Benjamin Born is Professor of Macroeconomics at Frankfurt School of Finance & Management and Research Director at the ifo Institute. He is a Research Fellow at CEPR and CESifo, advises the European Commission’s DG ECFIN, serves on the European Parliament’s Expert Group on Monetary Policy, and sits on the CEPR–EABCN Euro Area Business Cycle Dating Committee. He is on the editorial boards of the Journal of Monetary Economics and the European Economic Review. He earned his PhD at the Bonn Graduate School of Economics.

News

Interests

  • Business Cycles
  • Fiscal and Monetary Policy
  • Heterogeneous Agents
  • Empirical Methods

Education

  • PhD in Economics, 2011

    University of Bonn, Germany

  • MSc in Econometrics and Economics, 2007

    University of York, UK

  • BA/MA in Economics, 2006

    University of Siegen, Germany

Current Work

Benjamin Born, Zeno Enders, Manuel Menkhoff, Gernot J. Müller, Knut Niemann (2025). Firm Expectations and News: Micro v Macro.

CEPR DP17768 Ungated VoxEU

Benjamin Born, Gernot J. Müller, Johannes Pfeifer, Susanne Wellmann (2025). Different no more: Country spreads in advanced and emerging economies.

CEPR DP14392 Ungated VoxEU

Lea Best, Benjamin Born, Manuel Menkhoff (2025). The impact of interest: Firms' investment sensitivity to interest rates.

Ungated

Rüdiger Bachmann, Benjamin Born, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, Michael Weber (2025). A Temporary VAT Cut as Unconventional Fiscal Policy. Review of Economic Studies, revise & resubmit.

NBER WP29442 Ungated VoxEU Feature @ BFI

Benjamin Born, Luis Huxel, Gernot J. Müller, Johannes Pfeifer (2025). Anchored in Troubled Waters: Monetary Unions and Uncertainty.

CEPR DP15579 Ungated VoxEU

Nittai K. Bergman, Benjamin Born, David Matsa, Michael Weber (2025). Who Feels the Boom? Labor Market Tightness and the Heterogeneous Employment Effects of Monetary Policy.

NBER WP29651 Ungated

Benjamin Born, Hrishbh Dalal, Nora Lamersdorf, Sascha Steffen (2023). Monetary Policy in the Age of Social Media: A Twitter-Based Inflation Analysis.

Paper

Selected Publications

Browse all publications here.
Christian Bayer, Benjamin Born, Ralph Luetticke (2024). Shocks, Frictions, and Inequality in US Business Cycles. American Economic Review, 114(5), pp. 1211–1247 (lead article).

Code Published Version Ungated VoxEU

Benjamin Born, Francesco D’Ascanio, Gernot J. Müller, Johannes Pfeifer (2024). Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate. Journal of Political Economy, 132(5), pp. 1642–1683.

Code Published Version Ungated

Rüdiger Bachmann, Benjamin Born, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, Michael Weber (2023). Unconventional Fiscal Policy at Work. AEA Papers & Proceedings, 113, pp. 61–64.

Published Version Ungated

Christian Bayer, Benjamin Born, Ralph Luetticke (2023). The Liquidity Channel of Fiscal Policy. Journal of Monetary Economics, 134, pp. 86–117.

Code Published Version Ungated VoxEU

Christian Bayer, Benjamin Born, Ralph Luetticke, Gernot J. Müller (2023). The Coronavirus Stimulus Package: How large is the transfer multiplier?. Economic Journal, 133(652), pp. 1318–1347.

Code Published Version Ungated VoxEU

Benjamin Born, Johannes Pfeifer (2021). Uncertainty-driven Business Cycles: Assessing the Markup Channel. Quantitative Economics, 12(2), pp. 587–623.

Code Published Version Ungated

Benjamin Born, Gernot J. Müller, Johannes Pfeifer (2020). Does Austerity Pay Off?. Review of Economics and Statistics, 102(2), pp. 323–338.

Dataset Published Version Ungated VoxEU Ökonomenstimme

Benjamin Born, Gernot J. Müller, Moritz Schularick, Petr Sedlacek (2019). The Costs of Economic Nationalism: Evidence from the Brexit Experiment. Economic Journal, 129(623), pp. 2722–2744.

Code Published Version Ungated VoxEU

Rüdiger Bachmann, Benjamin Born, Steffen Elstner, Christian Grimme (2019). Time-Varying Business Volatility and the Price Setting of Firms. Journal of Monetary Economics, 101, pp. 82–99.

Published Version Ungated

Benjamin Born, Johannes Pfeifer (2014). Risk Matters: The Real Effects of Volatility Shocks: Comment. American Economic Review, 104(12), pp. 4231–4239.

Code Published Version Ungated

Benjamin Born, Johannes Pfeifer (2014). Policy Risk and the Business Cycle. Journal of Monetary Economics, 68, pp. 68–85.

Published Version Ungated Web Appendix Particle Filter Code

Benjamin Born, Michael Ehrmann, Marcel Fratzscher (2014). Central Bank Communication on Financial Stability. Economic Journal, 124(577), pp. 701–734.

Published Version VoxEU

Books / volumes and non-technical writing

Benjamin Born, Zeno Enders, Gernot J. Müller (2024). On FIRE, news, and expectations. Handbook of Economic Expectations in Historical Perspective, Routledge, forthcoming.

CEPR DP18259 Ungated

Benjamin Born, Zeno Enders, Gernot J. Müller, Knut Niemann (2022). Firm expectations about production and prices: Facts, determinants, and effects. Handbook of Economic Expectations, Elsevier, Chap. 12, pp. 355–384.

Published Version Ungated Online Appendix

Benjamin Born, Michael Ehrmann, Marcel Fratzscher (2011). How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument. Handbook of Central Banking, Financial Regulation and Supervision, Edward Elgar, Chap. 9, pp. 245–268.

Published Version

Teaching

Current Teaching

  • Macroeconomics II (first-year Ph.D. course at BGSE)

Past Teaching

Macroeconomics and Econometrics at all levels.

Thesis Supervision

I supervise theses in the area of macroeconomics and applied econometrics. To apply for supervision, please email me an up-to-date transcript, a short CV, and a rough description of what you are interested in.

Contact