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The article examines the main stages in the development of monetary policy over the past century. The author analyzes the impact of crises on changes in its instruments, the growth of the role of banks, and also traces the evolution of the theoretical apparatus of monetary policy under the influence of various economic schools and concepts, starting from the classical school and to the formation of mainstream economic theory. The impact of the development of mainstream economic theory, the 2008 crisis, as well as the COVID-19 pandemic on the ongoing monetary policy is separately considered.
Vladimir A. BELYAEV (Mon,) studied this question.