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Transformation of Tools and Risks of Monetary Policy under Pandemic Crisis

V.E. Krolivetskaya
I.P. Leontyeva
Head of the Department of Finance and Credit, State Institute of Economics, Finance, Law and Technology, Doctor of Economics, associate professor
– senior lecturer, the Department of Banks, Financial Markets and Insurance, St. Petersburg State University of Economics, PhD in Economics
St. Petersburg


  • tools and risks of monetary policy
  • quantitative easing
  • public debt
  • control of long-term rates
  • crisis mechanisms of lender of last resort
  • targeted allocation of bank loans
  • We systemize key directions of the transformation of monetary policy tools of leading world central banks during the pandemic crisis. We analyze advantages, risks and conditions of effective use of new tools of non-conventional monetary policy. We substantiate the commitment of the Bank of Russia to applying mostly conventional tools of monetary policy combined with deliberate approach to macroprudential regulating.

    188300 Russia, Leningrad region, Gatchina, st. Roshchinskaya, 5