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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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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Archive
Media Response Archive 2021 2020 2019 2018 2017 2016 December 2021 IWH: Ausblick auf Wirtschaftsjahr 2022 in Sachsen mit Bezug auf IWH-Prognose zu Ostdeutschland: "Warum Sachsens…
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4th TSI Workshop
4th TSI Workshop The 4th Technical Support Instrument (TSI) Workshop was a significant event in the TSI program series, focusing on enhancing collaboration among National…
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Monetary Policy
Monetary policy How firms respond to sudden changes in profitability affects the process of job creation, job destruction, aggregate investment and how fast resources are…
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Firm Responsiveness
Firm responsiveness How firms respond to sudden changes in profitability affects the process of job creation, job destruction, aggregate investment and how fast resources are…
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3rd TSI Workshop
Presentations 3rd TSI Workshop Vienna The 3rd TSI Workshop, spanning two days, featured presentations and discussions on various aspects of micro data analysis and the Micro Data…
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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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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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Internships
Internship at Halle Institute for Economic Research (IWH) Interested in gaining an authentic insight in the interesting daily business and the variable tasks of an institute for…
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