This structure allows the Federal Reserve to implement policy quite efficiently in routine circumstances with minimal interference in private credit markets. However, during the financial crisis, some aspects of the Federal Reserve's monetary policy implementation framework worked less well than in routine circumstances.
Thus, central banks too had to cope with all these challenges by focussing on alternative indicators and data sources for monitoring the effects of the pandemic in all its dimensions. The Reserve Bank of India refocussed its statistical endeavours during the pandemic to ensure the continuity of its mission.