Halle Institute for Economic Research
Oil price shock threatens recovery in Germany Globally rising energy prices in the wake of the new Gulf War are clouding the outlook for the German economy. According to the IWH…
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FINPRO 5 Conference - Tokyo
FINPRO5 – Finance and Productivity Conference 24-25 April 2026, University of Tokyo The 5th Finance and Productivity Conference (FINPRO5) , co-organised by the IMF, the University…
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Research Departments
Research Departments Research at IWH is organised in a matrix. As the primary organisational units, the research departments have been established on a medium to long-term basis.…
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Centre for Business and Productivity Dynamics
Centre for Business and Productivity Dynamics (IWH-CBPD) The Centre for Business and Productivity Dynamics (CBPD) was founded in January 2025 and works with policy and research…
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Research Articles
Research Articles Explore cutting-edge research based on CompNet’s micro-aggregated firm-level data and related analytical tools. These articles cover empirical and theoretical…
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IWH-DPE in a Nutshell
IWH-DPE in a Nutshell The IWH Doctoral Programme in Economics (IWH-DPE) is the unit that organises the education of doctoral students at the IWH in close cooperation with partner…
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Centre for Evidence-based Policy Advice
Centre for Evidence-based Policy Advice (IWH-CEP) The Centre for Evidence-based Policy Advice (IWH-CEP) of the IWH was founded in 2014. It is a platform that bundles and…
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Corporate Loan Spreads and Economic Activity
Anthony Saunders, Alessandro Spina, Sascha Steffen, Daniel Streitz
Review of Financial Studies,
Vol. 38 (2),
2025
Abstract
We use secondary corporate loan-market prices to construct a novel loan-market-based credit spread. This measure has considerable predictive power for economic activity across macroeconomic outcomes in both the U.S. and Europe and captures unique information not contained in public market credit spreads. Loan-market borrowers are compositionally different and particularly sensitive to supply-side frictions as well as financial frictions that emanate from their own balance sheets. This evidence highlights the joint role of financial intermediary and borrower balance-sheet frictions in understanding macroeconomic developments and enriches our understanding of which type of financial frictions matter for the economy.
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Research Data Centre
Research Data Centre (IWH-RDC) Direct link to our Data Offer The IWH Research Data Centre offers external researchers access to microdata and micro-aggregated data sets that…
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Research Clusters
Three Research Clusters Each IWH research group is assigned to a topic-oriented research cluster. The clusters are not separate organisational units, but rather bundle the…
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