Monetary policy in times of crisis: from the Great Recession to the Covid-19 pandemic

NÁÑEZ ALONSO, SERGIO LUIS; Jorge-Vázquez, Javier; Reier Forradellas, Ricardo; Echarte Fernández, Miguel Ánge,l

doi:10.24136/EEP.PROC.2021.1

Monetary policy in times of crisis: from the Great Recession to the Covid-19 pandemic

Proceedings:

11th International Conference on Applied Economics : Contemporary Issues in Economy

Publisher: Institute of Economic Research

ISSN: 2544-2384

ISBN: 978-83-65605-41-2

Year of publication: 2021

Pages: 81-91

Type: Conference paper

DOI: 10.24136/EEP.PROC.2021.1 GOOGLE SCHOLAR Open access editor

Sustainable development goals

Abstract

The period (2012-2020) has been characterized by expansionary monetary policies consisting of low (even negative) interest rates and theexpansion of central bank balance sheets. The growth of the money supply has notbeen passed on to the prices of goods and services (CPI) for the time being, but ithas had an impact on financial markets in general and on public debt in particular.This situation may generate long-term imbalances such as public debt overhang,investment errors and higher inflation rates in the future. In recent years, manydecentralized virtual currencies and new electronic means of payment have emerged,prompting many central banks to consider the creation of a centralized virtualcurrency.