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 Macroeconomic Dynamics. He holds a Ph.D. in Economics from the University of Bonn.

Full CV.


  • Fiscal and Monetary Policy
  • Business Cycles
  • Empirical Macroeconomics


  • 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

(2020). Uncertainty shocks in currency unions.

CEPR DP15579 Ungated

(2020). The Coronavirus Stimulus Package: How large is the transfer multiplier?.

CEPR DP14600 Ungated VoxEU

(2020). The Liquidity Channel of Fiscal Policy.

CEPR DP14883 Ungated

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

CEPR DP14392 Ungated VoxEU

(2020). The Macroeconomic Impact of Trump.

CEPR DP13798 Ungated VoxEU

(2019). The worst of both worlds: Fiscal policy and fixed exchange rates.

CEPR DP14073 Ungated

Selected Publications

Browse all publications here.
(2020). Uncertainty-driven Business Cycles: Assessing the Markup Channel. Quantitative Economics, forthcoming.


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

Published Version Ungated Fiscal Shock Series 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 2020

  • 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.