THE EFFECTIVENESS OF MONETARY POLICY DURING THE GLOBAL ECONOMIC CRISIS

This work sums up those articles which study the effectiveness of the monetary policies taken by the Federal Reserve-FED, the European Central Bank-ECB, the Bank of Japan-BoJ and the Bank of England-BoE during the economical and financial crisis. Our main conclussions are that the liquidity measures have been effective in decreasing interbank rates in a meaningful amount but have been ineffective in reducing final interest rate and the assets purchases measures have been effective in reducing the yields in public debt, but the reduction has been lower than the previous case, and they have had positive influence in both growth and employment in USA and Great Britain.