Discussion Paper Series 2010-E-14

The Future of Central Banking: A Lesson From United States History

Bennett T. McCallum

This paper is being prepared for the 2010 international conference of the Institute for Monetary and Economic Studies of the Bank of Japan, “The Future of Central Banking under Globalization,” to be held May 26-27, 2010, in Tokyo. I am grateful to Marvin Goodfriend for helpful discussions.

Views expressed in the paper are those of the authors and do not necessarily reflect those of the Bank of Japan or Institute for Monetary and Economic Studies.

Copyright © 2010 Bank of Japan All Rights Reserved.

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