The threat of a liquidity trap and the problem of the effective lower limit have led the major central banks to use unconventional monetary policy measures, where they mostly concentrate on asset purchase programmes and forward guidance. The use of these measures became popular during the Global Financial Crisis, and they have been revived again in response to the COVID-19 pandemic. Unconventional monetary policy has proven to be effective in lowering interest rates, stimulating the economy and providing liquidity to the banking system and the financial system in general. Also, the impact of unconventional monetary policy is reflected in the growth of asset prices and money supply, which implies a potential impact on inflation in 2021 and 2022. The goal of the research is to show the effectiveness of these measures during the Global Financial Crisis and the pandemic and to problematize the potential connection between unconventional monetary policy measures and inflation. Using the methods of analysis, synthesis, classification and comparison, the research concluded that the positive effects of unconventional monetary policy outweigh the negative ones and that the current inflation is the result of disrupted supply chains and the rapid recovery of aggregate demand.