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Macroprudential Policy in the New Keynesian World

Hans Gersbach, Volker Hahn and Yulin Liu ()

VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association

Abstract: We integrate banks and the coexistence of bank and bond financing into an otherwise standard New Keynesian Framework with capital, and derive the microfounded, bank-augmented IS and Phillips Curves for the corresponding two-sector economy. We study the interplay of monetary and macroprudential policies. We examine how policy-making could be operationalized by loss functions for monetary and macroprudential policy-making. Finally, we investigate the optimal institutional structures.

JEL-codes: E52 E58 G28 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Working Paper: Macroprudential Policy in the New Keynesian World (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc17:168185

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