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



SFAVAR: Commodity price -> global liquidity


SFAVAR: Commodity price -> global 3M interest rate


0 5

0 0

-0 5


-0 5


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-2 0


01234567891011121314151617181920


-2 0

-2 5

-3 0

-3 5

-4 0


SFAVAR: Global house price -> global GDP


SFAVAR: Global house price -> global inflation


-0 2


-0 2


-0 4


234567891011121314151617181920


-0 4


01234567891011121314151617181920


-0 6


SFAVAR: Global house price -> global liquidity


SFAVAR: Global house price -> global 3M interest rate


-iii-


SFAVAR: Commodity price -> global share price


01234567891011121314151617181920


SFAVAR: Global house price -> commodity
price


-0 2


-0 4


01234567891011121314151617181920


SFAVAR: Global house price -> global share price


-0 6


SFAVAR: Global house price -> global houseprice


01234567891011121314151617181920


0 8

0 6

0 4

0 2

0 0

-0 2

-0 4

-0 6


01234567891011121314151617181920


1 0

0 8

0 6

0 4

0 2

0 0

-0 2

-0 4

-0 6


-0 2


-0 4


01234567891011121314151617181920


-0 6


01234567891011121314151617181920




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