This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging … evidence of an historical increase in market liquidity since the early 1990s, in part as a result of advances in international … financial integration, but markets have been increasingly exposed to global systemic liquidity shocks. Second, liq …

area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area inflation. There is …Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for …

RATIONAL RESPONSE TO INFLATION -- IV. THE ROLE OF CREDIT RISK -- V. CONCLUDING REMARKS -- APPENDIX I -- APPENDIX II …