Benjamin Born
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View article: Replication Data for: "Mr. Keynes Meets the Classics: Government Spending and the Real Exchange Rate"
Replication Data for: "Mr. Keynes Meets the Classics: Government Spending and the Real Exchange Rate" Open
This is the replication package for "Mr. Keynes Meets the Classics: Government Spending and the Real Exchange Rate," accepted in 2023 by the Journal of Political Economy.
View article: The macroeconomic impact of Trump
The macroeconomic impact of Trump Open
How much credit does Donald Trump deserve for the macroeconomic performance of the US economy? Growth and job creation have been robust during the first 2.5 years of his presidential term, but this does not prove that Trump made a differen…
View article: Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth
Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth Open
This paper analyzes the heterogeneous effects of monetary policy on workers with differing levels of labor force attachment.Exploiting variation in labor market tightness across metropolitan areas, we show that the employment of population…
View article: A Temporary VAT Cut as Unconventional Fiscal Policy
A Temporary VAT Cut as Unconventional Fiscal Policy Open
We exploit the unexpected announcement of an immediate, temporary VAT cut in Germany in the second half of 2020 as a natural experiment to study the spending response to unconventional fiscal policy.We use survey and scanner data on househ…
View article: The lockdown effect: A counterfactual for Sweden
The lockdown effect: A counterfactual for Sweden Open
While most countries imposed a lockdown in response to the first wave of COVID-19 infections, Sweden did not. To quantify the lockdown effect, we approximate a counterfactual lockdown scenario for Sweden through the outcome in a synthetic …
View article: Uncertainty‐driven business cycles: Assessing the markup channel
Uncertainty‐driven business cycles: Assessing the markup channel Open
Precautionary pricing and increasing markups in representative‐agent DSGE models with nominal rigidities are commonly used to generate negative output effects of uncertainty shocks. We assess whether this theoretical model channel is consi…
View article: Expectation dispersion, uncertainty, and the reaction to news
Expectation dispersion, uncertainty, and the reaction to news Open
Releases of key macroeconomic indicators are closely watched by financial markets. We investigate the role of expectation dispersion and economic uncertainty for the stock-market reaction to indicator releases. We find that the strength of…
View article: Different no more: Country spreads in advanced and emerging economies
Different no more: Country spreads in advanced and emerging economies Open
Interest-rate spreads fluctuate widely across time and countries. We illustrate this on the basis of about 3,100 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Prior to the financial crisis, spread …
View article: Uncertainty shocks in currency unions
Uncertainty shocks in currency unions Open
Uncertainty shocks cause economic activity to contract and more so, if monetary policy is constrained by an effective lower bound on interest rates. In this paper, we investigate whether countries within currency unions are also particular…
View article: Shocks, Frictions, and Inequality in Us Business Cycles
Shocks, Frictions, and Inequality in Us Business Cycles Open
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiq…
View article: Mr. Keynes Meets the Classics: Government Spending and the Real Exchange Rate
Mr. Keynes Meets the Classics: Government Spending and the Real Exchange Rate Open
In economies with fixed exchange rates, the adjustment to government spending shocks is asymmetric. A fiscal expansion appreciates the real exchange rate but does not stimulate output. A fiscal contraction does not alter the exchange rate,…
View article: Stable genius? The macroeconomic impact of Trump
Stable genius? The macroeconomic impact of Trump Open
How much credit does Donald Trump deserve for the macroeconomic performance of the US economy? Growth and job creation have been robust during the first 2.5 years since he took office, but this does not prove that Trump made a difference. …
View article: Replication data for: Does Austerity Pay Off?
Replication data for: Does Austerity Pay Off? Open
Born, Benjamin, Müller, Gernot J., and Pfeifer, Johannes, (2020) “Does Austerity Pay Off?” Review of Economics and Statistics 102:2, 323–338.
View article: table_4.m
table_4.m Open
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View article: table_a3.m
table_a3.m Open
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View article: Readme.txt
Readme.txt Open
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