Banking in macroeconomic theory and policy |
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| Affiliation: | 1. Ricercatore, Dipartimento di Economia, Metodi Quantitivi e Strategie di Impresa, Università degli Studi di Milano Bicocca, Piazza Ateneo Nuovo 1, Milano 20126, Italy;2. Professor of Economics and Herman Lay Professor of Private Enterprise, Hankamer School of Business, Baylor University, One Bear Place #98003, Waco, TX 76798 United States;1. Wheaton College, Department of Business and Economics, 501 College Avenue, Wheaton, IL 60187, USA;2. Universidad de los Andes, Department of Economics, Calle 19A # 1–37 Este, Bloque W., Bogotá, Colombia;1. Department of Finance and Economics, College of Business and Economics, Qatar University, P.O. Box 2713, Qatar;2. Department of Finance and Economics, College of Industrial Management (KFUPM), Saudi Arabia |
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| Abstract: | This special issue, “Banking in Macroeconomic Theory and Policy,” explores a problem that has occupied to varying degrees several recent generations of economists: identifying and integrating the appropriate role of a banking sector within a policy-relevant analytical framework of macroeconomic analysis. This introductory article tries to provide a context for the fascinating contributions to this issue. It reviews efforts to apply developments in bank modeling to augmenting macroeconomic models during the 1960s through 1980s, theoretical and empirical elements that led to diminished emphasis on incorporating banking into analytical macroeconomic frameworks between the 1990s and the 2007–2009 financial crisis, and recently renewed work to integrate banking sectors into modern macroeconomic models. The paper concludes by reviewing briefly the contributions contained in this special issue. |
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