The chapter reconstructs the policy framework of the Central Bank of Argentina (BCRA) from the Covid-19 outbreak in March 2020 to the beginning of the massive vaccination campaign in the first semester of 2021. On the one hand, it examines expansionary fiscal and monetary policies to protect...

This chapter outlines the corridor system within which Australia's inflation targeting approach to monetary policy has until recently been implemented, and explains how that system changed in response to the onset of the Covid-19 pandemic. It develops a model of the interbank rate in which the...

This chapter aims to analyze the Brazilian Central Bank (BCB) balance sheet and its main policy instruments since the adoption of inflation targeting in 1999. This period was characterized by a process of international reserves accumulation, which led to many changes in the liabilities of the...

This chapter examines the implementation of monetary policy in Canada by contrasting the post-Keynesian and the textbook mainstream perspectives. By analyzing the six principles of monetary policy implementation outlined by Marc Lavoie (2022), the chapter demonstrates their alignment with the...

This chapter provides an overview of central banking and monetary policy implementation in China. The transition of the Chinese economy from a centrally planned system to a market economy continuously shapes the functions and behaviors of China's central bank, the People's Bank of China (PBC)....

In this chapter, we provide an account of the main instruments and procedures used by the ECB for the conduct of its monetary policy and a critical review of the decisions adopted since the Great Financial Crisis in 2008. Two main arguments are developed. Firstly, the ECB's monetary...

In this chapter we show that the central bank interest rate has a distributive effect that promotes increasing financial rents to the banking sector. In emerging countries with underdeveloped production structures and current accounts deficits, the pass-through effect of the exchange rate over...

The recent Covid-19 pandemic, global issues such as the Russia–Ukraine war and global inflation among other issues have led to a series of conventional and unconventional monetary policies with central banks using government bills and a broader range of assets to regulate the economy. The...

This chapter analyzes the implementation of monetary policy in Poland, focusing on its operational aspects, from the decomposition of the Soviet-type mono-bank system at the end of the 1980s until the recent quantitative easing (QE) experience. This is done against the background of the...

In this chapter, we study the evolution of monetary policy regimes and operational framework in Russia during the last 30 years. After the collapse of the Soviet Union, the development of monetary policy instruments in Russia started virtually from scratch. Over the course of time, the central...