Obstfeld, Maurice; Zhou, Haonan - National Bureau of Economic Research - 2023
appetite. After the initial market panic and upward dollar spike at the start of the COVID-19 pandemic, the dollar fell as … global financial conditions eased; but the higher inflation that followed has induced central banks everywhere to tighten … global financial cycle is now under way. Owing to increases in public- and business-sector debts during the pandemic, a …