Modeling Two Macro Policy Instruments : Interest Rates and Aggregate Capital Requirements
| Type of Publication: | Working Paper/Technical Report |
| Author: | Gersbach, Hans; Hahn, Volker |
| Year of publication: | 2011 |
| URL of original publication: | https://ssrn.com/abstract=1938940, Last access on Dec 2, 2019 |
| Series: | CESifo working papers;3598 |
| Summary: |
We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks but should not respond to demand shocks. Moreover, an optimal institutional structure is characterized as follows: First, monetary policy is delegated to an independent and conservative central banker. Second, setting aggregate bank-capital requirements is separated from monetary policy.
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| JEL Classification: | E520, E580, G280 |
| Subject (DDC): | 330 Economics |
| Keywords: | central banks, banking regulation, capital requirements, optimal monetary policy |
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GERSBACH, Hans, Volker HAHN, 2011. Modeling Two Macro Policy Instruments : Interest Rates and Aggregate Capital Requirements
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