The global financial crisis and the coronavirus pandemic were marked by expansionary policies of key central banks in an attempt to stop the recession. The degree of expansiveness of monetary policy was unprecedented. As a result of expansionary policies, global inflation has been present since 2021. The change in the macroeconomic environment has led to a turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and that is why inflation was lower in the USA compared to the euro area. All announcements for 2023 point to the continuation of contractionary policies. The subject of the paper’s analysis is the monetary policy of key central banks, as well as expectations for the next period. The paper raises the question of whether central banks have gone from one extreme of overly expansionary monetary policy to the other extreme of overly contractionary monetary policy and whether such policies carry the risk of reoccurrence of recession. The paper also contains recommendations for improving existing monetary policy regimes, as well as for creating a completely new monetary policy regime which will be based on two nominal anchors.

中文翻译：

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稳定与增长之间的货币政策

全球金融危机和冠状病毒大流行的特点是主要央行为阻止经济衰退而采取的扩张性政策。货币政策的扩张程度是前所未有的。受扩张性政策影响，2021年以来全球通胀持续存在。宏观经济环境的变化导致货币政策追求转向，参考利率快速上升。美联储的反应比欧洲央行快得多，这就是美国通胀低于欧元区的原因。2023 年的所有公告都表明紧缩政策将继续下去。本文分析的主题是主要央行的货币政策，以及对下一时期的预期。该论文提出了这样的问题：央行是否已经从过度扩张的货币政策的一个极端转向过度紧缩的货币政策的另一个极端，以及这种政策是否会带来经济衰退再次发生的风险。该文件还提出了改进现有货币政策体制以及创建基于两个名义锚的全新货币政策体制的建议。