Central banks look to shockproof models in wake of Covid-19

Covid volatility

In 2007, as the global financial crisis was beginning, Thomas Garrett, assistant vice-president at the St Louis Fed, published a paper titled Economic Effects of the 1918 Influenza Pandemic – Implications for a Modern-day Pandemic

In central banks’ models, data from the past informs the future. Unfortunately, Garrett noted that the previous global pandemic was “relegated to the shadows of American history”. Indeed, for most central bankers, the Covid-19 crisis, just as the global financial

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