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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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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Overview
About the project Project Information: ProdTool – NPB 2.0: Micro-Data Analysis Tool 2.0 for comparative productivity studies at National Productivity Boards (Project acronym:…
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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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Funding Institutions
Funding Institutions At present, CompNet is funded by a group of prominent institutions, including the European Bank for Reconstruction and Development (EBRD), the European…
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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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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.
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Advisory Board
Advisory Board The CompNet Advisory Board is composed of distinguished scholars and leading experts in the fields of productivity, competitiveness, and economic policy, and also…
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The Network
About IWH CompNet The Competitiveness Research Network (CompNet) is a leading European research initiative dedicated to advancing the understanding of competitiveness and…
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FAQ
Frequently Asked Questions Answers to the most frequently asked questions about doctoral studies at IWH. What are the IWH's main areas of research? Researchers at IWH are leading…
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