Pandemia do coronavírus e a retomada das políticas monetárias não convencionais nos EUA

algumas considerações à luz da crise financeira de 2007/08

Abstract

This article aims at analyzing, albeit preliminary, the unconventional monetary policies that have been adopted by the Federal Reserve to contain the recessive effects of the global public health crisis caused by the pandemic of the coronavirus. Therefore, as most of the current measures were implemented during the 2007/08 financial crisis, a counterpoint was sought, given that the origins of the two crises are different. In the subprime crisis there was contagion from the financial sector to the real economy, whereas in the current crisis the reverse occurs, that is, a sharp drop in demand that spreads to the financial system. We support that Fed benefited from the experience of unconventional monetary policies implemented since 2008, with the difference that while in the first case such policies were gradually adopted after the 2008 crisis, in the case of the coronavirus crisis they were adopted immediately in order to anticipate the effects of the crisis on the banking sector and the real side of the economy.