Søren Hove Ravn
Associate Professor
Department of Economics
Øster Farimagsgade 5
1353 København K
I am a macroeconomist with an interest in business cycle fluctuations, the connection between financial markets and the macroeconomy, as well as economic policy.
I am a member of the Economic Policy Research Unit (EPRU) and the Macro Reading Group at the Department of Economics.
An important part of my work is focused on the non-linearities associated with the spillovers from financial markets to the real economy. In ongoing work, for example, my coauthors and I investigate the macroeconomic implications of occasionally binding credit constraints. We show that when credit constraints sometimes become non-binding, this leads to a negatively skewed business cycle. In addition, this non-linearity poses a serious challenge for macroprudential regulators. In my PhD dissertation, I studied another type of non-linearity. I first showed empirically that the Federal Reserve displayed an asymmetric reaction to stock price movements in the run-up to the recent financial crisis: A drop in stock prices increased the probability of a subsequent interest rate cut, whereas an increase in stock prices led to no monetary policy reaction. In a related, theoretical paper, I then showed that such a policy may lead to an increase in asset price volatility via expectations-driven asset price booms.
You can find additional information via this link to my personal webpage:
https://sites.google.com/site/sorenhoveravn/
Primary fields of research
- Macroeconomics
- Linkages between financial markets and the real economy
- Monetary and fiscal policy
Current research
- Macroeconomic effects of financial liberalization
Teaching
I teach courses in macroeconomics at the M.Sc. level in the Economics and Math-Econ programmes.
Supervision:
- Theoretical and empirical macroeconomics
- Fiscal and monetary policy
- Macroeconomic modeling (DSGE-models)
ID: 11220910
Most downloads
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3398
downloads
Asymmetric Monetary Policy Towards the Stock Market: A DSGE Approach
Research output: Contribution to journal › Journal article › Research › peer-review
Published -
1587
downloads
The Effects of Fiscal Policy in a Small Open Economy with a Fixed Exchange Rate
Research output: Contribution to journal › Journal article › Research › peer-review
Published -
1083
downloads
Has the Fed Reacted Asymmetrically to Stock Prices?
Research output: Contribution to journal › Journal article › Research › peer-review