Global Monetary Policy Trends during the COVID-19 Pandemic and in the Post-Coronavirus Perspective

Abstract

The object of the study is the monetary policy of states at the end of the second — beginning of the third decade of the XXI century. The subject of the study is the tools of monetary policy, changing under the influence of external factors. The purpose of the work is to establish the degree of effectiveness of monetary policy measures of developed countries due to the fact that many of them were taken during the crisis of 2008–2009. However, at present, force majeure factors have imposed on the general turbulence of modern world politics, which required the development and implementation of new monetary mechanisms. The main attention in the article is paid to the United States as a country that actually determines the direction of further development of the world economy, despite forecasts of the imminent loss of the leading role of both the state itself and its currency. Based on the results of the analysis, conclusions are drawn about the inflationary impact of monetary measures taken in covid times to support national economies and financial institutions and it is proposed to intensify fiscal policy to counter inflation in combination with the adoption of monetary measures, since globalization has led to the intertwining of the mutual influence of the financial and real sectors of the economies of both states individually and the world economy as a whole. Conclusions are drawn that if earlier inflation was considered as a negative phenomenon, restraining primarily consumption and investment in production due to a decrease in the number of purchased goods and services, now scientists are increasingly inclined to the need to accelerate inflation as an incentive for accumulation.