Before the economic crash caused by the coronavirus pandemic in March, it had been widely assumed that central banks would be largely impotent in the face of a renewed recession.
With interest rates close to the zero lower bound in many advanced economies, there seemed little scope to respond to an economic slowdown, either by directly reducing policy rates or by using asset purchases to lower long-term risk-free rates.
The concerns about rates proved largely justified, but the central banks were still able to stem the crisis by expanding the scale, scope and riskiness of their balance sheet activities.
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