The thesis at hand pursues better understanding of the role of boundedly rational expectations, agents’ heterogeneity and heuristics-based decision making in the macro-financial context. Chapter 1 investigates how households’ participation in the stock market, coupled to the existence of a capital-constrained banking sector, affects the transmission of monetary policy to the economy. Chapter 2 investigates the implications of temporal aggregation for the design of monetary policy in a New Keynesian macroeconomic framework with boundedly rational agents. Finally, Chapter 3 aims at modelling bank runs in a behavioural macroeconomic context

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In this paper, we incorporate a stock market and a banking sector in a behavioural macro‐finance model with heterogenous and boundedly rational expectations. Households' savings are diversified among bank deposits and stock purchases, and banks' lending to firms is subject to capital‐related deviation costs. We find that households' participation in the stock market, coupled to the existence of a capital‐constrained banking sector affects the transmission of monetary policy to the economy significantly, and that households' deposits act as a critical spill‐over channel between the real and the financial sectors. Further, we relate the deviation costs in the banking sector with the degree of pass‐through of monetary policy shocks. Last, we investigate the performance of a leaning‐against‐the‐wind monetary policy, which targets asset prices concerning macroeconomic and financial stability.