Central Banks - Learning, Unlearning Monetary Policy In An Uncertain World: SBI Research
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SBI Research Report
Central banks must feel like they have stepped through a mirror, and who can blame them? They used to struggle to bring inflation down or keep it under control; now they toil to push it up. They used to fear wage increases; now they urge them on. They used to dread fiscal expansion; now they sometimes invoke it' -Claudio Borio, 2017.
Such statements reflect the significant scholastic challenges in monetary policy making post the global financial crisis and the current pandemic.
Globally, the happenings post the GFC puts a serious question mark regarding the long-standing analytical paradigms on which global central banks base their policies.
As Claudio Borio points out in his recent speech (Sept-2021) there are primarily three scholastic challenges confronting monetary policy making in today’s pandemic and post GFC.
Interestingly, such challenges also now confront monetary policy making in India as we find out in the course of our research in this report.
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