We construct a GFAVAR model with newly released global data from the Federal Reserve Bank of Dallas to investigate the drivers of official/policy interest rate. We find that 62% of movement in global official/policy interest rates is attributed to changes in global monetary aggregates (21%), oil...

Movement in China’s money supply is shown to drive the movement in world money supply over the last twenty years. Structural shocks to G3 (U.S., Eurozone and Japan) real M2 and to China’s real M2 are both large over 1996:1-2011:12. The cumulative impact of real G3 M2 shocks on real oil...

Movement in China's money supply is shown to drive the movement in world money supply over the last fifteen years. Structural shocks to G3 (U.S., Eurozone and Japan) real M2 and to China's real M2 are both large over 1996:1–2011:12. The cumulative impact of real G3 M2 shocks on real oil prices...