In 2020, the global corona-virus pandemic created
economic crises and market panics in most nations of the world. The central
bank, in each nation, took actions to calm financial markets and avoid economic
depression. This expansion of central bank functions had begun in the previous
2008 global financial crisis and was increased in 2020. We analyze this 2020
pandemic financial crisis to understand the new spectrum of central bank
functions, and we apply system models of monetary policy and fiscal policy to
identify operations of central banks.
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