A Century of Global Economic Crises

Monetary Policy in Search of An Anchor

Lúcio Vinhas de Souza

• Publisher: Palgrave Macmillan
• Year: 2024
• Print ISBN: 9783031534591
• eBook ISBN: 9783031534607
• Topic: Economics
• Subtopic: Macroeconomics
• Index: Economics

This book explores the end of the era of low inflation and stable price increases, known as "The Great Moderation", and the impact this will have on monetary policy. The macroeconomic trends and economic policy issues observed within developed countries over the last 70 years are linked with the economic theory debates of the time to highlight how the current economic challenges came about. The limitations of past economic policies are highlighted to help create a new policy framework for an era defined by high inflation, low economic growth, large budget deficits, and increased private sector debt.

This book presents a new understanding of monetary policy that engages with the changing behaviour of economic agents. It will be relevant to researchers and policymakers interested in monetary policy and the political economy.

Table of contents

• Cover
• Front Matter
• 1. Introduction and definitions: thirty years in the ramparts
• 2. The long goodbye of the gold standard and the “Great Depression”
• 3. The “Great Inflation” Arrives
• 4. From Volcker to China: The “Great Moderation” Begins
• 5. Houses Built on Sand: The “Global Financial Crisis”
• 6. Trojan Horses: The Long Shadow of the Euro Area Sovereign Crisis
• 7. COVID-19: The Fiscal and Monetary Responses to a Global Pandemic
• 8. Shadows from the Past: Inflation and War
• 9. Looking Back, Looking Forward: Monetary, Fiscal and Structural Policies for an Older, Indebted and More Fragmented World
• Back Matter