• central banks
• forward guidance
• quantitative easing
• unconventional monetary policy

The core purpose of this dissertation is to highlight the changes in monetary policy, which is conducted by central banks, in the very recent times. In particular, the focus is on the actions of the Federal Reserve, the Bank of England, the Bank of Japan, and the European Central Bank, whose development is, generally speaking, similar. However, many differences are still in place in the implementation of monetary policy, and the fact they have all engaged in unconventional measures does not entail that the obtain the same results.