Central bank policies after the crisis

Ten years after the financial crisis, a key question is whether the various changes in central bank policy that have been introduced since will turn out to be temporary, or whether these changes are here to stay. To shed light on this question, we have conducted surveys among central bank governors and academic economists covering four themes: central bank mandates, central bank policy tools, central bank communication, and the relationship between central banks and government. Several central banks have seen their mandates expanded after the global financial crisis. This tendency is also reflected in the survey results, which show that a majority of respondents (62% of central bankers and 54% of academics) have reconsidered the mandate of their central bank, in countries affected by the crisis and in non-crisis countries alike. Moving away from the predominant pre-crisis view that central banks should mainly be concerned with price stability, many respondents in our surveys mention that financial stability considerations should also be part of the central bank mandate