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Monetary policies from the 2008 crisis to Now


"When the United States sneezes, the world catches a cold" (N.Roubini, 2006) This phrase, which appeared in the major magazines of the financial sector after the events related to the economic crisis that broke out in the USA in 2008, describes very well the events of a period that sees the expansion of a crisis that, only apparently, seemed to be able to remain confined overseas and that instead, with incredible rapidity, it immediately spread to the old continent, turning into what Roubini himself defined as the period of the "Great Recession". An event of global importance therefore that has affected and still affects a considerable number of simple families, citizens who, with few savings and many "promises", had been fascinated by a fairly simple mechanism that would have allowed them to realize the dream of a lifetime: buying a house. The paper, born from the study of this historical framework, was created with the aim of analyzing the monetary policies that the European Central Bank and the US Federal Reserve have implemented, the objectives pursued and the dynamics arising from a crisis that has upset not only the economic world but, with it, the real life of individuals. This is how the first chapter outlines the events that led to the birth and evolution of the largest central banks existing today, their organization and, above all, the purposes they intend to pursue with their work. Surely the economic crisis linked to the events arising from the bankruptcy of Lehman Brothers on September 15, 2008 has triggered a whole series of events that are retraced here and that, as mentioned, have not been limited only to the American borders. What is certain is that it was an unprecedented crisis that upset the existing balance by setting in motion different strategies and various mechanisms with which the different countries, but above all the two main central banks, laid the foundations to intervene immediately and remedy a situation that seemed, day after day, more and more out of control. In the same chapter we will therefore try to reconstruct in a chronological way every event that led first to the increase in the size of the speculative "bubble" and then at the end of 2008 to its "bursting". We will try to analyze the changes and consequences that have arisen due to it and then move on to the second chapter where we will try to analyze more closely and in detail, the individual monetary policy operations that have been implemented to contain the spread of this strong crisis in the markets and in the real economy. A difference will be made between the "standard" policies that central banks can use to achieve their goals and then study the individual "unconventional" policies that were implemented after the collapse of Lehman Brothers.