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



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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)









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