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 2024-11-09. Update your information in the RePEc Author Service.

Short-id: pce4

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Working Papers

2024

1. Fiscal Consequences of Central Bank Losses
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2024)

2023

2. Making Banking Safe
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
3. Managing Disinflations
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
4. Stabilising financial markets: lending and market making as a last resort
   Report of the Advisory Scientific Committee, European Systemic Risk Board View citations (6)

2022

5. Using growth-at-risk to assess the stance of macroprudential policy
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
6. Will video kill the radio star? Digitalisation and the future of banking
   Report of the Advisory Scientific Committee, European Systemic Risk Board View citations (4)

2021

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

2020

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

2019

11. Improving U.S. Monetary Policy Communications
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
12. Sound At Last? Assessing a Decade of Financial Regulation
    Post-Print, HAL View citations (8)
    Also in Post-Print, HAL (2019) View citations (8)
    PSE-Ecole d'économie de Paris (Postprint), HAL (2019) View citations (9)
    PSE-Ecole d'économie de Paris (Postprint), HAL (2019) View citations (8)
13. Stress Testing Networks: The Case of Central Counterparties
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2019) View citations (1)

2018

14. Why Does Credit Growth Crowd Out Real Economic Growth?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article Why Does Credit Growth Crowd Out Real Economic Growth?, Manchester School, University of Manchester (2019) View citations (21) (2019)

2017

15. Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (27)
16. Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?
    IMF Working Papers, International Monetary Fund View citations (24)
17. Regulatory Reform: A Scorecard
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)

2016

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

2015

19. 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 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) View citations (14) (2016)
20. Why does financial sector growth crowd out real economic growth?
    BIS Working Papers, Bank for International Settlements View citations (189)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (186)

2012

21. Interpreting TARGET2 balances
    BIS Working Papers, Bank for International Settlements View citations (51)
22. Reassessing the impact of finance on growth
    BIS Working Papers, Bank for International Settlements View citations (476)
23. When capital adequacy and interest rate policy are substitutes (and when they are not)
    BIS Working Papers, Bank for International Settlements View citations (37)
    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) View citations (47) (2014)

2011

24. The real effects of debt
    BIS Working Papers, Bank for International Settlements View citations (437)
25. Weathering the financial crisis: good policy or good luck?
    BIS Working Papers, Bank for International Settlements View citations (41)

2010

26. Inflation targeting and private sector forecasts
    Research Working Paper, Federal Reserve Bank of Kansas City View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (24)
27. The equity premium and the risk-free rate: matching the moments
    Levine's Working Paper Archive, David K. Levine View citations (14)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1991) View citations (2)
    See also Journal Article The equity premium and the risk-free rate: Matching the moments, Journal of Monetary Economics, Elsevier (1993) View citations (129) (1993)
28. The future of public debt: prospects and implications
    BIS Working Papers, Bank for International Settlements View citations (103)
29. Toward a global risk map
    BIS Working Papers, Bank for International Settlements View citations (24)

2009

30. Financial Crises and Economic Activity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (100)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (112)
    See also Journal Article Financial crises and economic activity, Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City (2009) View citations (51) (2009)

2008

31. Crisis and Responses: the Federal Reserve and the Financial Crisis of 2007-2008
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (33)
32. How Central Bankers See It: The First Decade of ECB Policy and Beyond
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2007

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

2006

34. Assessing the Sources of Changes in the Volatility of Real Growth
    NBER Working Papers, National Bureau of Economic Research, Inc 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) View citations (37) (2005)
35. Inflation Targeting versus Price-Path Targeting: Looking For Improvements
    Working Papers Central Bank of Chile, Central Bank of Chile 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) View citations (3) (2007)
36. Measuring the Macroeconomic Risks Posed by Asset Price Booms
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (31)
    See also Chapter Measuring the Macroeconomic Risks Posed by Asset Price Booms, NBER Chapters, National Bureau of Economic Research, Inc (2008) View citations (45) (2008)

2005

37. Do Capital Adequacy Requirements Matter for Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
    See also Journal Article DO CAPITAL ADEQUACY REQUIREMENTS MATTER FOR MONETARY POLICY?, Economic Inquiry, Western Economic Association International (2008) View citations (71) (2008)
38. Has the inflation process changed?
    BIS Working Papers, Bank for International Settlements View citations (21)
    See also Journal Article Has the inflation process changed?, Economic Policy, CEPR, CESifo, Sciences Po (2006) View citations (95) (2006)
39. The Brave New World of Central Banking: The Policy Challenges Posed by Asset Price Booms and Busts
    Working Papers, Czech National Bank, Research and Statistics Department 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) View citations (1) (2006)

2004

40. Deposit Insurance and External Finance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    See also Journal Article Deposit Insurance and External Finance, Economic Inquiry, Western Economic Association International (2005) View citations (6) (2005)
41. Has Monetary Policy Become More Efficient? A Cross Country Analysis
    NBER Working Papers, National Bureau of Economic Research, Inc 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 (94) (2006)

2003

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

2002

43. Asset Prices in a Flexible Inflation Targeting Framework
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (206)
44. Asset Prices in the Measurement of Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (32)
45. The New Economy and the Challenges for Macroeconomic Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    See also Chapter The New Economy and the Challenges for Macroeconomic Policy, Chapters, Edward Elgar Publishing (2006) (2006)

2001

46. A Note on the Efficient Estimation of Inflation in Brazil
    Working Papers Series, Central Bank of Brazil, Research Department View citations (26)
47. Financial Structure, Macroeconomic Stability and Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (47)

2000

48. 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 (32)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1999) View citations (149)
    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) View citations (54) (2002)
49. Price Level Convergence Among United States Cities: Lessons for the European Central Bank
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (70)
    Also in Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) (1998) View citations (17)
    Working Papers, Ohio State University, Department of Economics (1999) View citations (10)
50. Understanding Inflation: Implications for Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    See also Chapter Understanding Inflation: Implications for Monetary Policy, International Economic Association Series, Palgrave Macmillan (2001) View citations (2) (2001)

1999

51. Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (223)
    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) View citations (113) (1999)
52. Structural estimates of the U.S. sacrifice ratio
    Staff Reports, Federal Reserve Bank of New York 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 (63) (2001)

1998

53. Asset Pricing under Distorted Beliefs: Are Equity Returns Too Good to Be True?
    Working Papers, Ohio State University, Department of Economics View citations (2)
    Also in Working Papers, Ohio State University, Department of Economics (1997) View citations (2)
54. Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?
    NBER Working Papers, National Bureau of Economic Research, Inc 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) View citations (252) (2000)

1997

55. Central Bank Policy Rules: Conceptual Issues and Practical Considerations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
56. Efficient Inflation Estimation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (99)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1997) View citations (81)
57. Interactions between the seasonal and business cycles in production and inventories
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (33)
    See also Journal Article Interactions between the Seasonal and Business Cycles in Production and Inventories, American Economic Review, American Economic Association (1997) View citations (36) (1997)
58. Understanding the Great Depression: Lessons for Current Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)

1996

59. Inflation and the Distribution of Price Changes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
    See also Journal Article Inflation And The Distribution Of Price Changes, The Review of Economics and Statistics, MIT Press (1999) View citations (57) (1999)
60. Measuring Short-Run Inflation for Central Bankers
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
    See also Journal Article Measuring short-run inflation for central bankers, Review, Federal Reserve Bank of St. Louis (1997) View citations (71) (1997)

1995

61. 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)
62. Inflation Indicators and Inflation Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (95)
    See also Chapter Inflation Indicators and Inflation Policy, NBER Chapters, National Bureau of Economic Research, Inc (1995) View citations (95) (1995)
63. International Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (52)
    See also Journal Article International cycles, European Economic Review, Elsevier (1996) View citations (18) (1996)
64. The Seasonality of Consumer Prices
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article The seasonality of consumer prices, Economic Review, Federal Reserve Bank of Cleveland (1995) View citations (4) (1995)
65. Why Firms Smooth Seasonals in a Boom
    Working Papers, Ohio State University, Department of Economics View citations (3)

1993

66. Measuring Core Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (81)
    See also Chapter Measuring Core Inflation, NBER Chapters, National Bureau of Economic Research, Inc (1994) View citations (186) (1994)
67. Monitoring core inflation
    Working Papers (Old Series), Federal Reserve Bank of Cleveland
68. The Consumer Price Index as a Measure of Inflation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (92)
    See also Journal Article The consumer price index as a measure of inflation, Economic Review, Federal Reserve Bank of Cleveland (1993) View citations (70) (1993)

1992

69. 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 (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) View citations (31) (1994)
70. 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 Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns, Journal of Finance, American Finance Association (1994) View citations (35) (1994)

1989

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

1988

73. Mean Reversion in Equilibrium Asset Prices
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (165)
    See also Journal Article Mean Reversion in Equilibrium Asset Prices, American Economic Review, American Economic Association (1990) View citations (259) (1990)

1987

74. Imperfect Information and Staggered Price Setting
    NBER Working Papers, National Bureau of Economic Research, Inc 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) View citations (31) (1988)
75. 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 (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) View citations (47) (1988)

1986

76. 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) View citations (144) (1988)

1981

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

1980

78. 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 Papers, University of California, Berkeley, Department of Agricultural and Resource Economics (1980)
79. 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)

Journal Articles

2021

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

2020

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

2019

3. Why Does Credit Growth Crowd Out Real Economic Growth?
   Manchester School, 2019, 87, (S1), 1-28 View citations (21)
   See also Working Paper Why Does Credit Growth Crowd Out Real Economic Growth?, NBER Working Papers (2018) View citations (5) (2018)

2018

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

2016

5. 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 View citations (14)
   See also Working Paper On the separation of monetary and prudential policy: how much of the pre-crisis consensus remains?, CEPR Discussion Papers (2015) View citations (1) (2015)

2015

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

2014

7. The Future Financial System
   Journal of Money, Credit and Banking, 2014, 46, (s1), 137-141 View citations (1)
8. When Capital Adequacy and Interest Rate Policy Are Substitutes (And When They Are Not)
   International Journal of Central Banking, 2014, 10, (3), 205-231 View citations (47)
   See also Working Paper When capital adequacy and interest rate policy are substitutes (and when they are not), BIS Working Papers (2012) View citations (37) (2012)

2011

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

2010

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

2009

13. Central counterparties for over-the-counter derivatives
    BIS Quarterly Review, 2009 View citations (36)
14. 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 (98)
15. Financial crises and economic activity
    Proceedings - Economic Policy Symposium - Jackson Hole, 2009, 89-135 View citations (51)
    See also Working Paper Financial Crises and Economic Activity, NBER Working Papers (2009) View citations (100) (2009)

2008

16. Commentary on \\"House prices and the stance of monetary policy \\"
    Review, 2008, 90, (Jul), 371-376
17. Commodity prices and inflation dynamics
    BIS Quarterly Review, 2008 View citations (63)
18. DO CAPITAL ADEQUACY REQUIREMENTS MATTER FOR MONETARY POLICY?
    Economic Inquiry, 2008, 46, (4), 643-659 View citations (71)
    See also Working Paper Do Capital Adequacy Requirements Matter for Monetary Policy?, NBER Working Papers (2005) View citations (23) (2005)

2006

19. Has Monetary Policy become more Efficient? a Cross-Country Analysis
    Economic Journal, 2006, 116, (511), 408-433 View citations (94)
    See also Working Paper Has Monetary Policy Become More Efficient? A Cross Country Analysis, NBER Working Papers (2004) View citations (23) (2004)
20. 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 View citations (95)
    See also Working Paper Has the inflation process changed?, BIS Working Papers (2005) View citations (21) (2005)
21. The Brave new World of Central Banking
    National Institute Economic Review, 2006, 196, (1), 107-119 View citations (12)
22. The Brave new World of Central Banking: Polcy Challenges posed by Asset Price Booms and Busts
    National Institute Economic Review, 2006, 196, 107-119 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) View citations (12) (2005)

2005

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

2003

24. 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 View citations (3)
25. The European Central Bank and the Federal Reserve
    Oxford Review of Economic Policy, 2003, 19, (1), 30-43 View citations (6)

2002

26. Central bank structure, policy efficiency, and macroeconomic performance: exploring empirical relationships
    Review, 2002, 84, (Jul), 47-60 View citations (70)
27. 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 (34)
    Also in Proceedings, 1999 (1999) View citations (14)
28. Price Index Convergence Among United States Cities
    International Economic Review, 2002, 43, (4), 1081-1099 View citations (203)

2001

29. Structural Estimates of the U.S. Sacrifice Ratio
    Journal of Business & Economic Statistics, 2001, 19, (4), 416-27 View citations (63)
    See also Working Paper Structural estimates of the U.S. sacrifice ratio, Staff Reports (1999) View citations (14) (1999)

2000

30. Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to Be True?
    American Economic Review, 2000, 90, (4), 787-805 View citations (252)
    See also Working Paper Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?, NBER Working Papers (1998) View citations (2) (1998)
31. Making Monetary Policy: Objectives and Rules
    Oxford Review of Economic Policy, 2000, 16, (4), 43-59 View citations (63)
32. The unreliability of inflation indicators
    Current Issues in Economics and Finance, 2000, 6, (Apr) View citations (62)

1999

33. Inflation And The Distribution Of Price Changes
    The Review of Economics and Statistics, 1999, 81, (2), 188-196 View citations (57)
    See also Working Paper Inflation and the Distribution of Price Changes, NBER Working Papers (1996) View citations (28) (1996)
34. Legal structure, financial structure, and the monetary policy transmission mechanism
    Economic Policy Review, 1999, 5, (Jul), 9-28 View citations (113)
    See also Chapter Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism, Palgrave Macmillan Books, 2001, 170-207 (2001) View citations (22) (2001)
    Working Paper Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism, NBER Working Papers (1999) View citations (223) (1999)
35. Rejoinder
    The Review of Economics and Statistics, 1999, 81, (2), 203-204
36. The Monthly Measurement of Core Inflation in Japan
    Monetary and Economic Studies, 1999, 17, (1), 77-101 View citations (8)
37. The future of financial intermediation and regulation: an overview
    Current Issues in Economics and Finance, 1999, 5, (May) View citations (5)

1998

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

1997

40. Interactions between the Seasonal and Business Cycles in Production and Inventories
    American Economic Review, 1997, 87, (5), 884-92 View citations (36)
    See also Working Paper Interactions between the seasonal and business cycles in production and inventories, Working Paper Series, Macroeconomic Issues (1997) View citations (33) (1997)
41. Measuring short-run inflation for central bankers
    Review, 1997, (May), 143-155 View citations (71)
    See also Working Paper Measuring Short-Run Inflation for Central Bankers, NBER Working Papers (1996) View citations (28) (1996)

1996

42. International cycles
    European Economic Review, 1996, 40, (2), 331-360 View citations (18)
    See also Working Paper International Cycles, NBER Working Papers (1995) View citations (52) (1995)
43. Mortgage interest deductibility and housing prices
    Economic Commentary, 1996, (Feb) View citations (3)
44. Practical issues in monetary policy targeting
    Economic Review, 1996, (Q I), 2-15 View citations (8)

1995

45. Distinguishing theories of the monetary transmission mechanism
    Proceedings, 1995, (May), 83-97 View citations (66)
    Also in Review, 1995, (May), 83-97 (1995) View citations (47)
46. 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
47. The seasonality of consumer prices
    Economic Review, 1995, (Q II), 12-23 View citations (4)
    See also Working Paper The Seasonality of Consumer Prices, NBER Working Papers (1995) View citations (3) (1995)

1994

48. 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 (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) View citations (9) (1992)
49. 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 (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) View citations (13) (1992)
50. 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 (33)

1993

51. 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 (11)
52. The consumer price index as a measure of inflation
    Economic Review, 1993, 29, (Q IV), 15-24 View citations (70)
    See also Working Paper The Consumer Price Index as a Measure of Inflation, NBER Working Papers (1993) View citations (92) (1993)
53. The equity premium and the risk-free rate: Matching the moments
    Journal of Monetary Economics, 1993, 31, (1), 21-45 View citations (129)
    See also Working Paper The equity premium and the risk-free rate: matching the moments, Levine's Working Paper Archive (2010) View citations (14) (2010)

1992

54. Prices during the Great Depression: Was the Deflation of 1930-1932 Really Unanticipated?
    American Economic Review, 1992, 82, (1), 141-56 View citations (49)

1991

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

1990

57. Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations
    American Economic Review, 1990, 80, (2), 48-51 View citations (26)
58. Inflation and Uncertainty at Long and Short Horizons
    Brookings Papers on Economic Activity, 1990, 21, (1), 215-254 View citations (201)
59. Mean Reversion in Equilibrium Asset Prices
    American Economic Review, 1990, 80, (3), 398-418 View citations (259)
    See also Working Paper Mean Reversion in Equilibrium Asset Prices, NBER Working Papers (1988) View citations (165) (1988)

1988

60. Estimation of the Optimal Futures Hedge
    The Review of Economics and Statistics, 1988, 70, (4), 623-30 View citations (144)
    See also Working Paper Estimation of the optimal futures hedge, Research Working Paper (1986) (1986)
61. Imperfect Information and Staggered Price Setting
    American Economic Review, 1988, 78, (5), 999-1018 View citations (31)
    See also Working Paper Imperfect Information and Staggered Price Setting, NBER Working Papers (1987) View citations (3) (1987)
62. 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 (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) View citations (3) (1987)

1987

63. Indexation and Incomes Policy: A Study of Wage Adjustment in Unionized Manufacturing
    Journal of Labor Economics, 1987, 5, (3), 391-412 View citations (36)
64. Testing Short-run Neutrality: International Evidence
    The Review of Economics and Statistics, 1987, 69, (1), 135-40 View citations (3)

1986

65. High real interest rates: can they be explained?
    Economic Review, 1986, 71, (Sep), 31-41 View citations (2)
66. Testing short-run neutrality
    Journal of Monetary Economics, 1986, 17, (3), 409-423 View citations (4)
67. The frequency of price adjustment: A study of the newsstand prices of magazines
    Journal of Econometrics, 1986, 31, (3), 255-274 View citations (381)

1985

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

Books

2013

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

2012

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

2011

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

2010

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

2014

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

2012

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

2011

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

2010

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

2008

10. Measuring the Macroeconomic Risks Posed by Asset Price Booms
    A chapter in Asset Prices and Monetary Policy, 2008, pp 9-43 View citations (45)
    See also Working Paper Measuring the Macroeconomic Risks Posed by Asset Price Booms, National Bureau of Economic Research, Inc (2006) View citations (31) (2006)

2007

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

2006

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

2005

13. Assessing the Sources of Changes in the Volatility of Real Growth
    A chapter in The Changing Nature of the Business Cycle, 2005 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) View citations (80) (2006)

2004

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

2003

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

2002

16. 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 (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) View citations (32) (2000)

2001

17. Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism
    Palgrave Macmillan View citations (22)
    See also Working Paper Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism, National Bureau of Economic Research, Inc (1999) View citations (223) (1999)
    Journal Article Legal structure, financial structure, and the monetary policy transmission mechanism, Federal Reserve Bank of New York (1999) View citations (113) (1999)
18. 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) View citations (17) (2000)

1995

19. Inflation Indicators and Inflation Policy
    A chapter in NBER Macroeconomics Annual 1995, Volume 10, 1995, pp 189-236 View citations (95)
    See also Working Paper Inflation Indicators and Inflation Policy, National Bureau of Economic Research, Inc (1995) View citations (95) (1995)

1994

20. Measuring Core Inflation
    A chapter in Monetary Policy, 1994, pp 195-219 View citations (186)
    See also Working Paper Measuring Core Inflation, National Bureau of Economic Research, Inc (1993) View citations (81) (1993)