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A euro area macroeconomic stabilisation function : assessing options in view of their redistribution and stabilisation properties

Koester, Gerrit (contributor); Sondermann, David (contributor) - Europäische Zentralbank / Task Force on Systemic Liquidity - 2018

A macroeconomic stabilisation function for the euro area - as envisaged in the Five Presidents' Report - plays a central role in the debate on deepening Economic and Monetary Union (EMU). We evaluate a broad range of options, their impact on economic growth, macroeconomic stabilisation and...