Benjamin Born is an Associate Professor of Macroeconomics at the Frankfurt School of Finance & Management and affiliated with CEPR and CESifo. In addition, he serves as research director at the ifo Institute’s Center for Macroeconomics and Surveys and as an associate editor at the European Economic Review. He holds a Ph.D. in Economics from the University of Bonn.

Full CV.


  • 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

(2021). A Temporary VAT Cut as Unconventional Fiscal Policy.

NBER WP29442 Ungated VoxEU Feature @ BFI

(2021). How economic expectations react to news: Evidence from German firms.

Working Paper

(2021). The Liquidity Channel of Fiscal Policy.

CEPR DP14883 Ungated VoxEU

(2021). Firm expectations about production and prices: Facts, determinants, and effects. Handbook of Economic Expectations, Elsevier, in preparation.


(2021). Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate. Journal of Political Economy, revise & resubmit.

CEPR DP14073 Ungated

(2020). Uncertainty shocks in currency unions.

CEPR DP15579 Ungated

(2020). Shocks, Frictions, and Inequality in US Business Cycles. American Economic Review, revise & resubmit.

Code CEPR DP14364 Ungated VoxEU

(2020). The Coronavirus Stimulus Package: How large is the transfer multiplier?. Economic Journal, revise & resubmit.

CEPR DP14600 Ungated VoxEU

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

CEPR DP14392 Ungated VoxEU

Selected Publications

Browse all publications here.
(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(10), pp. 2722–2744.

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.

Published Version Ungated Codes

(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


Spring/Summer 2021

  • Macroeconomics (B.Sc.)
  • Global Economy (Bocconi@FrankfurtSchool EMBA)

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.