Chair of Macroeconomics: Innovation and Policy

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Banking, the Macroeconomy, Regulation and Macroprudential Policies

Insurance contracts contingent on macroeconomic shocks or on average bank capital could be a way of insuring against systemic crises. With insurance, banks are recapitalized when negative events would otherwise cause a write-down of capital, or even bank insolvency. In particular, we are concerned with the following issues:

  • How should banks be regulated from a micro-economic and macro-economic perspective?
  • How should macro-prudential policies be designed and implemented?
  • Will banking crises be avoided by fair risk premia in loan provision or deposit insurance?
  • Can banking crises be avoided by private insurance schemes?
  • How can or should private insurance be organized?
  • Which type of indicators of the financial health of the banking sector should be used in insurance contracts?
  • How does financial intermediation contingent on macroeconomic events affect risk-allocation and the probability of banking crises?
  • Can Crisis Contracts help to avoid banking crises?

Publications

  • Regulatory Competition in Banking: A General Equilibrium Approach, Journal of Banking and Finance, forthcoming .
    (Hans Gersbach, Hans Haller and Stylianos Papageorgiou)
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  • Crisis Contracts, Economic Theory, 70, 2020, 121-164 .
    (Elias Aptus, Volker Britz, and Hans Gersbach)
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  • Banking-on-the-Average Rules, CESifo Economic Studies, 65(2), 2019, 131–153.
    (Hans Gersbach and Volker Hahn)
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  • Capital Regulation and Credit Fluctuations, Journal of Monetary Economics, 90, 2017, 113-124.
    (Hans Gersbach and Jean-Charles Rochet)
    external page Working Paper Version
  • The Macroeconomics of Modigliani-Miller, Journal of Economic Theory, 157, 2015, 1081-1113.
    (Hans Haller, Hans Gersbach and Jürg Müller)
    external page Working Paper Version
  • Default Correlations in the Merton Model, Review of Finance, European Finance Association, 18(5), 2014, 1775-1809.
    (Ulrich Erlenmaier and Hans Gersbach)
    external page Working Paper Version
  • Taking Banks to Solow, IEA Series, Contemporary Issues in Macroeconomics, 2014, 176-198.
    (Hans Gersbach, Jean-Charles Rochet and Martin Scheffel)
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  • Bank Capital and the Optimal Capital Structure of an Economy, European Economic Review, 64, 2013, 241-255.
    (Hans Gersbach)
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  • Aggregate Investment Externalities and Macroprudential Regulation, Journal of Money, Credit, and Banking, 44(Supplement S2), 2012, 73-109.
    (Hans Gersbach and Jean-Charles Rochet)
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  • Sophistication in Risk Management, Bank Equity, and Stability, International Review of Finance, 10(1), 2010, 63-91.
    (Hans Gersbach and Jan Wenzelburger)
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  • On the Coexistence of Banks and Markets, Scandinavian Journal of Economics, 109(2), 2007, 225-243.
    (Hans Gersbach and Harald Uhlig)
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  • Preventing Banking Crises - with Private Insurance? CESifo Economic Studies, 59(4), 2013, 609-627.
    (Hans Gersbach)
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  • Do Risk Premia Protect from Banking Crises?, Macroeconomic Dynamics, 12, 2008, 100-111.
    (Hans Gersbach and Jan Wenzelburger)
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  • Debt Contracts and Collapse as Competition Phenomena, Journal of Financial Intermediation, 15(4), 2006, 556-574.
    (Hans Gersbach and Harald Uhlig)
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  • Firm Defaults and the Correlation Effect, European Financial Management, 9 (3), 361-378, 2003.
    (Hans Gersbach and Alexander Lipponer)
    external page Working Paper Version

Columns/ Policy Briefs

Working Papers

Team Members

Cooperation Partners

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