Monetary response to the coronavirus crisis

Nov 1, 2020

An Assessment

This paper focuses on how central banks have responded since March to the Covid crisis, explores the discrete episodes such as the liquidity crisis in the Spring and the evidence of companies borrowing to accumulate cash and the equity price boom that has followed the huge injections of liquidity into the international financial system. It offers an impression of where policy makers are and the limits that central banks confront in a low interest rate environment where monetary policy has no more space left and is not effective.

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