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<p>1. Introduction.- 2. Forgotten worlds: the stagflation of the 1970s.- 3. From Volcker to China: The “Great Moderation” begins.- 4. Houses made of sand: The “Global Financial Crisis”.- 5. Trojan horses: the long shadow of the euroarea sovereign crisis.- 6. COVID 19: the fiscal and monetary responses to a global pandemic.- 7. The next Horseman of the Apocalypse: Russian invasion of Ukraine and a global price shocks.- 8. Looking back, looking forward: monetary, fiscal and structural polices for an older, indebted and more fragmented world.</p>

<p><p><b>Lúcio Vinhas de Souza</b> is currently a Fellow at Harvard University, Cambridge and a Visiting Professor at Brandeis University, Boston, USA. He is also the former Chief Economist of Moody’s and a former Advisor to European Commission President Jean-Claude Juncker.</p><br></p>

<div>Starting with the collapse of the Gold Standard global monetary system, this book explores the major economic policy issues over the last 100 years through the revealing dynamics of multiple global crises, including the 1929 Great Depression, the collapse of the Bretton Woods system, the Great Inflation, the Latin American hyperinflation(s), the Great Moderation, the Global Financial Crisis, the euro area sovereign crisis, the COVID recession, the Russian invasion of Ukraine, up until the highest global inflation spike in two generations which started in 2021.&nbsp;</p>

<p>The book covers these dynamics in multiple developed and developing economies, from the U.S., the European Union and the UK, to Brazil, China and India, showing emerging nations as actors in the global economic saga, all while using the economic policy and theory debates of these times to clarify how our current economic challenges came about. The success and failure of past economic policies are conveyed to help understand the options and limitations faced by policymakers today, in an era that is likely to be defined by higher inflation, lower economic growth, larger budget deficits, increased private sector debt and greater global economic fragmentation. </p>

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This book presents a new and candid perspective of how monetary policy evolved, while addressing megatrends and the changing behavior of economic agents and models. This engaging and revealing work will be relevant for all researchers, practitioners and policymakers interested in monetary and financial policy and political economy.</p><p><b>Lúcio Vinhas de Souza</b> is currently a Fellow at Harvard University, Cambridge and a Visiting Professor at Brandeis University, Boston, USA. He is also the former Chief Economist of Moody’s and a former Advisor to European Commission President Jean-Claude Juncker.</p></div>

Outlines the fiscal and monetary policy responses to the COVID-19 pandemic Examines the impact of the invasion of Ukraine on global prices Explores the legacy of the Global Finance Crisis and its impact of real interest rates