The role of central banks in the economy - a post-crisis perspective
The role of central banks in the economy - a post-crisis perspective

Summary/Abstract: The problems of the activity of the central bank and impact monetary policy on the economy are interesting for theoreticians and practitioners of economics. The significance of monetary policy for the real-life sphere was an object of analyses in many areas of economics. The developed agreement in this respect resulted in the new neoclassical synthesis having a practical expression of the strategy of direct inflation targeting. The 2008 financial crisis made central banks to take action exceeding the traditional understanding of their role and to do so in an unusually active way. The effects of the unconventional monetary policy can be observed not only in the economy but also in the changing of thinking of the role of monetary policy. This article, apart from exploring different views concerning the significance of monetary policy for the economy, investigates the measures taken by central banks in response to the crisis and their effects. Taking this into account, an attempt to explain the new place of monetary policy in the structure of economic policy was made.

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