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…
See page
Banks and the State-Dependent Effects of Monetary Policy
Martin S. Eichenbaum, Federico Puglisi, Sergio Rebelo, Mathias Trabandt
NBER Working Papers,
No. 33523,
2025
Abstract
We show that the response of banks’ net interest margin (NIM) to monetary policy shocks is state dependent. Following a period of low (high) Federal Funds rates, a contractionary monetary policy shock leads to an increase (decrease) in NIM. Aggregate economic activity exhibits a similar state-dependent pattern. To explain these dynamics, we develop a banking model in which social interactions influence households’ attentiveness to deposit interest rates. We embed that framework within a nonlinear heterogeneous-agent NK model. The estimated model accounts well quantitatively for our key empirical findings.
Read article
Konjunktur aktuell: Frostige Aussichten für die deutsche Wirtschaft
Konjunktur aktuell,
No. 4,
2024
Abstract
Zur Jahreswende dürfte die weltweite Produktion weiterhin in etwa so schnell wie in der Dekade vor der Pandemie expandieren. Die Konjunktur im Euroraum ist nur verhalten, und die Stagnation der deutschen Wirtschaft setzt sich fort. Die Industrie verliert an internationaler Wettbewerbsfähigkeit. Unternehmen und Verbraucher halten sich aufgrund unklarer wirtschaftspolitischer Aussichten mit ihren Ausgaben zurück. Das Bruttoinlandsprodukt dürfte im Jahr 2024 um 0,2% sinken und im Jahr 2025 um 0,4% expandieren.
Read article
Job Market Candidates
Job Market Candidates Marius Fourné Marius Fourné is a PhD candidate in Economics at the Halle Institute for Economic Research (IWH) and Martin Luther University of…
See page
Teaching
Teaching Within the framework of its cooperations with both German and foreign universities IWH researchers are actively committed to teaching by offering academic courses. These…
See page
Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one of the four research departments (Financial Markets – Laws, Regulations and Factor Markets –…
See page
Past Events
Past Events 14. CompNet Annual Conference (Vilnius, 25-26 September 2025) The 14th CompNet Annual Conference, co-hosted with the Bank of Lithuania, took place on 25–26 September…
See page
6th CompNet Annual Conference
Innovation, firm size, productivity and imbalances in the age of de-globalization 6 th CompNet Annual Conference, June 29-30, 2017, European Commission, Brussels, Belgium As the…
See page
CompNet & ECB Annual Conference
CompNet & ECB Annual Conference On 22 September 2020, a short online event took place. Please find all material below to be downloaded from the online conference. The coronavirus…
See page
HKIMR Seminar Hong Kong
HKIMR Seminar Date: April 11, 2025 @ 10:30 AM Location: Hong Kong Institute for Monetary and Financial Research, Hong Kong Speaker: Filippo di Mauro (Founder and Chairman of…
See page
