Download Central Banking Systems Compared: The ECB, The Pre-Euro by Emmanuel Apel PDF

By Emmanuel Apel

This new learn offers a finished survey of the lately validated ecu economic climate compared to past ecu structures and the united states Federal Reserve.

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Additional resources for Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System

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The designation of Chairman, which Greenspan has held since 1987, expires every four years, with the current term as Chairman ending in June 2004. Roger Ferguson of Massachusetts was first appointed in 1997 to complete an unexpired term ending in 2000; he was reappointed in 2000 with the term of office expiring in 2014. Ferguson is the Vice Chairman of the Board of Governors; the designation as Vice Chairman expires every four years, with the current term ending in October 2003. Edward Gramlich of Virginia was appointed in 1997 to complete an unexpired term ending in 2008.

Stern, President, Federal Reserve Bank of Minneapolis Donald Kohn (nomination submitted to Senate in May 2002), Board of Governors Ben Bernanke (nomination submitted to Senate in May 2002), Board of Governors 26 Historical background Board of Governors Each of the seven appointed members of the Board of Governors must come from a different Federal Reserve District. Each member on the Board of Governors fills a position that has a term of 14 years. The expiration dates of each position are staggered so that a position expires every two even-dated years on 31 January.

The standard answers to this question are presented in this box. Everyone seems to know the answer to the question, ‘what are the macroeconomic costs of an economy operating at a level of aggregate demand less than its potential output (a negative output gap)? ’ The answer to this latter question is presented below in this chapter under the section dealing with central bank independence. The main reason that a central bank is given ‘price stability’ as an objective is to reap the long-run macroeconomic benefits of ‘price stability’ (see Bakhshi et al.

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