multiplier estimates, our analysis shows that - with a limited risk of moral hazard - substantial stabilisation could have been … therefore needed less stabilisation …

Recent debate has focused on the introduction of a central stabilisation capacity as a completing element of the …

This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over … estimating how risk sharing has evolved since the start of the EMU, and in particular during the recent crisis. Our results … suggest that, whereas in the early years of the EMU only about 40% of country-specific output shocks were smoothed, in the …