Geoffrey Wood et al., Comparison of Monetary Policy Strategies of Major Central Banks

Monday 3 August 2009

Pedro Schwartz, Juan Castañeda, David Mayes, Anne Sibert & Geoffrey Wood, Comparison of Monetary Policy Strategies of Major Central Banks (Brussels: European Parliament, 2009).

This study was requested by the European Parliament’s Committee on Economic and Monetary Affairs. The authors are academics from universities in Spain, New Zealand and the UK. It compares the strategy of the European Central Bank (ECB) with that of eight other central banks (Federal Reserve, Bank of England, Bank of Japan, and central banks in New Zealand, Sweden, Czech Republic, Estonia and China), to suggest reforms in its goals, institutional arrangements and monetary instruments. 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 that can be put in order by attending to the experience of the ECB and the other eight central banks examined.

The full text of the study is available in PDF format: wood-comparison.pdf (2791 KB).

Geoffrey Wood is Professor of Economics at Cass Business School and Professor of Monetary Economics at the University of Buckingham, where he teaches on the undergraduate Economics programme and the MA in Global Affairs.

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