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. I derive the credit spreads as the difference between each bank's interest income rate and a bank-specific risk-free benchmark rate constructed from federal funds rates and the repricing maturity data in US bank call reports. While NIM stability implies limited interest rate risk, absent these spread adjustments most banks' NIM would compress when the policy rate falls.  

For more information, please see my CV.