What Is Central about Central Banking? A Study of International Models

Chairman Campbell, Ranking Member Clay, and Members of the Committee, thank you for the opportunity to testify in this hearing. It is a privilege for me to contribute to your discussions of what is central to central banking, when you rightly take stock of the Federal Reserve's performance and governance after 100 years of operation, and after five years of its policy responses to the North Atlantic financial crisis centered here in the United States.