, 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 … useful information about variables such as commodity prices which matter for aggregate demand and thus inflation. Given this …

inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity …In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and … (M1, M3-M1 or credit) and the underlying state of the economy (asset price boom-bust, business cycle, inflation cycle …

The paper discusses policy relevant models, going from (1) chronic inflation in the 20th century after WWII, to (2 … associated with chronic deflation. The discussion highlights the importance of expectations and liquidity, and warns about the … risks of relegating liquidity to a secondary role, as has been the practice in mainstream macro models prior to the Great …

The paper discusses policy relevant models, going from (1) chronic inflation in the 20th century after WWII, to (2 … associated with chronic deflation. The discussion highlights the importance of expectations and liquidity, and warns about the … risks of relegating liquidity to a secondary role, as has been the practice in mainstream macro models prior to the Great …