Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area. Bruegel Working Paper 2015/14, November 2015

• Before the financial and economic crisis, monetary policy unification and interest rate convergence resulted in the divergence of euroarea countries’ financial cycles. This divergence is deeply rooted in the financial integration spurred by currency union and strongly correlated with intra-euro area capital flows. Macro-prudential policy will need to deal with potentially divergent financial cycles, while catering for potential cross-border spillovers from domestic policies, which domestic authorities have little incentive to internalise. • The current framework is unfit to deal effectively with these challenges. The European Central Bank should be responsible for consistent and coherent application of macro-prudential policy, with appropriate divergences catering for national differences in financial conditions. The close link between domestic financial cycles and intra-euro area capital flows raises the question of whether macro-prudential policy in the euro area can be compatible with free flows of capital. Financial cycle divergence had its counterpart in the build-up of macroeconomic imbalances, so effective implementation of the Macroeconomic Imbalance Procedure would support and strengthen macro-prudential policy.

German macro: how it's different and why that matters. EPC Discussion Paper, May 2016

Do the macroeconomics of the German political establishment really differ from standard western macroeconomics? That question was the starting point for the seminar on ‘German macro: How it’s Different and Why that Matters’, which was held at Heriot-Watt University in December 2015, with financial support from the Scottish Institute for Research in Economics (SIRE) and the Money, Macro & Finance Research Group (MMF). This ebook, edited by George Bratsiotis and David Cobham, is the result of that exercise; six of the papers were presented at the seminar in earlier versions, and the editors sought some additional papers to complete the range of perspectives offered. The authors all sought out to discover whether or not there is something unique about German macroeconomics, and in what ways it differs from standard western macroeconomics; is it true that the former neglects demand management (although it may be quite interventionist in other ways), rejects debt relief and emphasises structural reform designed to improve competitiveness as the (only) key to economic growth? How much of whatever difference exists is due to a well worked out set of ideas in the form of Ordoliberalism? In what way does it relate to Germany’s own experiences in different periods? And how far is this the result of political preferences and how much do the idiosyncrasies of these German views matter, for the development of the Eurozone and indeed the health of the German economy?

Talks on rural zoning.

Bibliographical footnotes.

Zoning problems in changing rural communities : address, Seminars in public affairs, General extension division, Agricultural extension service, University of Minnesota, January 31, 1961, Cannon Falls, Minnesota.

Caption title.

Speed zoning and control. Final report.

Texas State Department of Highways and Public Transportation, Transportation Planning Division, Austin

Model airport zoning ordinance.

Caption title.

Zoning in New York State : a guide to the preparation of zoning ordinances.

Vol. for 1946 called also "Preliminary edition."

Zoning problems; supplementary statistical report for the Illinois Zoning Laws Study Commission,

Includes bibliographical references.

Airport zoning.

"References": p. 73-76.

A macro-assembler for Illiac IV /

"December 1, 1969."

Zoning. The first step in planning Paterson. Final report of the Commission on building districts and restrictions, Paterson, New Jersey.

Mode of access: Internet.

Zoning progress in the United States. Part. I. Zoning and the courts,

The compilation of zoning laws and ordinances is by Norman L. Knauss.

Zoning for small towns and rural counties /

"June 1975."

The castle of Perseverance : the Macro plays no. 3.

"The most primitive morality play we possess." A.W. Pollard in The macro plays, 1904 (Early Eng. Text Soc. Extra ser. xci) p. xxlii.

A catalogue of the Lepidoptera found in the Huddersfield District. Macro-lepidoptera,

Mode of access: Internet.