Today, we are pleased to present a guest contribution written by Laurent Ferrara (Adjunct Professor of Economics, University Paris Nanterre, France). The views expressed here are those solely of the author.
This is the title of a Euro Area Business Cycle Network (EABCN) – Pierre Werner Chair conference organized last week at the European University Institute in Florence (Italy) by Fabio Canova (Norwegian Business School and EUI), Massimiliano Marcellino (Bocconi Univ.), Barbara Rossi (ICREA-Univ. Pompeu Fabra, BGSE and CREI) and Laurent Ferrara (Banque de France).
The Global Financial Crisis has led to dramatic changes in the global economy with strong reactions from policy-makers. Consequently, there is a need for macroeconomic models allowing for more flexibility in standard economic