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Contributions to Economics ; : 1-9, 2022.
Article in English | Scopus | ID: covidwho-1872306


The emergence of the pandemic has once again highlighted the possibilities of unconventional monetary policy and enabled the expansion of monetary policy instruments in emerging and developing economies. For most of these European countries, the interest rate channel of monetary policy may not be very strong;they are used to balance sheet policies. The balance sheet of the Croatian National Bank (CNB) has also increased in lockstep with the balance sheet of the European Central Bank over the past decade, as have the excess reserves of the banking system. Although the fuel for these increases has been the accumulation of international reserves rather than the purchase of domestic securities, the banking liquidity channel has operated in the same manner. Since the COVID -19 crisis, the CNB has acted within the framework of various measures taken by the government as well as other regulatory institutions. At the same time, the CNB intervened heavily in the foreign exchange market and used a number of monetary policy operations to support kuna liquidity. In addition to standard structural and regular operations and the reduction of the reserve requirements, the CNB initiated for the first time a program to purchase government securities through the secondary market. The CNB used all conventional and unconventional instruments available to central banks in emerging markets, adapted them to specific domestic circumstances and successfully fulfilled its mandate. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Indian Econ Rev ; 55(1): 117-154, 2020.
Article in English | MEDLINE | ID: covidwho-824553


In 2016, the monetary policy framework moved towards flexible inflation targeting and a six member Monetary Policy Committee (MPC) was constituted for setting the policy rate. With this step towards modernization of the monetary policy process, India joined the set of countries that have adopted inflation targeting as their monetary policy framework. The Consumer Price Index (CPI combined) inflation target was set by the Government of India at 4% with ± 2% tolerance band for the period from August 5, 2016 to March 31, 2021. In this backdrop, the paper reviews the evolution of monetary policy frameworks in India since the mid-1980s. It also describes the monetary policy transmission process and its limitations in terms of lags and rigidities. It highlights the importance of unconventional monetary policy measures in supplementing conventional tools especially during the easing cycle. Further, it examines the voting pattern of the MPC in India and compares this with that of various developed and emerging economies. The synchronization of cuts in the policy rate by MPCs of various countries during the global slowdown in 2019 and the COVID-19 pandemic in the early 2020s is also analysed.