Skip to main content

Fourth Quarter 2020, 
Vol. 102, No. 4
Posted 2020-10-22

Responses of International Central Banks to the COVID-19 Crisis

by Jacob Haas, Christopher J. Neely, and William R. Emmons

This article reviews and explains the recent policy reactions of the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan to the financial and macroeconomic turmoil caused by the COVID-19 pandemic. The financial and monetary policy actions of major central banks in the most recent crisis have, by some metrics, surpassed their responses to the Global Financial Crisis of 2007-09 in both swiftness and scope.