near-term using an event study of inflation around global recessions and a factor-augmented vector auto-regression (FAVAR …) model. We report three main results. First, the decline in global inflation during the 2020 global recession was the most … muted and shortest-lived of any of the five global recessions over the past 50 years and the increase in inflation since May …

that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of …

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 …