1. Monetary policy under financial turbulence: an overview – 2. The global financial crisis – 3. The great recession and the great depression: reflections and lessons – 4. Recessions and financial disruptions in emerging markets: a bird´s eye view – 5. The credit cannel and monetary transmission in Brazil and Chile: a structured VAR approach – 6. Revisiting overborrowing and its policy implications – 7. The financial accelerator under learning and the role of monetary policy – 8. Heterodox central banking – 9. Inflation targeting in financially stable economies: has it been flexible enough? – 10. Fiscal déficits, debt, and monetary policy in a liquidity trap – 11. Anchors aweigh: how fiscal policy can undermine “good” monetary policy – 12. Competition and stability in banking