The practice of central Banks has evolved significantly over time. In the 1990s and early 2000s, the central Banks control the interest rates in the very short term, which is the normal technique of monetary policy. From the sub-prime crisis, in 2008-2009, the central Banks began to purchase government debts and the debts of companies of good quality (Investment grade). This means that the monetary policy has taken over the control of interest rates in the long term without risk.
The crisis of the Covid has imposed then the Banks cent…
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