Introduction -- The monetary convergence hypothesis -- Evidence of monetary divergence -- From fiscal to monetary divergence -- Explaining divergence in the policy mix -- Illustrating partisan divergence in the policy mix -- Expanding the argument

The Global Vector Autoregressive (GVAR) approach has proven to be a very useful approach to analyze interactions in the global macroeconomy and other data networks where both the cross-section and the time dimensions are large. This paper surveys the latest developments in the GVAR modeling,...