution that has been subject to scrutiny from a wide variety of scholarly perspectives. The object of this article is to review prominent works dealing with the politics of the Federal Reserve, particularly its relations with other institutions and their effects on monetary policy. The review shows that the formal legal independence of a central bank such as the Fed does not mark the end of monetary politics, and its record suggests a greater measure of modesty and caution on the part of enthusiasts for independent central banks.

scholarly journals Central Banking and the Crisis. A Comparison of the Federal Reserve and the European Central Bank Measures, and the ECB’s Changing Role in the EU Economic Governance System

OASIS ◽  
2016 ◽  
pp. 147
Author(s):  
Marcin Roman Czubala ◽  
Mónica Puente Regidor
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
Economic Crisis ◽  
Federal Reserve ◽  
European Central Bank ◽  
Central Banking ◽  
Economic Governance ◽  
European Central ◽  
The Eu

The European Central Bank (ECB) has received a lot of criticism for its too little, too late performance to ease market pressures during the economic crisis. At the same time, the ECB and the Federal Reserve (FED) have managed the new economic realities that have emerged in the international context differently. Despite the criticisms, the European Central Bank is the European Union institution that has assumed more control due to the new model of economic governance of the EU. Why did the Federal Reserve act so nimbly and quickly to calm the markets, while the ECB was so cautious in managing monetary policy? The aim of this paper is to perform a comparative analysis of the management of interest rates and other monetary policy measures undertaken by the Central Bank and the Federal Reserve during the economic crisis, as well as to understand the changes in the context of the ECB and the emergence of its authority within the European Union’s economic governance model since 2011. Thus, in order to carry out a scrupulous exposition, we will also limit the time frame of this study to the 2007-2014 period.

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