During a short time, with 2008 financial crisis that began in America’s housing market, the gross domestic product of countries decreased and their unemployment rate increased. In order to exit from the crisis, various countries, including Australia and Switzerland adopted various policies that expansionary monetary policies means increasing of monetary base and reducing of interest rates, is one of them. The purpose of this research is studying on effectiveness of imposed monetary policies on gross domestic product of Australia and Switzerland during financial crisis of 2008. So is used of gross domestic product data, monetary base, effective exchange rate, interest rate and dummy variable in vector error correction model. Results indicate significant and negative impact of financial crisis of 2008 on both gross domestic product and incompetent of imposed monetary policies in these countries.
JEL Code: E40, E20, G01
 

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