Crisis impact on changes in implementing monetary policy of central banks

Abstract

The aim of the paper is to show how last global financial crisis changed the way of managing monetary policy and what were the consequences of a long time passive behaviour of central banks. Evolutionary characteristics of monetary and real shocks have changed the traditional way of understanding crisis and it brought huge changes in modern monetary policies implementation. The starting hypothesis in this paper is that common monetary measures are not sufficient for solving crisis. This hypothesis will be tested through the analysis of FED, ECB and BoJ monetary actions during the crisis with the use of comparative-analytic method.