An in-depth analysis of central banks and the ability to manage the system that combines European economies and the euro.
Written in 2007; 13,026 words; 62 sources; APA; $ 247.95
Paper Summary:
This paper provides an overview of the historical developments and achievements of central banks. Monetary theory and policy, as well as central banks' tasks and tools and the structure of central banks are discussed. The paper specifically discusses how a system combining so many different European economies is able to keep monetary policy stable and the euro strong. In addition, an analysis of the differences between the European Central Bank and the Federal Reserve System is also provided.
Table of Contents:
Preface
Introduction
Retrospective View in the US and selected European Countries
History of the Fed
The First and Second Central Bank (1791- 1836)
Free Banking Era and National Banks (1837-1912)
The Federal Reserve System (1913- present)
History of German Central Banks
The German Empire and its' "Reichsbank" (1871-1945)
Foundation of "Deutsche Bundesbank" (1948-1998)
The Euro Era (1993 - present)
History of the European Central Bank
Steps toward a European Central Bank (1957- 1989)
Stage One of EMU (1990 - 1993)
Stage Two of EMU (1994 - 1998)
Stage Three of EMU (1999 - present)
Short Historical Overview on the "Banque de France"
Short Historical Overview on the "Banco de Espana"
Short Historical Overview on the Bank of England
Summary of Major Events
Monetary Theory and Policy and Tasks and Tools of Central Banks
Monetary Theory
Pure Keynesian Theory
The Quantity Theory and the Monetarist Approach
Theory of Rational Expectations
Trade-off Faced by central banks
Monetary Policy
Tasks and Tools of Central Banks
Tasks
Role of a Central Bank in a financial system
Goals
Tools
The Structure of Central Banks on the Example of the ECB and the Fed
The European Central Bank
Structure and Tasks
Decision-making Bodies
Tasks of the ECB and the Eurosystem
Monetary Policy
Monetary Policy Strategy of the ECB
Four Key Ingredients for an Effective Central Bank
The Federal Reserve System
Tasks and Structure
Monetary Policy
Goal of the Monetary Policy
Four Key Ingredients for an Effective Central Bank
Comparison of the European Central Bank and the Federal Reserve System
Structure, Tasks and Decision-making Bodies
Monetary Policy Objectives and Strategies
Four Key Ingredients for an Effective Central Bank
Conclusion
Appendix
From the Paper:
"Central banks play a highly important role in the international financial systems today. With the right monetary policy they are able to bring about economic growth and financial stability in a country. Conditions in different countries are diverse, therefore the structure of a central bank can also be quite different, e.g. is the American central bank structure more decentralised than it is the case in Great Britain. However, monetary theory and policy become more and more similar for central banks due to their greater independence, increasing transparency and global financial and economic changes. This is especially true for the European Central Bank and the Federal Reserve System, because both have much more similarities than differences."
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