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Professor Dr. Mathias Trabandt

Professor Dr. Mathias Trabandt
Aktuelle Position

seit 4/17

Research Fellow der Abteilung Makroökonomik

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 4/21

Professor für Makroökonomie

Goethe-Universität Frankfurt

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Forschungsschwerpunkte
  • Makroökonomik
  • monetäre Ökonomik
  • Epidemien

Mathias Trabandt ist seit April 2017 Research Fellow am IWH. Seine Forschungsschwerpunkte umfassen Makroökonomik, monetäre Ökonomik, Finanzwissenschaft, Arbeitsmarkttheorie, Internationale Makroökonomik, Friktionen im Finanzmarkt, angewandte Ökonometrie und Epidemien.

Bevor Mathias Trabandt der Goethe-Universität Frankfurt beitrat, war er Professor an der Freien Universität Berlin. Zuvor war er Leiter der “Global Modeling Studies Section” der International Finance Division des Federal Reserve Board of Governors in Washington D.C. Frühere Stationen seiner beruflichen Laufbahn waren die Europäische Zentralbank und die Deutsche Bundesbank in Frankfurt sowie die Sveriges Riksbank in Stockholm.

Ihr Kontakt

Professor Dr. Mathias Trabandt
Professor Dr. Mathias Trabandt
- Abteilung Makroökonomik
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Publikationen

Zitationen
9361

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Sticky Prices or Sticky Wages? An Equivalence Result

Florin Bilbiie Mathias Trabandt

in: Review of Economics and Statistics, im Erscheinen

Abstract

<p>We show an equivalence result in the standard representative agent New Keynesian model after demand, wage markup and correlated price markup and TFP shocks: assuming sticky prices and flexible wages yields identical allocations for GDP, consumption, labor, inflation and interest rates to the opposite case- flexible prices and sticky wages. This equivalence result arises if the price and wage Phillips curves' slopes are identical and generalizes to any pair of price and wage Phillips curve slopes such that their sum and product are identical. Nevertheless, the cyclical implications for profits and wages are substantially different. We discuss how the equivalence breaks when these factor-distributional implications matter for aggregate allocations, e.g. in New Keynesian models with heterogeneous agents, endogenous firm entry, and non-constant returns to scale in production. Lastly, we point to an econometric identification problem raised by our equivalence result and discuss possible solutions thereof.</p>

Publikation lesen
cover_review-of-economics-and-statistics.jpg

Sticky Prices or Sticky Wages? An Equivalence Result

Florin Bilbiie Mathias Trabandt

in: Review of Economics and Statistics, im Erscheinen

Abstract

<p>We show an equivalence result in the representative-agent New-Keynesian model after demand, wage-markup and correlated price-markup and TFP shocks: assuming sticky prices and flexible wages yields identical allocations for GDP, consumption, labor, inflation and interest rates to the opposite case—flexible prices and sticky wages. This equivalence arises with identical price and wage Phillips-curve slopes and generalizes to any slopes' pair whose sum and product are identical. Equilibrium profits and wages are, however, substantially different; equivalence breaks when these factor-distributional implications matter for aggregate allocations, e.g. in New-Keynesian models with heterogeneous agents, endogenous firm entry, and non-constant returns to scale.</p>

Publikation lesen
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Expectations, Infections, and Economic Activity

Martin S. Eichenbaum Miguel Godinho de Matos Francisco Lima Sergio Rebelo Mathias Trabandt

in: Journal of Political Economy, Nr. 8, 2024

Abstract

<p>This paper develops a quantitative theory of how people weigh the risks of infections against the benefits of engaging in social interactions that contribute to the spread of infectious diseases. Our framework takes into account the effects of public policies and private behavior on the spread of the disease. We evaluate the model using a novel micro panel dataset on consumption expenditures of young and older people across the first three waves of COVID-19 in Portugal. Our model highlights the critical role of expectations in shaping how human behavior influences the dynamics of epidemics.</p>

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Arbeitspapiere

Banks and the State-Dependent Effects of Monetary Policy

Martin S. Eichenbaum Federico Puglisi Sergio Rebelo Mathias Trabandt

in: NBER Working Papers, Nr. 33523, 2025

Abstract

<p>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.</p>

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