Is central bank policy orthodoxy a thing of the past? If so, what are the new limits? If not, what is the path to normalization? This report helps frame those key policy considerations.
This new paper from CFA Institute, “Money in COVID Times,” is an analysis of how the role of central banks in the market and the economy has changed since 2008. From this perspective, the COVID-19 situation has only exacerbated the transformation of central banks into entities that act as lender and market maker of last resort, every time markets experience a level of stress that could reverberate across money markets, including credit and financial assets used as collateral.
You can now read the full whitepaper at the link below