drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up … this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion …. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods …

area. According to our results, global liquidity shocks are a driving force of the global economy and various national … indicate that global liquidity shocks have recently become more important as a determinant for house prices. In general, global …

, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity … considerations. The inclusion of commodity prices helps to identify a significant monetary transmission process from global liquidity … clear empirical pattern it appears justified to argue that global liquidity merits attention in the same way as the …

vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given unsurmountable …

, sterilization takes place in a setting of still ultra-lax monetary policies, i.e. of new liquidity-enhancing operations with …