Monetary Policy and Central Banking in the Covid Era

Bill English, Kristin Forbes, Ángel Ubide 03 June 2021

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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

Professor in the Practice of Finance, Yale School of Management

Jerome and Dorothy Lemelson Professor of Management and Global Economics, MIT Sloan School of Management

Head of Economic Research in Global Fixed Income and Macro, Citadel LLC. Member of International Advisory Board, Esade EcPol

Events

CEPR Policy Research