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Details about Stephen Cecchetti

Homepage:http://people.brandeis.edu/~cecchett/
Phone:+41 61 280 8350
Postal address:Brandeis International Business School 415 South Street Waltham, MA 02453 USA
Workplace:National Bureau of Economic Research (NBER), (more information at EDIRC)
Department of Economics, International Business School, Brandeis University, (more information at EDIRC)
Centre for Economic Policy Research (CEPR), (more information at EDIRC)

Access statistics for papers by Stephen Cecchetti.

Last updated 2024-04-05. Update your information in the RePEc Author Service.

Short-id: pce4


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Working Papers

2023

  1. Managing Disinflations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
  2. Stabilising financial markets: lending and market making as a last resort
    Report of the Advisory Scientific Committee, European Systemic Risk Board Downloads View citations (3)

2022

  1. Using growth-at-risk to assess the stance of macroprudential policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
  2. Will video kill the radio star? Digitalisation and the future of banking
    Report of the Advisory Scientific Committee, European Systemic Risk Board Downloads

2021

  1. Addressing Spillovers from Prolonged U.S. Monetary Policy Easing
    IMF Working Papers, International Monetary Fund Downloads
  2. On the stance of macroprudential policy
    Report of the Advisory Scientific Committee, European Systemic Risk Board Downloads View citations (4)

2020

  1. Finance and Technology: What is changing and what is not
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (2)
  2. Monetary Policy in the Next Recession?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)

2019

  1. Improving U.S. Monetary Policy Communications
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (5)
  2. Sound At Last? Assessing a Decade of Financial Regulation
    Post-Print, HAL View citations (8)
    Also in PSE-Ecole d'économie de Paris (Postprint), HAL (2019) View citations (8)
    PSE-Ecole d'économie de Paris (Postprint), HAL (2019) View citations (8)
    Post-Print, HAL (2019) View citations (8)
  3. Stress Testing Networks: The Case of Central Counterparties
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) Downloads View citations (1)

2018

  1. Why Does Credit Growth Crowd Out Real Economic Growth?
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (5)
    See also Journal Article Why Does Credit Growth Crowd Out Real Economic Growth?, Manchester School, University of Manchester (2019) Downloads View citations (17) (2019)

2017

  1. Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (26)
  2. Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?
    IMF Working Papers, International Monetary Fund Downloads View citations (22)
  3. Regulatory Reform: A Scorecard
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)

2016

  1. Is there macroprudential policy without international cooperation?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (15)

2015

  1. On the separation of monetary and prudential policy: how much of the pre-crisis consensus remains?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    See also Journal Article On the separation of monetary and prudential policy: How much of the precrisis consensus remains?, Journal of International Money and Finance, Elsevier (2016) Downloads View citations (13) (2016)
  2. Why does financial sector growth crowd out real economic growth?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (185)
    Also in BIS Working Papers, Bank for International Settlements (2015) Downloads View citations (186)

2012

  1. Interpreting TARGET2 balances
    BIS Working Papers, Bank for International Settlements Downloads View citations (50)
  2. Reassessing the impact of finance on growth
    BIS Working Papers, Bank for International Settlements Downloads View citations (456)
  3. When capital adequacy and interest rate policy are substitutes (and when they are not)
    BIS Working Papers, Bank for International Settlements Downloads View citations (35)
    See also Journal Article When Capital Adequacy and Interest Rate Policy Are Substitutes (And When They Are Not), International Journal of Central Banking, International Journal of Central Banking (2014) Downloads View citations (46) (2014)

2011

  1. The real effects of debt
    BIS Working Papers, Bank for International Settlements Downloads View citations (424)
  2. Weathering the financial crisis: good policy or good luck?
    BIS Working Papers, Bank for International Settlements Downloads View citations (40)

2010

  1. Inflation targeting and private sector forecasts
    Research Working Paper, Federal Reserve Bank of Kansas City Downloads View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) Downloads View citations (22)
  2. The equity premium and the risk-free rate: matching the moments
    Levine's Working Paper Archive, David K. Levine Downloads View citations (14)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1991) Downloads View citations (2)

    See also Journal Article The equity premium and the risk-free rate: Matching the moments, Journal of Monetary Economics, Elsevier (1993) Downloads View citations (129) (1993)
  3. The future of public debt: prospects and implications
    BIS Working Papers, Bank for International Settlements Downloads View citations (100)
  4. Toward a global risk map
    BIS Working Papers, Bank for International Settlements Downloads View citations (24)

2009

  1. Financial Crises and Economic Activity
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (96)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads View citations (108)

    See also Journal Article Financial crises and economic activity, Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City (2009) Downloads View citations (51) (2009)

2008

  1. Crisis and Responses: the Federal Reserve and the Financial Crisis of 2007-2008
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (32)
  2. How Central Bankers See It: The First Decade of ECB Policy and Beyond
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (2)

2007

  1. Understanding the Evolving the Evolving Inflation Process
    Working Papers, Princeton University. Economics Department. Downloads View citations (1)

2006

  1. Assessing the Sources of Changes in the Volatility of Real Growth
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (80)
    See also Chapter Assessing the Sources of Changes in the Volatility of Real Growth, RBA Annual Conference Volume (Discontinued), Reserve Bank of Australia (2005) Downloads View citations (37) (2005)
  2. Inflation Targeting versus Price-Path Targeting: Looking For Improvements
    Working Papers Central Bank of Chile, Central Bank of Chile Downloads View citations (3)
    See also Chapter Inflation Targeting versus Price-Path Targeting: Looking for Improvements, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2007) Downloads View citations (3) (2007)
  3. Measuring the Macroeconomic Risks Posed by Asset Price Booms
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (31)
    See also Chapter Measuring the Macroeconomic Risks Posed by Asset Price Booms, NBER Chapters, National Bureau of Economic Research, Inc (2008) Downloads View citations (42) (2008)

2005

  1. Do Capital Adequacy Requirements Matter for Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (23)
    See also Journal Article DO CAPITAL ADEQUACY REQUIREMENTS MATTER FOR MONETARY POLICY?, Economic Inquiry, Western Economic Association International (2008) Downloads View citations (66) (2008)
  2. Has the inflation process changed?
    BIS Working Papers, Bank for International Settlements Downloads View citations (21)
    See also Journal Article Has the inflation process changed?, Economic Policy, CEPR, CESifo, Sciences Po (2006) Downloads View citations (95) (2006)
  3. The Brave New World of Central Banking: The Policy Challenges Posed by Asset Price Booms and Busts
    Working Papers, Czech National Bank Downloads View citations (12)
    See also Journal Article The Brave new World of Central Banking: Polcy Challenges posed by Asset Price Booms and Busts, National Institute Economic Review, National Institute of Economic and Social Research (2006) Downloads View citations (1) (2006)

2004

  1. Deposit Insurance and External Finance
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (4)
    See also Journal Article Deposit Insurance and External Finance, Economic Inquiry, Western Economic Association International (2005) Downloads View citations (6) (2005)
  2. Has Monetary Policy Become More Efficient? A Cross Country Analysis
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (23)
    See also Journal Article Has Monetary Policy become more Efficient? a Cross-Country Analysis, Economic Journal, Royal Economic Society (2006) View citations (91) (2006)

2003

  1. Inflation Targeting, Price-Path Targeting and Output Variability
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (23)
    See also Chapter Inflation Targeting, Price-Path Targeting, and Output Variability, NBER Chapters, National Bureau of Economic Research, Inc (2004) Downloads View citations (7) (2004)

2002

  1. Asset Prices in a Flexible Inflation Targeting Framework
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (203)
  2. Asset Prices in the Measurement of Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (32)
  3. The New Economy and the Challenges for Macroeconomic Policy
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (8)
    See also Chapter The New Economy and the Challenges for Macroeconomic Policy, Chapters, Edward Elgar Publishing (2006) Downloads (2006)

2001

  1. A Note on the Efficient Estimation of Inflation in Brazil
    Working Papers Series, Central Bank of Brazil, Research Department Downloads View citations (26)
  2. Financial Structure, Macroeconomic Stability and Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (48)

2000

  1. 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 Downloads View citations (32)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1999) Downloads View citations (148)

    See also Chapter Does Inflation Targeting Increase Output Volatility?: An International Comparison of Policymakers' Preferences and Outcomes, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2002) Downloads View citations (54) (2002)
  2. Price Level Convergence Among United States Cities: Lessons for the European Central Bank
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (70)
    Also in Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) (1998) Downloads View citations (17)
    Working Papers, Ohio State University, Department of Economics (1999) Downloads View citations (10)
  3. Understanding Inflation: Implications for Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (17)
    See also Chapter Understanding Inflation: Implications for Monetary Policy, International Economic Association Series, Palgrave Macmillan (2001) View citations (2) (2001)

1999

  1. Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (225)
    See also Chapter Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism, Palgrave Macmillan Books, Palgrave Macmillan (2001) View citations (22) (2001)
    Journal Article Legal structure, financial structure, and the monetary policy transmission mechanism, Economic Policy Review, Federal Reserve Bank of New York (1999) Downloads View citations (114) (1999)
  2. Structural estimates of the U.S. sacrifice ratio
    Staff Reports, Federal Reserve Bank of New York Downloads View citations (14)
    See also Journal Article Structural Estimates of the U.S. Sacrifice Ratio, Journal of Business & Economic Statistics, American Statistical Association (2001) View citations (62) (2001)

1998

  1. Asset Pricing under Distorted Beliefs: Are Equity Returns Too Good to Be True?
    Working Papers, Ohio State University, Department of Economics Downloads View citations (2)
    Also in Working Papers, Ohio State University, Department of Economics (1997) Downloads View citations (2)
  2. Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (2)
    See also Journal Article Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to Be True?, American Economic Review, American Economic Association (2000) Downloads View citations (246) (2000)

1997

  1. Central Bank Policy Rules: Conceptual Issues and Practical Considerations
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (22)
  2. Efficient Inflation Estimation
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (99)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1997) Downloads View citations (83)
  3. Interactions between the seasonal and business cycles in production and inventories
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (34)
    See also Journal Article Interactions between the Seasonal and Business Cycles in Production and Inventories, American Economic Review, American Economic Association (1997) Downloads View citations (35) (1997)
  4. Understanding the Great Depression: Lessons for Current Policy
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (10)

1996

  1. Inflation and the Distribution of Price Changes
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (29)
    See also Journal Article Inflation And The Distribution Of Price Changes, The Review of Economics and Statistics, MIT Press (1999) Downloads View citations (57) (1999)
  2. Measuring Short-Run Inflation for Central Bankers
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (28)
    See also Journal Article Measuring short-run inflation for central bankers, Review, Federal Reserve Bank of St. Louis (1997) Downloads View citations (74) (1997)

1995

  1. Do Firms Smooth the Seasonal in Production in a Boom? Theory and Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (8)
  2. Inflation Indicators and Inflation Policy
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (94)
    See also Chapter Inflation Indicators and Inflation Policy, NBER Chapters, National Bureau of Economic Research, Inc (1995) Downloads View citations (94) (1995)
  3. International Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (53)
    See also Journal Article International cycles, European Economic Review, Elsevier (1996) Downloads View citations (17) (1996)
  4. The Seasonality of Consumer Prices
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (3)
    See also Journal Article The seasonality of consumer prices, Economic Review, Federal Reserve Bank of Cleveland (1995) Downloads View citations (4) (1995)
  5. Why Firms Smooth Seasonals in a Boom
    Working Papers, Ohio State University, Department of Economics Downloads View citations (3)

1993

  1. Measuring Core Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (78)
    See also Chapter Measuring Core Inflation, NBER Chapters, National Bureau of Economic Research, Inc (1994) Downloads View citations (184) (1994)
  2. Monitoring core inflation
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
  3. The Consumer Price Index as a Measure of Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (88)
    See also Journal Article The consumer price index as a measure of inflation, Economic Review, Federal Reserve Bank of Cleveland (1993) Downloads View citations (71) (1993)

1992

  1. 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 Downloads View citations (9)
    See also Journal Article Sources of Output Fluctuations during the Interwar Period: Further Evidence on the Causes of the Great Depression, The Review of Economics and Statistics, MIT Press (1994) Downloads View citations (31) (1994)
  2. 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 Downloads View citations (13)
    See also Journal Article Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns, Journal of Finance, American Finance Association (1994) Downloads View citations (35) (1994)

1989

  1. Prices during the Great Depression: Was the Deflation of 1930-32 really unanticipated?
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (1)
  2. Wage Indexation and Time-Consistent Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (1)

1988

  1. Mean Reversion in Equilibrium Asset Prices
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (164)
    See also Journal Article Mean Reversion in Equilibrium Asset Prices, American Economic Review, American Economic Association (1990) Downloads View citations (258) (1990)

1987

  1. Imperfect Information and Staggered Price Setting
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (3)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (1986) View citations (1)

    See also Journal Article Imperfect Information and Staggered Price Setting, American Economic Review, American Economic Association (1988) Downloads View citations (31) (1988)
  2. 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 Downloads View citations (3)
    See also Journal Article 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, University of Chicago Press (1988) Downloads View citations (47) (1988)

1986

  1. Estimation of the optimal futures hedge
    Research Working Paper, Federal Reserve Bank of Kansas City
    See also Journal Article Estimation of the Optimal Futures Hedge, The Review of Economics and Statistics, MIT Press (1988) Downloads View citations (141) (1988)

1981

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

1980

  1. 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 Downloads
    Also in CUDARE Working Papers, University of California, Berkeley, Department of Agricultural and Resource Economics (1980) Downloads
  2. THE CONSUMER'S USE OF FUTURES
    1980 Annual Meeting, July 27-30, Urbana-Champaign, Illinois, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) Downloads

Journal Articles

2021

  1. Limiter la budgétarisation des banques centrales
    Revue d'économie financière, 2021, N° 144, (4), 147-160 Downloads

2020

  1. US or Domestic Monetary Policy: Which Matters More for Financial Stability?
    IMF Economic Review, 2020, 68, (1), 35-65 Downloads View citations (10)

2019

  1. Why Does Credit Growth Crowd Out Real Economic Growth?
    Manchester School, 2019, 87, (S1), 1-28 Downloads View citations (17)
    See also Working Paper Why Does Credit Growth Crowd Out Real Economic Growth?, NBER Working Papers (2018) Downloads View citations (5) (2018)

2018

  1. Monetary, prudential and fiscal policy: how much coordination is needed?
    New Zealand Economic Papers, 2018, 52, (3), 251-276 Downloads View citations (5)

2016

  1. On the separation of monetary and prudential policy: How much of the precrisis consensus remains?
    Journal of International Money and Finance, 2016, 66, (C), 157-169 Downloads View citations (13)
    See also Working Paper On the separation of monetary and prudential policy: how much of the pre-crisis consensus remains?, CEPR Discussion Papers (2015) Downloads View citations (1) (2015)

2015

  1. The Road to Financial Stability: Capital Regulation, Liquidity Regulation, and Resolution
    International Journal of Central Banking, 2015, 11, (3), 127-139 Downloads View citations (14)

2014

  1. The Future Financial System
    Journal of Money, Credit and Banking, 2014, 46, (s1), 137-141 Downloads View citations (1)
  2. When Capital Adequacy and Interest Rate Policy Are Substitutes (And When They Are Not)
    International Journal of Central Banking, 2014, 10, (3), 205-231 Downloads View citations (46)
    See also Working Paper When capital adequacy and interest rate policy are substitutes (and when they are not), BIS Working Papers (2012) Downloads View citations (35) (2012)

2011

  1. Achieving growth amid fiscal imbalances: the real effects of debt
    Proceedings - Economic Policy Symposium - Jackson Hole, 2011, 145-196 Downloads View citations (36)
  2. Comment
    NBER International Seminar on Macroeconomics, 2011, 7, (1), 345 - 350 Downloads
  3. NEW REGULATION AND THE NEW WORLD OF GLOBAL BANKING
    National Institute Economic Review, 2011, 216, (1), R29-R40 Downloads View citations (1)
    Also in National Institute Economic Review, 2011, 216, R29-R40 (2011) Downloads

2010

  1. Central bank tools and liquidity shortages
    Economic Policy Review, 2010, 16, (Aug), 29-42 Downloads View citations (32)

2009

  1. Central counterparties for over-the-counter derivatives
    BIS Quarterly Review, 2009 Downloads View citations (36)
  2. Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis
    Journal of Economic Perspectives, 2009, 23, (1), 51-75 Downloads View citations (94)
  3. Financial crises and economic activity
    Proceedings - Economic Policy Symposium - Jackson Hole, 2009, 89-135 Downloads View citations (51)
    See also Working Paper Financial Crises and Economic Activity, NBER Working Papers (2009) Downloads View citations (96) (2009)

2008

  1. Commentary on \\"House prices and the stance of monetary policy \\"
    Review, 2008, 90, (Jul), 371-376 Downloads
  2. Commodity prices and inflation dynamics
    BIS Quarterly Review, 2008 Downloads View citations (60)
  3. DO CAPITAL ADEQUACY REQUIREMENTS MATTER FOR MONETARY POLICY?
    Economic Inquiry, 2008, 46, (4), 643-659 Downloads View citations (66)
    See also Working Paper Do Capital Adequacy Requirements Matter for Monetary Policy?, NBER Working Papers (2005) Downloads View citations (23) (2005)

2006

  1. Has Monetary Policy become more Efficient? a Cross-Country Analysis
    Economic Journal, 2006, 116, (511), 408-433 View citations (91)
    See also Working Paper Has Monetary Policy Become More Efficient? A Cross Country Analysis, NBER Working Papers (2004) Downloads View citations (23) (2004)
  2. Has the inflation process changed?
    (Did the underlying behaviour of inflation change in the 1980s? A study of 22 countries)
    Economic Policy, 2006, 21, (46), 312-352 Downloads View citations (95)
    See also Working Paper Has the inflation process changed?, BIS Working Papers (2005) Downloads View citations (21) (2005)
  3. The Brave new World of Central Banking
    National Institute Economic Review, 2006, 196, (1), 107-119 Downloads View citations (11)
  4. The Brave new World of Central Banking: Polcy Challenges posed by Asset Price Booms and Busts
    National Institute Economic Review, 2006, 196, 107-119 Downloads View citations (1)
    See also Working Paper The Brave New World of Central Banking: The Policy Challenges Posed by Asset Price Booms and Busts, Working Papers (2005) Downloads View citations (12) (2005)

2005

  1. Deposit Insurance and External Finance
    Economic Inquiry, 2005, 43, (3), 531-541 Downloads View citations (6)
    See also Working Paper Deposit Insurance and External Finance, NBER Working Papers (2004) Downloads View citations (4) (2004)

2003

  1. Inflation measurement and the ECB's pursuit of price stability: a first assessment
    (Optimal monetary policy responses to relative price changes)
    Economic Policy, 2003, 18, (37), 395-434 Downloads View citations (3)
  2. The European Central Bank and the Federal Reserve
    Oxford Review of Economic Policy, 2003, 19, (1), 30-43 View citations (6)

2002

  1. Central bank structure, policy efficiency, and macroeconomic performance: exploring empirical relationships
    Review, 2002, 84, (Jul), 47-60 Downloads View citations (66)
  2. 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 Downloads View citations (35)
    Also in Proceedings, 1999 (1999) View citations (14)
  3. Price Index Convergence Among United States Cities
    International Economic Review, 2002, 43, (4), 1081-1099 Downloads View citations (183)

2001

  1. Structural Estimates of the U.S. Sacrifice Ratio
    Journal of Business & Economic Statistics, 2001, 19, (4), 416-27 View citations (62)
    See also Working Paper Structural estimates of the U.S. sacrifice ratio, Staff Reports (1999) Downloads View citations (14) (1999)

2000

  1. Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to Be True?
    American Economic Review, 2000, 90, (4), 787-805 Downloads View citations (246)
    See also Working Paper Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?, NBER Working Papers (1998) Downloads View citations (2) (1998)
  2. Making Monetary Policy: Objectives and Rules
    Oxford Review of Economic Policy, 2000, 16, (4), 43-59 View citations (64)
  3. The unreliability of inflation indicators
    Current Issues in Economics and Finance, 2000, 6, (Apr) Downloads View citations (63)

1999

  1. Inflation And The Distribution Of Price Changes
    The Review of Economics and Statistics, 1999, 81, (2), 188-196 Downloads View citations (57)
    See also Working Paper Inflation and the Distribution of Price Changes, NBER Working Papers (1996) Downloads View citations (29) (1996)
  2. Legal structure, financial structure, and the monetary policy transmission mechanism
    Economic Policy Review, 1999, 5, (Jul), 9-28 Downloads View citations (114)
    See also Working Paper Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism, NBER Working Papers (1999) Downloads View citations (225) (1999)
    Chapter Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism, Palgrave Macmillan Books, 2001, 170-207 (2001) View citations (22) (2001)
  3. Rejoinder
    The Review of Economics and Statistics, 1999, 81, (2), 203-204 Downloads
  4. The Monthly Measurement of Core Inflation in Japan
    Monetary and Economic Studies, 1999, 17, (1), 77-101 Downloads View citations (8)
  5. The future of financial intermediation and regulation: an overview
    Current Issues in Economics and Finance, 1999, 5, (May) Downloads View citations (5)

1998

  1. Commentary on four papers on the impact of capital requirements on bank risk taking: empirical evidence
    Economic Policy Review, 1998, 4, (Oct), 47 Downloads
  2. Policy rules and targets: framing the central banker's problem
    Economic Policy Review, 1998, 4, (Jun), 1-14 Downloads View citations (27)

1997

  1. Interactions between the Seasonal and Business Cycles in Production and Inventories
    American Economic Review, 1997, 87, (5), 884-92 Downloads View citations (35)
    See also Working Paper Interactions between the seasonal and business cycles in production and inventories, Working Paper Series, Macroeconomic Issues (1997) View citations (34) (1997)
  2. Measuring short-run inflation for central bankers
    Review, 1997, (May), 143-155 Downloads View citations (74)
    See also Working Paper Measuring Short-Run Inflation for Central Bankers, NBER Working Papers (1996) Downloads View citations (28) (1996)

1996

  1. International cycles
    European Economic Review, 1996, 40, (2), 331-360 Downloads View citations (17)
    See also Working Paper International Cycles, NBER Working Papers (1995) Downloads View citations (53) (1995)
  2. Mortgage interest deductibility and housing prices
    Economic Commentary, 1996, (Feb) Downloads View citations (3)
  3. Practical issues in monetary policy targeting
    Economic Review, 1996, (Q I), 2-15 Downloads View citations (7)

1995

  1. Distinguishing theories of the monetary transmission mechanism
    Review, 1995, (May), 83-97 Downloads View citations (48)
    Also in Proceedings, 1995, (May), 83-97 (1995) Downloads View citations (66)
  2. 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 Downloads
  3. The seasonality of consumer prices
    Economic Review, 1995, (Q II), 12-23 Downloads View citations (4)
    See also Working Paper The Seasonality of Consumer Prices, NBER Working Papers (1995) Downloads View citations (3) (1995)

1994

  1. 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 Downloads View citations (31)
    See also Working Paper Sources of Output Fluctuations During the Interwar Period: Further Evidence on the Causes of the Great Depression, NBER Working Papers (1992) Downloads View citations (9) (1992)
  2. Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns
    Journal of Finance, 1994, 49, (1), 123-52 Downloads View citations (35)
    See also Working Paper Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns, NBER Technical Working Papers (1992) Downloads View citations (13) (1992)
  3. 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 (31)

1993

  1. Inflation Uncertainty, Relative Price Uncertainty, and Investment in U.S. Manufacturing: Comment
    Journal of Money, Credit and Banking, 1993, 25, (3), 550-54 Downloads View citations (11)
  2. The consumer price index as a measure of inflation
    Economic Review, 1993, 29, (Q IV), 15-24 Downloads View citations (71)
    See also Working Paper The Consumer Price Index as a Measure of Inflation, NBER Working Papers (1993) Downloads View citations (88) (1993)
  3. The equity premium and the risk-free rate: Matching the moments
    Journal of Monetary Economics, 1993, 31, (1), 21-45 Downloads View citations (129)
    See also Working Paper The equity premium and the risk-free rate: matching the moments, Levine's Working Paper Archive (2010) Downloads View citations (14) (2010)

1992

  1. Prices during the Great Depression: Was the Deflation of 1930-1932 Really Unanticipated?
    American Economic Review, 1992, 82, (1), 141-56 Downloads View citations (48)

1991

  1. Seigniorage as a Tax: A Quantitative Evaluation: Comment
    Journal of Money, Credit and Banking, 1991, 23, (3), 476-80 Downloads
  2. Wage Indexation and Discretionary Monetary Policy
    American Economic Review, 1991, 81, (5), 1310-19 Downloads View citations (26)

1990

  1. Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations
    American Economic Review, 1990, 80, (2), 48-51 Downloads View citations (26)
  2. Inflation and Uncertainty at Long and Short Horizons
    Brookings Papers on Economic Activity, 1990, 21, (1), 215-254 Downloads View citations (193)
  3. Mean Reversion in Equilibrium Asset Prices
    American Economic Review, 1990, 80, (3), 398-418 Downloads View citations (258)
    See also Working Paper Mean Reversion in Equilibrium Asset Prices, NBER Working Papers (1988) Downloads View citations (164) (1988)

1988

  1. Estimation of the Optimal Futures Hedge
    The Review of Economics and Statistics, 1988, 70, (4), 623-30 Downloads View citations (141)
    See also Working Paper Estimation of the optimal futures hedge, Research Working Paper (1986) (1986)
  2. Imperfect Information and Staggered Price Setting
    American Economic Review, 1988, 78, (5), 999-1018 Downloads View citations (31)
    See also Working Paper Imperfect Information and Staggered Price Setting, NBER Working Papers (1987) Downloads View citations (3) (1987)
  3. 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 Downloads View citations (47)
    See also Working Paper The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates During the Great Depression, NBER Working Papers (1987) Downloads View citations (3) (1987)

1987

  1. Indexation and Incomes Policy: A Study of Wage Adjustment in Unionized Manufacturing
    Journal of Labor Economics, 1987, 5, (3), 391-412 Downloads View citations (37)
  2. Testing Short-run Neutrality: International Evidence
    The Review of Economics and Statistics, 1987, 69, (1), 135-40 Downloads View citations (3)

1986

  1. High real interest rates: can they be explained?
    Economic Review, 1986, 71, (Sep), 31-41 Downloads View citations (2)
  2. Testing short-run neutrality
    Journal of Monetary Economics, 1986, 17, (3), 409-423 Downloads View citations (4)
  3. The frequency of price adjustment: A study of the newsstand prices of magazines
    Journal of Econometrics, 1986, 31, (3), 255-274 Downloads View citations (373)

1985

  1. Portfolio Diversification, Futures Markets, and Uncertain Consumption Prices
    American Journal of Agricultural Economics, 1985, 67, (3), 497-507 Downloads View citations (5)
  2. Staggered Contracts and the Frequency of Price Adjustment
    The Quarterly Journal of Economics, 1985, 100, (Supplement), 935-959 Downloads View citations (24)

Books

2013

  1. Navigating the Great Recession: what role for monetary policy?
    BIS Papers, Bank for International Settlements Downloads
  2. States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives
    SUERF Studies, SUERF - The European Money and Finance Forum Downloads

2012

  1. The ESRB at 1
    SUERF Studies, SUERF - The European Money and Finance Forum Downloads
  2. The future of financial globalisation
    BIS Papers, Bank for International Settlements Downloads

2011

  1. Fiscal policy and its implications for monetary and financial stability
    BIS Papers, Bank for International Settlements Downloads View citations (8)
  2. The future of central banking under post-crisis mandates
    BIS Papers, Bank for International Settlements Downloads View citations (1)

2010

  1. Financial system and macroeconomic resilience: revisited
    BIS Papers, Bank for International Settlements Downloads View citations (9)

Chapters

2015

  1. The Jury Is In
    Chapter 18 in The New International Financial System Analyzing the Cumulative Impact of Regulatory Reform, 2015, pp 407-423 Downloads View citations (1)

2014

  1. Closing remarks
    A chapter in Globalisation, inflation and monetary policy in Asia and the Pacific, 2014, vol. 77, pp 175-178 Downloads
  2. Towards an international lender of last resort
    A chapter in Re-thinking the lender of last resort, 2014, vol. 79, pp 131-136 Downloads View citations (3)

2012

  1. Closing Remarks: Property Markets and Financial Stability – Issues and Interpretations
    A chapter in Property Markets and Financial Stability, 2012 Downloads
  2. Comment
    A chapter in Threat of fiscal dominance?, 2012, vol. 65, pp 135-137 Downloads

2011

  1. Monetary Policy and Financial Stability: What’s Ahead for Central and Eastern Europe
    Chapter 9 in Post-Crisis Growth and Integration in Europe, 2011 Downloads

2010

  1. Comment on "Financial Cycles: What? How? When?"
    A chapter in NBER International Seminar on Macroeconomics 2010, 2010, pp 345-350 Downloads
  2. 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 Downloads View citations (2)
  3. 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 Downloads View citations (2)

2008

  1. Measuring the Macroeconomic Risks Posed by Asset Price Booms
    A chapter in Asset Prices and Monetary Policy, 2008, pp 9-43 Downloads View citations (42)
    See also Working Paper Measuring the Macroeconomic Risks Posed by Asset Price Booms, National Bureau of Economic Research, Inc (2006) Downloads View citations (31) (2006)

2007

  1. Inflation Targeting versus Price-Path Targeting: Looking for Improvements
    Chapter 8 in Monetary Policy under Inflation Targeting, 2007, vol. 11, pp 265-290 Downloads View citations (3)
    See also Working Paper Inflation Targeting versus Price-Path Targeting: Looking For Improvements, Central Bank of Chile (2006) Downloads View citations (3) (2006)

2006

  1. The New Economy and the Challenges for Macroeconomic Policy
    Chapter 4 in The New Economy and Beyond, 2006 Downloads
    See also Working Paper The New Economy and the Challenges for Macroeconomic Policy, National Bureau of Economic Research, Inc (2002) Downloads View citations (8) (2002)

2005

  1. Assessing the Sources of Changes in the Volatility of Real Growth
    A chapter in The Changing Nature of the Business Cycle, 2005 Downloads View citations (37)
    See also Working Paper Assessing the Sources of Changes in the Volatility of Real Growth, National Bureau of Economic Research, Inc (2006) Downloads View citations (80) (2006)

2004

  1. Inflation Targeting, Price-Path Targeting, and Output Variability
    A chapter in The Inflation-Targeting Debate, 2004 Downloads View citations (7)
    See also Working Paper Inflation Targeting, Price-Path Targeting and Output Variability, National Bureau of Economic Research, Inc (2003) Downloads View citations (23) (2003)

2003

  1. What the FOMC Says and Does When the Stock Market Booms
    A chapter in Asset Prices and Monetary Policy, 2003 Downloads View citations (62)

2002

  1. 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 Downloads View citations (54)
    See also Working Paper Does Inflation Targeting Increase Output volatility? An International Comparison of Policy Maker's Preferences and Outcomes, Central Bank of Chile (2000) Downloads View citations (32) (2000)

2001

  1. Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism
    Palgrave Macmillan View citations (22)
    See also Journal Article Legal structure, financial structure, and the monetary policy transmission mechanism, Federal Reserve Bank of New York (1999) Downloads View citations (114) (1999)
    Working Paper Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism, National Bureau of Economic Research, Inc (1999) Downloads View citations (225) (1999)
  2. Understanding Inflation: Implications for Monetary Policy
    Palgrave Macmillan View citations (2)
    See also Working Paper Understanding Inflation: Implications for Monetary Policy, National Bureau of Economic Research, Inc (2000) Downloads View citations (17) (2000)

1995

  1. Inflation Indicators and Inflation Policy
    A chapter in NBER Macroeconomics Annual 1995, Volume 10, 1995, pp 189-236 Downloads View citations (94)
    See also Working Paper Inflation Indicators and Inflation Policy, National Bureau of Economic Research, Inc (1995) Downloads View citations (94) (1995)

1994

  1. Measuring Core Inflation
    A chapter in Monetary Policy, 1994, pp 195-219 Downloads View citations (184)
    See also Working Paper Measuring Core Inflation, National Bureau of Economic Research, Inc (1993) Downloads View citations (78) (1993)
 
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