Unconventional Measures of Monetary Policy Amid the New Macroeconomic Environment

Eugeny L. Gorunov – Researcher of the Gaidar Institute; Lecturer in the Department of Finance and Monetary Relations, Russian Foreign Trade Academy of the Ministry for the Economic Development of the Russian Federation (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.  

Coronavirus-induced global crises has already severely changed monetary policy in developed countries. Although some unconventional measures of monetary policy were implemented in the context of the 2008 crisis, it was supposed that they would have a limited and short-term nature. However, today there are grounds to believe that unconventional monetary policy is a far cry from short-term nature due to the new global crisis.

It is rather probable that the change of the conventional monetary policy will be happening (including in forms analyzed below) in the course of the coming decade. In the meantime, for various reasons, unconventional policy measures should not be analyzed as timely for emerging market economies including the Russian economy.

Key words: monetary policy, unconventional measures of MP, coronavirus.