Herwartz, Helmut; Ochsner, Christian; Rohloff, Hannes - 2021
We estimate the marginal effects of identified components of global liquidity on 43 real economies. To this end, we … employ global public and private credit components of Herwartz, Ochsner, and Rohloff (2021) in factor-augmented vector … global credit boost the business cycle and lower unemployment in the short-run, namely government credit demand and business …