The Federal Reserve Bank of New York asked the Capstone team to analyse the central bank responses through the 2020-2021 period of the following central banks:

  1. Bank of Japan
  2. European Central Bank
  3. Bank of England
  4. People’s Bank of China
  5. Bank of Australia
  6. Bank of Canada
  7. Reserve Bank of India
  8. Bank of Brazil

The project aimed to understand the underlying economic and financial markets impact of the pandemic on each of the aforementioned banks. The project analysed in detail each central bank’s response to the pandemic, including, but not limited to: the types and range of tools utilized (conventional versus unconventional monetary policies); how each central bank responded initially, and how these responses evolved over time noting the context of each central bank’s granted authorities; and how each country’s economy and financial markets responded. The project classified the central banks by their size and economic positioning. By studying their varying responses, the banks were grouped by response type and through  a comparative study a common trend in actions was derived.