Reimagining monetary policy as a federal project

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Work in Progress

The euro area's evolving monetary federalism

How did the relationships between the ECB and the central banks of the Member States evolve since the creation of the euro?

Federalism and the Politics of Central Bank Design: The Making of the Federal Reserve, 1907-1913

While the Federal Reserve today is a centralized institution, the regional Reserve Banks exercised a significant degree of policy autonomy between the system’s founding in 1913/1914 and the Banking Act of 1935. The paper explores the reasons for decentralization and the ideas that informed this peculiar distribution of power.