Measuring the exceptional speed and scope of Covid-19 monetary policy

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The response from central banks to the Covid-19 pandemic was, in many ways, exceptional. A review of 28 inflation-targeting central banks illustrates just how unique the episode was. Clearly, these central banks saw the pandemic as a clear-cut case for monetary easing. This was achieved through prompt expansionary decisions, often at unscheduled meetings, using a broad set of measures, including unconventional ones.

One of the crucial aspects of the response was how quickly the authorities

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