This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. For …, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity … useful information about variables such as commodity prices which matter for aggregate demand and thus inflation. Given this …

This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. For …, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity … useful information about variables such as commodity prices which matter for aggregate demand and thus inflation. Given this …

model of interest rate determination. The empirical part consists of a cointegration analysis with an error correction … last two years, can well be explained. Alongside the more traditional macroeconomic determinants like core inflation …