"The COVID-19 pandemic brought to an end an extended period of stable growth, low inflation, and low financial market volatility...The exceptional measures taken to contain COVID-19 are having a major effect on economic activity and the global financial system. The high level of uncertainty surrounding the size and duration of the economic downturn is accentuated by the uncertainty around the effectiveness of the various measures in containing the spread of the virus." Financial Stability Review April 2020, RBA

Critically Evaluate the effectiveness of the responses of central banks and the effectiveness of monetary policy during this crisis. Apply economic models in your explanation where applicable.