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Monetary Policy and Central Banking in the Covid Era

Summary:
The abruptness and speed of the economic deterioration caused by the Covid-19 pandemic, the sharp increase in market volatility, and the blinding uncertainty over the impact of the pandemic motivated a central bank reaction that was unprecedented in terms of size, speed and scope. This CEPR eBook summarises the responses by sixteen central banks from both advanced and emerging economies – with chapters written by senior central bank officials and economists in each of the countries to explain the actions taken.  PDF Download Contents Foreword Part I: Introduction, overview, and economic background Monetary policy and central banking in the Covid era: Key insights and challenges for the futureBill

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Monetary Policy and Central Banking in the Covid Era

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Contents

Foreword

Part I: Introduction, overview, and economic background

Monetary policy and central banking in the Covid era: Key insights and challenges for the future
Bill English, Kristin Forbes and Angel Ubide

A year like no other
Gian Maria Milesi Ferretti

Part II: The central bank responses in advanced economies

Monetary policy in Australia during Covid
Guy Debelle

The Bank of Canada’s response in 2020 to the Covid-19 pandemic
Toni Gravelle and Carolyn A. Wilkins

The monetary policy response in the euro area
Philip R. Lane

The Bank of Japan’s monetary policy in the time of Covid-19
Masayoshi Amamiya

The response in Sweden
Per Jansson

The Swiss National Bank’s monetary policy response to the Covid-19 pandemic
Thomas J. Jordan

The Bank of England’s response to Covid-19
Ben Broadbent

The COVID-19 crisis and the Federal Reserve’s policy response
Richard H. Clarida, Burcu Duygan-Bump and Chiara Scotti

Part III: The central bank responses in emerging economies

Brazil: Covid-19 and the road to recovery
Fernanda Nechio and Bruno Serra Fernandes

The Central Bank of Chile’s policy response to the Covid-19 crisis
Pablo García Silva

The People’s Bank of China adhered to normal monetary policy and enhanced support to the real economy to offset the impact of Covid-19
Sun Guofeng

The response of the Reserve Bank of India to Covid-19: Do whatever it takes
Rakesh Mohan

Bank Indonesia’s response to Covid-19: Synergise to build optimism for economic recovery
Perry Warjiyo

Bank of Russia policy during the Covid-19 pandemic
Ksenia Yudaeva

Weathering Covid: South Africa’s central bank policy in 2020 and 2021
Christopher Loewald

Monetary policy in the Covid era: The Turkish experience
Hakan Kara

Part IV: Evaluation of the responses and implications for the future

Central banks and the Covid-19 economic crisis
Claudio Borio

Assessment of monetary and financial policy responses in advanced economies to the Covid-19 crisis
Laurence Boone and Łukasz Rawdanowicz

The year the power of central bank balance sheets was unleashed
Athanasios Orphanides

Emerging markets during Covid-19: Unconventional policies and financial markets
Dimitris Drakopoulos, Rohit Goel, Evan Papageorgiou, Dmitri Petrov, Patrick Schneider and Can Sever

Central banking and credit provision in emerging market economies during the Covid-19 crisis
Luis Felipe Céspedes and José De Gregorio

A global shock to a global system: Covid-19 and the post-2008 regulatory framework
Dietrich Domanski

Macroprudential bank capital actions in response to the 2020 pandemic
Rochelle M. Edge and J. Nellie Liang

Looking forward: Monetary policy post-Covid
Olivier Blanchard

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