Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168185
Authors: 
Gersbach, Hans
Hahn, Volker
Liu, Yulin
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Monetary Policy II E07-V3
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: 
E52
E58
G28
Document Type: 
Conference Paper

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