Details about Stephen Cecchetti

E-mail:
Homepage:	http://people.brandeis.edu/~cecchett/
Phone:	+41 61 280 8350
Postal address:	Bank for International Settlements Centralbahnplatz 2 4002 Basel Switzerland
Workplace:	Department of Economics, International Business School, Brandeis University, (more information at EDIRC) National Bureau of Economic Research (NBER), (more information at EDIRC) Bank for International Settlements (BIS), (more information at EDIRC) Centre for Economic Policy Research (CEPR), (more information at EDIRC)

Access statistics for papers by Stephen Cecchetti.

Last updated 2013-04-07. Update your information in the RePEc Author Service.

Short-id: pce4

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Working Papers

2012

1. Interpreting TARGET2 balances
   BIS Working Papers, Bank for International Settlements View citations (1)
2. Reassessing the impact of finance on growth
   BIS Working Papers, Bank for International Settlements View citations (11)
3. When capital adequacy and interest rate policy are substitutes (and when they are not)
   BIS Working Papers, Bank for International Settlements View citations (1)

2011

4. The real effects of debt
   BIS Working Papers, Bank for International Settlements View citations (22)
5. Weathering the financial crisis: good policy or good luck?
   BIS Working Papers, Bank for International Settlements View citations (9)

2010

6. Inflation targeting and private sector forecasts
   Research Working Paper, Federal Reserve Bank of Kansas City
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (4)
7. The equity premium and the risk-free rate: matching the moments
   Levine's Working Paper Archive, David K. Levine View citations (12)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (1991) View citations (2)
   See also Journal Article in Journal of Monetary Economics (1993)
8. The future of public debt: prospects and implications
   BIS Working Papers, Bank for International Settlements View citations (22)
9. Toward a global risk map
   BIS Working Papers, Bank for International Settlements View citations (10)

2009

10. Financial Crises and Economic Activity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (33)

2008

11. Crisis and Responses: the Federal Reserve and the Financial Crisis of 2007-2008
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
12. How Central Bankers See It: The First Decade of ECB Policy and Beyond
    NBER Working Papers, National Bureau of Economic Research, Inc

2006

13. Assessing the Sources of Changes in the Volatility of Real Growth
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)
    See also Chapter (2005)
14. Inflation Targeting versus Price-Path Targeting: Looking For Improvements
    Working Papers Central Bank of Chile, Central Bank of Chile
    See also Chapter (2007)
15. Measuring the Macroeconomic Risks Posed by Asset Price Booms
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    See also Chapter (2008)

2005

16. Do Capital Adequacy Requirements Matter for Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    See also Journal Article in Economic Inquiry (2008)
17. Has the inflation process changed?
    BIS Working Papers, Bank for International Settlements View citations (1)
    See also Journal Article in Economic Policy (2006)
18. The Brave New World of Central Banking: The Policy Challenges Posed by Asset Price Booms and Busts
    Working Papers, Czech National Bank, Research Department View citations (2)

2004

19. Deposit Insurance and External Finance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article in Economic Inquiry (2005)
20. Has Monetary Policy Become More Efficient? A Cross Country Analysis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    See also Journal Article in Economic Journal (2006)

2003

21. Inflation Targeting, Price-Path Targeting and Output Variability
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    See also Chapter (2004)

2002

22. Asset Prices in a Flexible Inflation Targeting Framework
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (95)
23. Asset Prices in the Measurement of Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    Also in DNB Staff Reports (discontinued), Netherlands Central Bank (2001) View citations (9)
24. The New Economy and the Challenges for Macroeconomic Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)

2001

25. A Note on the Efficient Estimation of Inflation in Brazil
    Working Papers Series, Central Bank of Brazil, Research Department View citations (4)
26. Financial Structure, Macroeconomic Stability and Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)

2000

27. Does Inflation Targeting Increase Output volatility? An International Comparison of Policy Maker's Preferences and Outcomes
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (31)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1999) View citations (78)
    See also Chapter (2002)
28. Price Level Convergence Among United States Cities: Lessons for the European Central Bank
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
    Also in Working Papers, Ohio State University, Department of Economics (1999) View citations (3)
    Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) (1998) View citations (11)
29. Understanding Inflation: Implications for Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)

1999

30. Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (107)
    See also Journal Article in Economic Policy Review (1999)
31. Structural estimates of the U.S. sacrifice ratio
    Staff Reports, Federal Reserve Bank of New York View citations (13)
    See also Journal Article in Journal of Business & Economic Statistics (2001)

1998

32. Asset Pricing under Distorted Beliefs: Are Equity Returns Too Good to Be True?
    Working Papers, Ohio State University, Department of Economics
    Also in Working Papers, Ohio State University, Department of Economics (1997) View citations (1)
33. Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article in American Economic Review (2000)

1997

34. Central Bank Policy Rules: Conceptual Issues and Practical Considerations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
35. Efficient Inflation Estimation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (47)
    Also in Working Paper, Federal Reserve Bank of Cleveland (1997) View citations (52)
36. Interactions between the seasonal and business cycles in production and inventories
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (19)
    See also Journal Article in American Economic Review (1997)
37. Understanding the Great Depression: Lessons for Current Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

1996

38. Inflation Indicators and Inflation Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (54)
    See also Chapter (1995)
39. Inflation and the Distribution of Price Changes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
    See also Journal Article in The Review of Economics and Statistics (1999)
40. International Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    See also Journal Article in European Economic Review (1996)
41. Measuring Short-Run Inflation for Central Bankers
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
    See also Journal Article in Review (1997)

1995

42. Do Firms Smooth the Seasonal in Production in a Boom? Theory and Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
43. The Seasonality of Consumer Prices
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article in Economic Review (1995)
44. Why Firms Smooth Seasonals in a Boom
    Working Papers, Ohio State University, Department of Economics View citations (3)

1993

45. Measuring Core Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
    See also Chapter (1994)
46. Monitoring core inflation
    Working Paper, Federal Reserve Bank of Cleveland
47. The Consumer Price Index as a Measure of Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (44)
    See also Journal Article in Economic Review (1993)

1992

48. Sources of Output Fluctuations During the Interwar Period: Further Evidence on the Causes of the Great Depression
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article in The Review of Economics and Statistics (1994)
49. Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns
    NBER Technical Working Papers, National Bureau of Economic Research, Inc View citations (13)
    See also Journal Article in Journal of Finance (1994)

1990

50. Mean Reversion in Equilibrium Asset Prices
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (148)
    See also Journal Article in American Economic Review (1990)

1989

51. Prices during the Great Depression: Was the Deflation of 1930-32 really unanticipated?
    NBER Working Papers, National Bureau of Economic Research, Inc
52. The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates During the Great Depression
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article in Journal of Political Economy (1988)
53. Wage Indexation and Time-Consistent Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)

1987

54. Imperfect Information and Staggered Price Setting
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (1986)
    See also Journal Article in American Economic Review (1988)

1986

55. Estimation of the optimal futures hedge
    Research Working Paper, Federal Reserve Bank of Kansas City
    See also Journal Article in The Review of Economics and Statistics (1988)

1981

56. An Equilibrium Approach to the Theory of Futures Markets
    Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series, Department of Agricultural & Resource Economics, UC Berkeley
    Also in CUDARE Working Paper Series, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy (1981)

1980

57. Portfolio Choice with Uncertain Consumption Prices: a mean-variance approch
    Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series, Department of Agricultural & Resource Economics, UC Berkeley
    Also in CUDARE Working Paper Series, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy (1980)

Journal Articles

2011

1. New Regulation and the New World of Global Banking
   National Institute Economic Review, 2011, 216, (1), R29-RR40

2010

2. Central bank tools and liquidity shortages
   Economic Policy Review, 2010, (Aug), 29-42 View citations (7)

2009

3. Central counterparties for over-the-counter derivatives
   BIS Quarterly Review, 2009 View citations (12)
4. Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis
   Journal of Economic Perspectives, 2009, 23, (1), 51-75 View citations (16)

2008

5. Commentary on "House prices and the stance of monetary policy "
   Review, 2008, (Jul), 371-376
6. Commodity prices and inflation dynamics
   BIS Quarterly Review, 2008 View citations (7)
7. DO CAPITAL ADEQUACY REQUIREMENTS MATTER FOR MONETARY POLICY?
   Economic Inquiry, 2008, 46, (4), 643-659 View citations (11)
   See also Working Paper (2005)

2006

8. Has Monetary Policy become more Efficient? a Cross-Country Analysis
   Economic Journal, 2006, 116, (511), 408-433 View citations (38)
   See also Working Paper (2004)
9. Has the inflation process changed?
   Economic Policy, 2006, 21, (46), 311-352 View citations (49)
   See also Working Paper (2005)
10. The Brave new World of Central Banking
    National Institute Economic Review, 2006, 196, (1), 107-119

2005

11. Deposit Insurance and External Finance
    Economic Inquiry, 2005, 43, (3), 531-541 View citations (3)
    See also Working Paper (2004)

2003

12. Inflation measurement and the ECB's pursuit of price stability: a first assessment
    Economic Policy, 2003, 18, (37), 395-434 View citations (5)
13. The European Central Bank and the Federal Reserve
    Oxford Review of Economic Policy, 2003, 19, (1), 30-43 View citations (4)

2002

14. Central bank structure, policy efficiency, and macroeconomic performance: exploring empirical relationships
    Review, 2002, (Jul), 47-60 View citations (28)
15. Policymakers' Revealed Preferences and the Output-Inflation Variability Trade-Off: Implications for the European System of Central Banks
    Manchester School, 2002, 70, (4), 596-618 View citations (25)
    Also in Proceedings, 1999 (1999) View citations (10)
16. Price Index Convergence Among United States Cities
    International Economic Review, 2002, 43, (4), 1081-1099 View citations (88)

2001

17. Structural Estimates of the U.S. Sacrifice Ratio
    Journal of Business & Economic Statistics, 2001, 19, (4), 416-27 View citations (18)
    See also Working Paper (1999)

2000

18. Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to Be True?
    American Economic Review, 2000, 90, (4), 787-805 View citations (98)
    See also Working Paper (1998)
19. Making Monetary Policy: Objectives and Rules
    Oxford Review of Economic Policy, 2000, 16, (4), 43-59 View citations (29)
20. The unreliability of inflation indicators
    Current Issues in Economics and Finance, 2000, (Apr) View citations (39)

1999

21. Inflation And The Distribution Of Price Changes
    The Review of Economics and Statistics, 1999, 81, (2), 188-196 View citations (25)
    See also Working Paper (1996)
22. Legal structure, financial structure, and the monetary policy transmission mechanism
    Economic Policy Review, 1999, (Jul), 9-28 View citations (65)
    See also Working Paper (1999)
23. Rejoinder
    The Review of Economics and Statistics, 1999, 81, (2), 203-204
24. The Monthly Measurement of Core Inflation in Japan
    Monetary and Economic Studies, 1999, 17, (1), 77-101 View citations (4)
25. The future of financial intermediation and regulation: an overview
    Current Issues in Economics and Finance, 1999, (May) View citations (3)

1998

26. Commentary on four papers on the impact of capital requirements on bank risk taking: empirical evidence
    Economic Policy Review, 1998, (Oct), 47
27. Policy rules and targets: framing the central banker's problem
    Economic Policy Review, 1998, (Jun), 1-14 View citations (21)

1997

28. Interactions between the Seasonal and Business Cycles in Production and Inventories
    American Economic Review, 1997, 87, (5), 884-92 View citations (19)
    See also Working Paper (1997)
29. Measuring short-run inflation for central bankers
    Review, 1997, (May), 143-155 View citations (39)
    See also Working Paper (1996)

1996

30. International cycles
    European Economic Review, 1996, 40, (2), 331-360 View citations (13)
    See also Working Paper (1996)
31. Mortgage interest deductibility and housing prices
    Economic Commentary, 1996, (Feb 1) View citations (1)
32. Practical issues in monetary policy targeting
    Economic Review, 1996, (Q I), 2-15 View citations (6)

1995

33. Distinguishing theories of the monetary transmission mechanism
    Review, 1995, (May), 83-97 View citations (11)
34. Estimating Policy-Invariant Deep Parameters in the Financial Sector When Risk and Growth Matter: Comment
    Journal of Money, Credit and Banking, 1995, 27, (4), 1430-35
35. The seasonality of consumer prices
    Economic Review, 1995, (Q II), 12-23
    See also Working Paper (1995)

1994

36. Sources of Output Fluctuations during the Interwar Period: Further Evidence on the Causes of the Great Depression
    The Review of Economics and Statistics, 1994, 76, (1), 80-102 View citations (12)
    See also Working Paper (1992)
37. Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns
    Journal of Finance, 1994, 49, (1), 123-52 View citations (24)
    See also Working Paper (1992)
38. Variance-Ratio Tests: Small-Sample Properties with an Application to International Output Data
    Journal of Business & Economic Statistics, 1994, 12, (2), 177-86 View citations (4)

1993

39. Inflation Uncertainty, Relative Price Uncertainty, and Investment in U.S. Manufacturing: Comment
    Journal of Money, Credit and Banking, 1993, 25, (3), 550-54 View citations (3)
40. The consumer price index as a measure of inflation
    Economic Review, 1993, (Q IV), 15-24 View citations (38)
    See also Working Paper (1993)
41. The equity premium and the risk-free rate: Matching the moments
    Journal of Monetary Economics, 1993, 31, (1), 21-45 View citations (84)
    See also Working Paper (2010)

1992

42. Prices during the Great Depression: Was the Deflation of 1930-1932 Really Unanticipated?
    American Economic Review, 1992, 82, (1), 141-56

1991

43. Seigniorage as a Tax: A Quantitative Evaluation: Comment
    Journal of Money, Credit and Banking, 1991, 23, (3), 476-80
44. Wage Indexation and Discretionary Monetary Policy
    American Economic Review, 1991, 81, (5), 1310-19 View citations (18)

1990

45. Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations
    American Economic Review, 1990, 80, (2), 48-51 View citations (11)
46. Inflation and Uncertainty at Long and Short Horizons
    Brookings Papers on Economic Activity, 1990, 21, (1), 215-254 View citations (30)
47. Mean Reversion in Equilibrium Asset Prices
    American Economic Review, 1990, 80, (3), 398-418 View citations (158)
    See also Working Paper (1990)

1988

48. Estimation of the Optimal Futures Hedge
    The Review of Economics and Statistics, 1988, 70, (4), 623-30 View citations (63)
    See also Working Paper (1986)
49. Imperfect Information and Staggered Price Setting
    American Economic Review, 1988, 78, (5), 999-1018 View citations (20)
    See also Working Paper (1987)
50. The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates during the Great Depression
    Journal of Political Economy, 1988, 96, (6), 1111-41 View citations (17)
    See also Working Paper (1989)

1987

51. Indexation and Incomes Policy: A Study of Wage Adjustment in Unionized Manufacturing
    Journal of Labor Economics, 1987, 5, (3), 391-412 View citations (21)
52. Testing Short-run Neutrality: International Evidence
    The Review of Economics and Statistics, 1987, 69, (1), 135-40

1986

53. High real interest rates: can they be explained?
    Economic Review, 1986, (Sep), 31-41 View citations (1)
54. Testing short-run neutrality
    Journal of Monetary Economics, 1986, 17, (3), 409-423
55. The frequency of price adjustment: A study of the newsstand prices of magazines
    Journal of Econometrics, 1986, 31, (3), 255-274 View citations (241)

1985

56. Staggered Contracts and the Frequency of Price Adjustment
    The Quarterly Journal of Economics, 1985, 100, (5), 935-59 View citations (16)

Books

2012

1. The ESRB at 1
   SUERF Studies, SUERF - The European Money and Finance Forum

Chapters

2012

1. Closing Remarks: Property Markets and Financial Stability – Issues and Interpretations
   A chapter in Property Markets and Financial Stability, 2012
2. Comment
   A chapter in Threat of fiscal dominance?, 2012, vol. 65, pp 135-137
3. Measuring Systemic Risk
   SUERF - The European Money and Finance Forum

2010

4. Comment on "Financial Cycles: What? How? When?"
   A chapter in NBER International Seminar on Macroeconomics 2010, 2010, pp 345-350
5. How Central Bankers See It: The First Decade of European Central Bank Policy and Beyond
   A chapter in Europe and the Euro, 2010, pp 327-374
6. Monetary policy and the measurement of inflation: prices, wages and expectations
   A chapter in Monetary policy and the measurement of inflation: prices, wages and expectations, 2010, vol. 49, pp 1-11

2008

7. Measuring the Macroeconomic Risks Posed by Asset Price Booms
   A chapter in Asset Prices and Monetary Policy, 2008, pp 9-43
   See also Working Paper (2006)

2007

8. Inflation Targeting versus Price-Path Targeting: Looking for Improvements
   Chapter 8 in Monetary Policy under Inflation Targeting, 2007, vol. 11, pp 265-290
   See also Working Paper (2006)

2005

9. Assessing the Sources of Changes in the Volatility of Real Growth
   A chapter in The Changing Nature of the Business Cycle, 2005 View citations (17)
   See also Working Paper (2006)

2004

10. Inflation Targeting, Price-Path Targeting, and Output Variability
    A chapter in The Inflation-Targeting Debate, 2004, pp 173-200 View citations (2)
    See also Working Paper (2003)

2003

11. What the FOMC Says and Does When the Stock Market Booms
    A chapter in Asset Prices and Monetary Policy, 2003 View citations (1)

2002

12. Does Inflation Targeting Increase Output Volatility?: An International Comparison of Policymakers' Preferences and Outcomes
    Chapter 9 in Monetary Policy: Rules and Transmission Mechanisms, 2002, vol. 4, pp 247-274 View citations (16)
    See also Working Paper (2000)

1995

13. Inflation Indicators and Inflation Policy
    A chapter in NBER Macroeconomics Annual 1995, Volume 10, 1995, pp 189-236 View citations (37)
    See also Working Paper (1996)

1994

14. Measuring Core Inflation
    A chapter in Monetary Policy, 1994, pp 195-219 View citations (56)
    See also Working Paper (1993)