Examining Monetary Policy Measures and Their Impacts during and after the COVID Era: OECD Perspectives
Article
Article Title | Examining Monetary Policy Measures and Their Impacts during and after the COVID Era: OECD Perspectives |
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ERA Journal ID | 212326 |
Article Category | Article |
Authors | Rathnayaka, ImalkaWasana, Khanam, Rasheda and Rahman, Mohammad Mafizur |
Journal Title | Economies |
Journal Citation | 12 (6) |
Article Number | 154 |
Number of Pages | 17 |
Year | 2024 |
Publisher | MDPI AG |
Place of Publication | Switzerland |
ISSN | 2227-7099 |
Digital Object Identifier (DOI) | https://doi.org/10.3390/economies12060154 |
Web Address (URL) | https://www.mdpi.com/2227-7099/12/6/154 |
Abstract | Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroeconomic variables. To explore this relationship, this study utilizes fortnightly data from 2020 to 2023 on the OECD (Organisation for Economic Co-operation and Development) countries. The study employs a Panel Autoregressive Distributed Lag (ARDL) model to analyze the effects of the monetary policy responses of the OECD governments, and the obtained results reveal that within OECD countries, the prevailing trend of lower interest rate policies emerged during the pandemic. This policy approach yielded a dual effect: lowering both output growth and inflation rates, while concurrently exacerbating unemployment rates throughout the COVID-19 period. Consequently, it is clear that monetary policies have played a pivotal role in facilitating the recovery from a profound economic shock such as the COVID-19 pandemic. Given the significant economic repercussions of a pandemic and the crucial role that monetary policy plays in sustaining economic stability, the apparent lack of attention underscores the urgent necessity for additional discourse on this vital subject. |
Keywords | COVID-19; monetary policy; economic growth; unemployment; inflation |
Related Output | |
Is part of | The Economics of COVID-19 Pandemic: Assessing the Macroeconomic Impact |
Contains Sensitive Content | Does not contain sensitive content |
ANZSRC Field of Research 2020 | 380112. Macroeconomics (incl. monetary and fiscal theory) |
Public Notes | This article is part of a UniSQ Thesis by publication. See Related Output. |
Byline Affiliations | School of Business |
University of Colombo, Sri Lanka | |
Centre for Health Research |
https://research.usq.edu.au/item/z7w95/examining-monetary-policy-measures-and-their-impacts-during-and-after-the-covid-era-oecd-perspectives
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