COMPARISON OF APPROACHES OF THE WORLD’S CENTRAL BANKS TO COUNTERING THE CRISIS PHENOMENA OF THE PANDEMIC PERIOD

Abstract

Тhe pandemic has caused crisis phenomena in the world. Their result was a strong economic downturn in the first stage of the crisis, and powerful inflationary pressure in the second. As a result, the leadership of the world powers faced the problem of further economic development in the current unfavorable conditions. The need to simultaneously fight inflation, unemployment and declining demand has pushed the governments of most countries towards two models of behavior. The first model is to combat unemployment and maintain demand through policy stimulus measures and soft Monetary policy. The second model is the fight against inflation due to a rigid Monetary policy. The purpose of the article was to compare these two approaches at a theoretical level. As a result, the most rational plan of action was identified in terms of long-term economic growth. The results of the study can be useful for understanding the problems existing in the world and the reasons that gave rise to them.