Central Banks Monetary Strategies Under Constraints

Abstract

The article is devoted to the analysis of modern monetary strategies of central banks in the conditions of limits caused by the COVID-19 pandemic. The problem of the adequacy and effectiveness of monetary policy is actual and significant for the modern economy. Comprehensive methodological approach used in the study, contributed to the finding of "nontraditional" instruments of monetary policy and identify their functional effects on the national economy. Negative interest rates used by central banks in pre-pandemic and current conditions, are considered by many researchers as the main active monetary instrument. It is used in the monetary policy of those countries that were in the zone near zero inflation even in the pre-pandemic period. The authors emphasize the need a more thorough analysis of these problems and the use the traditional and "non-traditional" monetary measures of the central bank's influence on the economy in common.