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The Federal Reserve and the European Central Bank: a theoretical comparison of their legislative mandates

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  • GIUSEPPE FONTANA

Abstract

In academic and policy circles, the assumption is often made that the Fed and the European Central Bank (ECB) have a perfectly identical understanding of what monetary policy can achieve and they follow the same policy strategy. This assumption seats uncomfortably with the different legislative mandates of the Fed and the ECB. Drawing on a critical analysis of the "new con-sensus" view in macroeconomics and its policy recommendations, this paper argues that the dual mandate of the Fed allows for a less restrictive set of theoretical assumptions than the single mandate of the ECB, and, for this reason, has to be preferred.

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  • Giuseppe Fontana, 2006. "The Federal Reserve and the European Central Bank: a theoretical comparison of their legislative mandates," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(3), pages 433-450.
    • Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:433-450
    DOI: 10.2753/PKE0160-3477280304
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    Cited by:

    1. Angel Asensio, 2007. "Inflation targeting drawbacks in the absence of a 'natural' anchor," Post-Print halshs-00189225, HAL.
    2. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, September.
    3. H. Georg Schulze, 2010. "Ein Modell der Ekonomie als System von neuronalen Netzwerken - Ein Umriss [Connectionist Economics - An Outline]," Post-Print hal-01492977, HAL.
    4. Angel Asensio, 2011. "Inflation Targeting Drawbacks in the Absence of a ‘Natural’ Anchor: A Keynesian Appraisal of the Fed and ECB Policies from 1999 to 2006," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 11, Edward Elgar Publishing.

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