Monetary Policy Evolution of Advanced Economies:A Review for 2008-2022

This paper reviews the monetary policy evolution of advanced economies during 2008-2022, which  is a special period with radical changes, and  covers two global crisis: the 2008 Global Finance Crisis and the 2020 Covid-19 Pandemic. This paper provides a comprehensive analysis regarding three dimensions of monetary policy evolution of advanced economies: monetary policy implementation, monetary policy mandates, and policy tools and transmission channels, and particularly unconventional monetary policy like “Quantitative Easing”, conducted by central banks of advanced economies since the 2008 Global Finance Crisis. In the end, The paper also provides inspirations and suggestions to China, based on the multiple challenges and downturn pressures the Chinese economy is facing right now.