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Financial stability features prominently among the goals of several post-crisis macroeconomic policies around the world. Being a systemic characteristic, financial stability requires a systemic analysis, which only macroeconomics can offer logically. Yet, the current way of doing macroeconomics is not up to the task, as it is grounded on so-called microfoundations. Considering macroeconomics as the science of aggregating data obtained at microeconomic level can lead indeed to conclusions thatdoi:10.46298/jpe.10594 fatcat:uora4geazjccvnzhuokp2yzipa