The Eurosystem the Us Federal Reserve and The Bank of Japan

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Contents
Abstract
Non-technical summary
1. Introduction

2. The institutional structures and monetary policy framework
2.1 Organisational framework and institutional features of the three central banks
2.2 Monetary policy objectives
2.3 Central bank independence
2.4 Accountability, transparency and communication
2.4.1 Accountability
2.4.2 Transparency
2.5 Monetary policy strategies

3. Some stylised facts of the economic and financial environment

4. Estimation of simple monetary policy reaction functions
4.1 A brief presentation of the Taylor rule
4.2 Some Taylor rule estimations for the three central banks

5. Conclusions
References
European Central Bank Working Paper Series