Benjamin Born is a Professor of Macroeconomics at the Frankfurt School of Finance & Management—where he is affiliated with the Centre for Central Banking—and a research fellow at the CEPR and CESifo. In addition, he currently serves as a research director at the ifo Institute’s Center for Macroeconomics and Surveys, an external consultant at the EU Commission’s DG ECFIN, and as an associate editor at the European Economic Review. He holds a Ph.D. in Economics from the Bonn Graduate School of Economics.



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


  • 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

(2024). Firm Expectations and News: Micro v Macro.

CEPR DP17768 Ungated VoxEU

(2023). Monetary Policy in the Age of Social Media: A Twitter-Based Inflation Analysis.


(2023). A Temporary VAT Cut as Unconventional Fiscal Policy. Review of Economic Studies, reject & resubmit.

NBER WP29442 Ungated VoxEU Feature @ BFI

(2022). Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth.

Working Paper

(2020). Uncertainty shocks in currency unions.

CEPR DP15579 Ungated

(2020). Different no more: Country spreads in advanced and emerging economies.

CEPR DP14392 Ungated VoxEU

Selected Publications

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

Code Published Version Ungated VoxEU

(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

(2023). Unconventional Fiscal Policy at Work. AEA Papers & Proceedings, 113, pp. 61–64.

Published Version Ungated

(2023). The Liquidity Channel of Fiscal Policy. Journal of Monetary Economics, 134, pp. 86–117.

Code Published Version Ungated VoxEU

(2023). The Coronavirus Stimulus Package: How large is the transfer multiplier?. Economic Journal, 133(652), pp. 1318–1347.

Code Published Version Ungated VoxEU

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

Code Published Version Ungated

(2020). Does Austerity Pay Off?. Review of Economics and Statistics, 102(2), pp. 323–338.

Dataset Published Version Ungated VoxEU Ökonomenstimme

(2019). The Costs of Economic Nationalism: Evidence from the Brexit Experiment. Economic Journal, 129(623), pp. 2722–2744.

Code Published Version Ungated VoxEU

(2019). Time-Varying Business Volatility and the Price Setting of Firms. Journal of Monetary Economics, 101, pp. 82–99.

Published Version Ungated

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

Code Published Version Ungated

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

Published Version Ungated Web Appendix Particle Filter Code

(2014). Central Bank Communication on Financial Stability. Economic Journal, 124(577), pp. 701–734.

Published Version VoxEU

Books / volumes and non-technical writing

(2024). On FIRE, news, and expectations. Handbook of Economic Expectations in Historical Perspective, Routledge, forthcoming.

CEPR DP18259 Ungated

(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

(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


Current Teaching

  • Macroeconomics (B.Sc. + Ph.D.)
  • Global Economy (Bocconi@FrankfurtSchool EMBA)
  • Advanced Management Program (Exec. Education)

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.