Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/193508
Authors: 
Lane, Philip R.
Year of Publication: 
2016
Series/Report no.: 
ESRB Working Paper Series No. 1
Publisher: 
European Systemic Risk Board (ESRB), European System of Financial Supervision, Frankfurt a. M.
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 insuffciently counter-cyclical during the 2003-2007 boom period. We critically examine the policy reform agenda required to improve macro-financial stability.
Subjects: 
macroeconomic stabilisation
financial stability
international capital flows
inflation
exchange rate
JEL: 
E52
E65
G28
Persistent Identifier of the first edition: 
ISBN: 
978-92-95081-26-0
Document Type: 
Working Paper

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