Unlike most terms thrown around Economics, 'globally synchronized' is no joke. It also isn't a recent development. Throughout modern history, when a sizable portion of the world starts to show contraction it will spread throughout the rest with very few spared. It is a poignant reminder given how the same is happening right now.

Eurodollar University's Money & Macro Analysis

BoJ New Procedures for Money Market Operations and Monetary Easing Mar 19, 2001
https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2001/k010319a.htm

Speech given by Kazuo Ueda, Member of the Policy Board of the Bank of Japan, at Council on Foreign Relations in New York, May 11, 2001 https://www2.boj.or.jp/archive/en/announcements/press/koen_2001/ko0105a.htm

Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at Central Bankers' Panel at the International Monetary Conference, Singapore, 4 June 2001
https://www.ecb.europa.eu/press/key/date/2001/html/sp010604.en.html

FOMC Transcript November 1979
https://www.federalreserve.gov/monetarypolicy/files/FOMC19791120meeting.pdf

Silent Revolution: The International Monetary Fund, 1979–89,
https://www.imf.org/external/pubs/ft/silent/index.htm

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