What is it about?

The impacts and repercussions of the COVID 19 outbreak as reflected through economic measures, fiscal stimulus packages and programmes which have had to be implemented since the onset of the pandemic. Effects on touristic, hospitality - as well as small businesses which constitute economic engines, are also illustrated in this paper. Further, the vital question relating to whether such stimulus programmes will impact and influence monetary policy decision making, that is, impact central bank independence, is considered.

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Why is it important?

What impact will digital apps and digital technologies play in facilitating social distancing measures in the coming months? Given the ongoing situation at hand, is a situation likely to arise whereby fiscal incentives and objectives are prioritized above inflation targets, and more precisely, monetary policy objectives?

Perspectives

It is surely the case that where adequate safeguards are in place, to ensure that accountability mechanisms operate to avoid a compromise of the central bank’s independence, then inflation targets can still be achieved. However, where unprecedented measures need to be taken in response to unprecedented developments, can this still hold true? These amongst other questions and research objectives, constitute goals and objectives which this paper aims to address.

Prof Marianne Ojo
Northwestern University

Read the Original

This page is a summary of: Monetary and Economic Policy Impacts of the COVID-19 Pandemic in the United Kingdom, SSRN Electronic Journal, January 2020, Elsevier,
DOI: 10.2139/ssrn.3614558.
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