Monetary Policy of Main Central Banks during the 2007-2011 Crisis

Abstract

Lehman Brothers’ failure required the Central Banks of the main developed and emerging countries to implement non-traditional monetary policy measures with a degree of coordination, cooperation and pragmatism that finds no precedents in history so as to prevent the deepening of the worst post-war recession. For this reason, the crisis has turned to be a monetary policy case study with no historical antecedent of similar magnitude. The purpose of this paper is to provide the reader with a reference source about the measures implemented by the monetary authorities. To this effect, a detailed survey of these measures has been prepared, focused on the peaks of the crisis. At the time of completion of this paper, a new international economic context is setting up, which could eventually require a new round of unconventional monetary policy that will surely guarantee a future case study.

JEL classification: E50 ; E52 ; E58 ; E59 ; F01