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• Radical Times Require Radical Measures – the Fed, the ECB and the BoE monetary response to the pandemic

  107-124

  Bianka Kész

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  This journal describes the non-conventional measures used by the Federal Reserve, the European 
  Central Bank and the Bank of England during the coronavirus crisis. The pandemic followed a 
  period of historically low interest rates, rendering the main monetary policy tools of central banks 
  largely ineffective in further stimulating the economy. Consequently, central banks introduced so
  called non-conventional measures. The primary aim of this study is to present the theoretical 
  functioning of elements within the central banks’ toolkit, particularly focusing on non
  conventional measures, as well as their intended economic objectives and associated risks and 
  challenges. The article reviews crisis management measures implemented by central banks, such 
  as asset purchases and liquidity-providing programs, aimed at mitigating the negative economic 
  impacts of the coronavirus pandemic and preserving economic stability in an exceptionally 
  challenging environment. Through a detailed examination of these measures, readers gain 
  insight into why central banks resorted to these tools and how they became essential instruments 
  during the crisis.