New CEPR/ICMB eBook on 'Monetary Policy and Central Banking in the Covid Era'

Thursday, June 3, 2021

The onset of the COVID-19 pandemic and sudden economic slowdown, in an environment of already low inflation, elicited a reaction from central banks that was unprecedented in terms of size, speed and scope. In response to growing uncertainty and market volatility, an aggressive and multidimensional strategy was deployed, using a range of tools to address overlapping challenges and to stabilise the economy.  

A new CEPR/ICMB eBook discusses the range of actions taken by sixteen central banks from both advanced and emerging economies in response to the COVID pandemic, the lessons learned, and the important questions raised by the rapid expansion in central bank interventions. What is clear is that as countries begin to recover from the pandemic, the landscape for monetary policy and central banks has changed fundamentally. The recovery will also have challenging features, and central banks must continue to respond dynamically. 


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This CEPR/ICMB eBook, edited by Bill English, Kristin Forbes, and Angel Ubide, provides a timely and detailed account and analysis of how central banks around the world responded to the unparalleled circumstances and economic uncertainty caused by the COVID pandemic. It features contributions from senior central bankers, international policymakers at the Bank for International Settlements, the Financial Stability Board, the IMF and the OECD, and leading academic experts. 

“The speed of the economic deterioration, the sharp increase in market volatility, and the blinding uncertainty about the impact of the pandemic in an environment of already low inflation, motivated a central bank reaction that was unprecedented in terms of speed, scope, and size”

You can also read a VoxEU column here