Tanja Brieden

Welcome to my website! I am a Finance PhD student at the Vienna Graduate School of Finance. My research interests are in empirical banking, financial regulation, fixed income, and investor behavior in financial intermediation. 

I am on the 2025/2026 job market. My job market paper shows that banks' net interest margins (NIM) remain stable despite large swings in the federal funds rate partly because credit spreads on new assets move inversely with the policy rate. While NIM stability implies limited interest rate risk, absent these spread adjustments most banks' NIM would compress when the policy rate falls. Higher implied credit spreads during policy rate declines are associated with higher credit and duration risk. The evidence suggests that banks increase lending risk in low policy rate environments, consistent with the risk-taking channel of monetary policy.   

For more information, please see my CV.