Macro-prudential policy can prevent euro area imbalances, says Polish paper

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Macro-prudential policy can help prevent imbalances emerging between euro area core and periphery countries, according to a working paper published on January 23 by the National Bank of Poland, but only if it is based on region-specific conditions.

The authors, Michał Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski, construct a DSGE model to simulate the effects of macro-prudential policy on a monetary union hit by asymmetric shocks, and find it can substantially lower output volatility in

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