The Importance of Global Shocks for National Policymakers: Rising Challenges for Central Banks



-18-
study conducted by Alessi, Detken (2009) finds that global measures of liquidity, like the
M1 gap and the private credit gap, are useful early warning indicators for aggregate asset
price booms in OECD countries. Their asset price measure includes house prices as well
as commercial property and share prices.

Chart 1 - Impulse response analysis in SFAVAR (global liquidity shock)









More intriguing information

1. Should informal sector be subsidised?
2. Heavy Hero or Digital Dummy: multimodal player-avatar relations in FINAL FANTASY 7
3. Optimal Rent Extraction in Pre-Industrial England and France – Default Risk and Monitoring Costs
4. RETAIL SALES: DO THEY MEAN REDUCED EXPENDITURES? GERMAN GROCERY EVIDENCE
5. The Interest Rate-Exchange Rate Link in the Mexican Float
6. The name is absent
7. The name is absent
8. The name is absent
9. The name is absent
10. DISCUSSION: POLICY CONSIDERATIONS OF EMERGING INFORMATION TECHNOLOGIES