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Bank capital and monetary policy transmission

Although banks figure very prominently in policy discussions and in popular commentary, the macroeconomics profession still has a rather uneasy relationship with banking. Some progress has been made in incorporating banks into theoretical models, but the standard workhorse macro models have little room for banks. Introductory textbooks in macroeconomics do not say much about banks, and for that matter, more sophisticated macro models used in central banks seldom mention banks, either.