This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. For …, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity …

inflation. This renders it difficult for central bank to exit from their current very expansive monetary policy stance if they …

We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit …