Permanent Faculty – University of Copenhagen

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Department of Economics > Staff > Permanent Faculty

Søren Hove Ravn

Søren Hove Ravn

Assistant professor

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:

Primary fields of research

 - Macroeconomics

 - Linkages between financial markets and the real economy

 - Monetary and fiscal policy

Current research

 - Macroeconomic effects of financial liberalization


 I teach courses in macroeconomics at the M.Sc. level in the Economics and Math-Econ programmes. 


 - Theoretical and empirical macroeconomics

 - Fiscal and monetary policy

 - Macroeconomic modeling (DSGE-models)

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