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Macro-financial stability under EMU

Philip Lane

No 1, ESRB Working Paper Series from European Systemic Risk Board

Abstract: This paper examines the cyclical behaviour of country-level macro-financial variables under EMU. Monetary union strengthened the covariation pattern between the output cycle and the financial cycle, while macro-financial policies at national and area-wide levels were insufficiently counter-cyclical during the 2003-2007 boom period. We critically examine the policy reform agenda required to improve macro-financial stability. JEL Classification: E52, E65, G28

Keywords: macroeconomic stabilisation; financial stability; international capital flows; inflation; exchange rate (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac, nep-mon and nep-opm
Date: 2016-02
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https://www.esrb.europa.eu/pub/pdf/wp/esrbwp1.en.pdf (application/pdf)

Related works:
Working Paper: Macro-Financial Stability under EMU (2015) Downloads
Working Paper: Macro-Financial Stability under EMU (2015) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:srk:srkwps:201601

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