Gregory de Walque†

integrated macro-finance framework for monetary policy analysis". Papers presented at this conference are made available to a broader audience in the NBB Working Paper Series (www.nbb.be). Statement of purpose: The purpose of these working papers is to promote the circulation of research results (Research Series) and analytical studies (Documents Series) made within the National Bank of Belgium or presented by external economists in seminars, conferences and conventions organised by the Bank. The aim is therefore to provide a platform for discussion. The opinions expressed are strictly those of the authors and do not necessarily reflect the views of the National Bank of Belgium