Benjamin Born

Professor of Macroeconomics

Institute for Macroeconomics & Econometrics

University of Bonn

Contact: b.born@uni-bonn.de

CV: pdf

Research: Google Scholar | IDEAS/RePEc

Current research/working papers

• The Impact of Interest: Firms’ Investment Sensitivity to Interest Rates (with Lea Best and Manuel Menkhoff), October 2025, CEPR Discussion Paper 20695. Summary on VoxEU.
• Firm Expectations and News: Micro v Macro (with Zeno Enders, Manuel Menkhoff, Gernot Müller, and Knut Niemann), October 2025, CEPR Discussion Paper 17768. Summary on VoxEU.
• Different no more: Country spreads in advanced and emerging economies (with Gernot Müller, Johannes Pfeifer, and Susanne Wellmann), July 2025, CEPR Discussion Paper 14392. Summary on VoxEU.
• Anchored in Troubled Waters: Monetary Unions and Uncertainty (with Luis Huxel, Gernot Müller, and Johannes Pfeifer), April 2025, CEPR Discussion Paper 15579. Summary on VoxEU.
• Who Feels the Boom? Labor Market Tightness and the Heterogeneous Employment Effects of Monetary Policy (with Nittai Bergman, David Matsa, and Michael Weber), March 2025, Mimeo, Frankfurt School. Journal of Monetary Economics (revise & resubmit).
• A Temporary VAT Cut as Unconventional Fiscal Policy (with Rüdiger Bachmann, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, and Michael Weber), August 2024, NBER Working Paper 29442. Review of Economic Studies (conditionally accepted). Summary on VoxEU.
• Inflation Expectations in the Social Media Age (with Hrishbh Dalal, Nora Lamersdorf, and Sascha Steffen), September 2023, Mimeo, Frankfurt School.

Selected publications

• Shocks, Frictions, and Inequality in US Business Cycles (with Christian Bayer and Ralph Luetticke), American Economic Review, 114(5), pp. 1211–1247 (lead article), May 2024. DOI: link.
• Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate (with Francesco D’Ascanio, Gernot Müller, and Johannes Pfeifer), Journal of Political Economy, 132(5), pp. 1642–1683, May 2024. DOI: link.
• The Coronavirus Stimulus Package: How Large is the Transfer Multiplier? (with Christian Bayer, Ralph Luetticke, and Gernot Müller), Economic Journal, 133(652), pp. 1318–1347, May 2023. DOI: link.
• The Liquidity Channel of Fiscal Policy (with Christian Bayer and Ralph Luetticke), Journal of Monetary Economics, 134, pp. 86–117, March 2023. DOI: link.
• Uncertainty-Driven Business Cycles: Assessing the Markup Channel (with Johannes Pfeifer), Quantitative Economics, 12(2), pp. 587–623, May 2021. DOI: link.
• Does Austerity Pay Off? (with Gernot Müller and Johannes Pfeifer), Review of Economics and Statistics, 102(2), pp. 323–338, May 2020. DOI: link.
• The Costs of Economic Nationalism: Evidence from the Brexit Experiment (with Gernot Müller, Moritz Schularick, and Petr Sedlacek), Economic Journal, 129(623), pp. 2722–2744, October 2019. DOI: link.
• Time-Varying Business Volatility and the Price Setting of Firms (with Rüdiger Bachmann, Steffen Elstner, and Christian Grimme), Journal of Monetary Economics, 101, pp. 82–99, January 2019. DOI: link.
• Risk Matters: The Real Effects of Volatility Shocks: Comment (with Johannes Pfeifer), American Economic Review, 104(12), pp. 4231–4239, December 2014. DOI: link.
• Policy Risk and the Business Cycle (with Johannes Pfeifer), Journal of Monetary Economics, 68, pp. 68–85, November 2014. DOI: link.
• Central Bank Communication on Financial Stability (with Michael Ehrmann and Marcel Fratzscher), Economic Journal, 124(577), pp. 701–734, June 2014. DOI: link.

Other writing

• On FIRE, news, and expectations (with Zeno Enders and Gernot Müller), in: Ingo Köhler, Laetitia Lenel, Alexander Nützenadel, and Jochen Streb (eds.), Handbook of Economic Expectations in Historical Perspective, Routledge, 2025. DOI: link.
• Unconventional Fiscal Policy at Work (with Rüdiger Bachmann, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, and Michael Weber), AEA Papers & Proceedings, 113, pp. 61–64, May 2023. DOI: link.
• Firm expectations about their output and prices: Facts, determinants, and effects (with Zeno Enders, Knut Niemann, and Gernot Müller), in: Rüdiger Bachmann, Giorgio Topa, and Wilbert van der Klaauw (eds.), Handbook of Economic Expectations, Elsevier, 2023. DOI: link.