Journal of Economic Perspectives: Vol. 27 No. 4 (Fall 2013)


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Central Bank Design

Article Citation

Reis, Ricardo. 2013. "Central Bank Design." Journal of Economic Perspectives, 27(4): 17-44.

DOI: 10.1257/jep.27.4.17


Starting with a blank slate, how could one design the institutions of a central bank for the United States? This paper explores the question of how to design a central bank, drawing on the relevant economic literature and historical experiences while staying free from concerns about how the Fed got to be what it is today or the short-term political constraints it has faced at various times. The goal is to provide an opinionated overview that puts forward the trade-offs associated with different choices and identifies areas where there are clear messages about optimal central bank design.

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Reis, Ricardo (Columbia U)

JEL Classifications

E52: Monetary Policy
E58: Central Banks and Their Policies


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