The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences
系统比较了欧元体系、美联储和日本央行三者的地位、任务及政策实施，发现尽管历史背景不同，但近二十年央行独立性和透明度增强等因素缩小了差异，政策反应函数无明显区别。
The paper provides a systematic comparison of the Eurosystem, the U.S. Federal Reserve, and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect different historical conditions and national characteristics. However, widespread changes in central banking practices in the direction of greater independence and increased transparency, as well as changes in the economic and financial environment over the past 15–20 years, have contributed to reduce the differences among these three world's principal monetary authorities. A comparison based on simple “over‐the‐counter” policy reaction functions shows no striking differences in terms of monetary policy implementation.