31-34). Makin’s alternative is money-base targeting. The Bank has written extensively on money rules (the widest variety of tests appears in de Brouwer, Ng and Subbaraman (1993)). Makin’s model is Switzerland (the only major central bank that has tried to implement a money-base rule) in the 1980s, but this hardly seems a supporting example.
In an already transforming technological and business environment, the COVID-19 pandemic came along and forced a rapid and large-scale reorganization of the offering of services and products. In a short period of time, social distancing and lockdown measures were introduced and the shift towards digitalization, which was already happening before the pandemic, received a boost.