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This thesis analyses the effects of the policy framework and the stance of macroeconomic policies through three essays. The first chapter investigates how the stringency of macroeconomic policy frameworks impacts the cost of systemic banking crises. We show that by combining discipline and flexibility, some policy arrangements that are based on con...
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Based on high frequency identification and other econometric tools, we find that monetary policy shocks had a significant impact on the health of euro area banks. Information effects, which made the private sector more pessimistic about future prospects of the economy and the profitability of the banking sector, were strongly present in the post-cr...