identified two groups of upper regime and lower regime world variables-namely, world inflation, world GDP, and world commodity … studied. This research aims to investigate the interdependent relationships between world GDP, world commodity prices, world … inflation, trade flows, capital inflow, capital account transactions, reserve accumulation, global liquidity (e.g., global broad …

We build a new empirical model to estimate the global impact of an increase in the volatility of US monetary policy … shocks. Specifically, we admit time-varying variances of local structural shocks from a stochastic volatility specification …. By allowing for rich dynamic interaction between the endogenous variables and time-varying volatility in the global …

-term level of inflation. Greater monetary independence is associated with lower output volatility while greater exchange rate … policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium … stability implies greater output volatility, which can be mitigated if a country holds international reserves (IR) at a higher …

choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a …