Book divided into four parts covering historical monetary policy from Great Inflation to COVID-19. Written for wide readership without math, using simple English explanations. Bernanke's own chairmanship chapters (5-7) and future policy commentary (11-13) most relevant
Mankiw's Macroeconomics is the leading intermediate macro textbook since its first edition. New edition adds emerging topics and empirical research studies. Book emphasizes teaching macroeconomics application to current events
Default occurs when borrowers fail to meet legal loan obligations. Debt service default involves missed interest or principal payments. Technical default results from violating affirmative or negative covenants
Crisis began in 2008 with Iceland's banking system collapse. Spread to Portugal, Italy, Ireland, Greece, and Spain in 2009. Crisis peaked between 2010 and 2012
Global growth expected to fall from 3.4% in 2022 to 2.8% in 2023. Advanced economies to see 1.3% growth in 2023. Headline inflation to fall from 8.7% to 7.0% in 2023. Inflation unlikely to return to target before 2025
Global public debt fell from 100% to 92% of GDP in 2022. Emerging markets face 25% high risk with default-like debt spreads. Low-income countries need $440 billion for income convergence