BISness
Monetary policy in the 21st century: lessons learned and challenges ahead
Jun 30, 2024
Claudio Borio delves into the lessons learned from the past 25 years in monetary policy, emphasizing the need for a comprehensive macro-financial stability framework. He discusses the challenges faced by central banks in communication, forecasting inflation, and using macroprudential measures for financial system stability. The podcast explores possible refinements in monetary policy frameworks for price and financial stability through considerations like robustness and nimbleness.
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Quick takeaways
- Lessons learned include the impact of forceful policy actions on inflation regimes.
- Enhancing monetary policy involves redefining objectives, managing deviations, and tailored communication.
Deep dives
The Evolution of Monetary Policy and Challenges Faced
Monetary policy has evolved significantly over the past 25 years, transitioning from periods of calm to turbulent times marked by events like the global financial crisis, the COVID-19 pandemic, and unexpected inflation surges. Central banks have navigated these challenges with historic low interest rates and unprecedented balance sheet expansions during the pandemic. Despite successes in containing crisis impacts and stabilizing inflation, ongoing challenges require a reflective approach to improve future policy outcomes.
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