Details about Alex Cukierman

E-mail:
Homepage:	http://www.tau.ac.il/~alexcuk/
Phone:	+972-3-6409-909
Postal address:	Berglas School of Economics, Tel-Aviv University Tel-Aviv 69978 Israel
Workplace:	School of Economics, Interdisciplinary Center (IDC), (more information at EDIRC) Foerder Institute for Economic Research, Eitan Berglas School of Economics, Tel Aviv University, (more information at EDIRC)

Access statistics for papers by Alex Cukierman.

Last updated 2022-08-07. Update your information in the RePEc Author Service.

Short-id: pcu20

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Working Papers

2022

1. Did the global financial crisis and the pandemic induce persistent deflation avoidance in major central banks?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
2. Gaps Between Official and Excess Covid-19 Mortality Measures: The Effects of Institutional Quality and Vaccinations
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
3. International Evidence on Vaccines and the Mortality to Infections Ratio in the Pre-Omicron Era
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (1)

2021

4. Effectiveness of collective action against the pandemic: Is there a difference between democratic and authoritarian regimes?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)

2020

5. COVID-19, Helicopter Money & the Fiscal-Monetary Nexus
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
6. Uncertainty and dispersion in professional interest rate forecasts: International evidence and theory
   CEPR Discussion Papers, C.E.P.R. Discussion Papers

2019

7. Implications of the permanent-transitory confusion for New-Keynesian modeling, inflation forecasts and the post-crisis era
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
8. Welfare and Political Economy Aspects of a Central Bank Digital Currency
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (10)

2018

9. A retrospective on the subprime crisis and its aftermath ten years after Lehman’s collapse
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
10. Forex intervention and reserve management in Switzerland and Israel since the financial crisis: Comparison and policy lessons
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    See also Journal Article in Open Economies Review (2019)
11. International Evidence on Professional Interest Rate Forecasts: The Impact of Forecasting Ability
    Working Papers, Swiss National Bank
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017)
12. The permanent-transitory confusion: Implications for tests of market efficiency and for expected inflation during turbulent and
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)

2017

13. The behavior of the money multiplier during and after the subprime crisis: Implications for the transmission mechanism of monet
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

2016

14. Reflections on the natural rate of interest, its measurement, monetary policy and the zero lower bound
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (22)

2015

15. The Conquest of Israeli Inflation and Current Policy Dilemmas
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (12)
16. The Political Economy of US Bailouts, Unconventional Monetary Policy, Credit Arrest and Inflation during the Financial Crisis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
17. The choice of flexibility in targeting inflation during normal times and during disinflation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    See also Journal Article in Research in Economics (2015)

2014

18. Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)

2011

19. Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article in Journal of Banking & Finance (2015)

2009

20. Reflections on the Crisis and on its Lessons for Regulatory Reform and for Central Bank Policies
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research View citations (1)
    See also Chapter (2011)
    Journal Article in Journal of Financial Stability (2011)
21. The Political Economy of Redistribution in the U.S. in the Aftermath of World War II and the Delayed Impacts of the Great Depre
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

2007

22. Central Bank Independence and Monetary Policymaking Institutions - Past Present and Future
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    Also in Working Papers Central Bank of Chile, Central Bank of Chile (2006) View citations (12)
    See also Journal Article in European Journal of Political Economy (2008)
23. Fiscal Policy, Labor Unions, Competitiveness and Monetary Institutions: Their Long Run Impact on Unemployment, Inflation and Welfare
    Kiel Working Papers, Kiel Institute for the World Economy (IfW Kiel)
24. Fiscal Policy, Labour Unions and Monetary Institutions: Their Long Run Impact on Unemployment, Inflation and Welfare
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
25. The Limits of Transparency
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (19)
    See also Journal Article in Economic Notes (2009)

2005

26. Fiscal-Monetary Policy Interactions in the Presence of Unionized Labour Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    See also Journal Article in International Tax and Public Finance (2006)
27. Keynesian Economics, Monetary Policy and the Business Cycle - New and Old
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article in CESifo Economic Studies (2005)
28. Legal, Actual and Desirable Independence: A Case Study of the Bank of Israel
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
29. Wars, Redistribution and Civilian Federal Expenditures in the US over the Twentieth Century
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)

2004

30. Endogenous monetary policy with unobserved potential output
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (2)
    Also in CEIS Research Paper, Tor Vergata University, CEIS (2003) View citations (5)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (5)
    See also Journal Article in Journal of Economic Dynamics and Control (2005)

2003

31. The Choice of Exchange Rate Regime and Speculative Attacks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    See also Journal Article in Journal of the European Economic Association (2004)
32. The Inflation Bias Revisited: Theory and Some International Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (134)
    See also Journal Article in Manchester School (2003)

2002

33. Do Central Banks have Precautionary Demands for Expansions and for Price Stability?
    Working Papers, Business School - Economics, University of Glasgow View citations (45)
34. Do Central Banks have Precautionary Demands for Expansions and for Price Stability? - Theory and Evidence
    CESifo Working Paper Series, CESifo View citations (32)

2001

35. Are Contemporary Central Banks Transparent about Economic Models and Objectives and What Difference Does it Make?
    Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank View citations (7)
    See also Journal Article in Review (2002)
36. Central Bank Reform, Liberalization and Inflation in Transition Economies - An International Perspective
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (16)
    Also in Working Papers, Tel Aviv (2000) View citations (2)
    Other publications TiSEM, Tilburg University, School of Economics and Management (2000) View citations (11)
    Discussion Paper, Tilburg University, Center for Economic Research (2000) View citations (11)
    Working Papers, Tel Aviv (2000) View citations (4)
    See also Journal Article in Journal of Monetary Economics (2002)
37. Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labour and Goods Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (27)

2000

38. Accountability, Credibility, Transparency and Stabilization Policy in the Eurosystem
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research View citations (13)
    Also in Working Papers, Tel Aviv (2000) View citations (31)
39. Labor Markets and Monetary Union: a Strategic Analysis
    Working Papers, Banca Italia - Servizio di Studi View citations (15)
    Also in Discussion Paper, Tilburg University, Center for Economic Research (1999) View citations (3)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (1999) View citations (17)
    Other publications TiSEM, Tilburg University, School of Economics and Management (1999) View citations (2)
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2000) View citations (2)
    See also Journal Article in Economic Journal (2001)
40. Monetary Institutions, Monopolistic Competition, Unionized Labour Markets And Economic Performance
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (17)
    See also Journal Article in Scandinavian Journal of Economics (2006)

1999

41. Establishing a Reputation for Dependability by Means of Inflation Targets
    Discussion Paper, Tilburg University, Center for Economic Research View citations (1)
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (1999) View citations (1)
    See also Journal Article in Economics of Governance (2000)
42. The Inflation Bias Result Revisited
    Working Papers, Tel Aviv View citations (34)

1998

43. Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (23)
    Also in Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (1998) View citations (11)
    Working Papers, Banca Italia - Servizio di Studi (1998) View citations (10)
44. Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Some Evidence
    Discussion Paper, Tilburg University, Center for Economic Research View citations (4)
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (1998)
    See also Journal Article in European Economic Review (1999)
45. When do Representative and Direct Democracies Lead to Similar Policy Choices?
    Other publications TiSEM, Tilburg University, School of Economics and Management View citations (1)
    Also in Working Papers, Tel Aviv (1998) View citations (2)
    Discussion Paper, Tilburg University, Center for Economic Research (1998) View citations (2)

1997

46. Central bank autonomy and exchange rate regimes: their effects on monetary accommodation and activism
    Discussion Paper, Tilburg University, Center for Economic Research
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (1997)
47. When Does It Take a Nixon to Go to China
    Working Papers, Tel Aviv View citations (4)
    Also in Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research (1997) View citations (2)
    Other publications TiSEM, Tilburg University, School of Economics and Management (1997) View citations (2)
    Discussion Paper, Tilburg University, Center for Economic Research (1997) View citations (2)
    See also Journal Article in American Economic Review (1998)

1996

48. Targeting Monetary Aggregates and Inflation in Europe
    Working Papers, Tel Aviv View citations (3)
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (1996) View citations (2)
    Discussion Paper, Tilburg University, Center for Economic Research (1996)
49. The Economics of Central Banking
    Other publications TiSEM, Tilburg University, School of Economics and Management View citations (11)
    Also in Discussion Paper, Tilburg University, Center for Economic Research (1996) View citations (14)
    Working Papers, Tel Aviv (1996) View citations (13)
    See also Chapter (1998)

1994

50. Choosing the Width of Exchange Rate Bands - Credibility vs. Flexibility
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (18)
51. Political Influence on the Central Bank: International Evidence
    Discussion Paper, Tilburg University, Center for Economic Research View citations (4)
    See also Journal Article in The World Bank Economic Review (1995)
52. The Political Economy of Immigration
    Public Economics, University Library of Munich, Germany View citations (6)
    Also in Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research (1993) View citations (4)

1993

53. The Choice of Exchange Rate Bands: Balancing Credibility and Flexibiilty
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research View citations (4)
    Also in Working Papers, Tel Aviv - the Sackler Institute of Economic Studies (1993) View citations (6)
    See also Journal Article in Journal of International Economics (2004)

1992

54. How much to commit to an exchange rate rule: balancing credibility and flexibility
    Policy Research Working Paper Series, The World Bank View citations (5)

1991

55. The Dynamics of Optimal Gradual Stabilizations
    Working Papers, Tel Aviv
    See also Journal Article in The World Bank Economic Review (1992)

1990

56. Seigniorage and Political Stabiliity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
57. The Politics of Ambiguity
    Scholarly Articles, Harvard University Department of Economics View citations (136)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1987) View citations (7)
    See also Journal Article in The Quarterly Journal of Economics (1990)

1989

58. OPTIMAL ACCOMMODATION BY STRONG POLICYMAKERS UNDER INCOMPLETE INFORMATION
    Working Papers, Tel Aviv View citations (5)
    See also Journal Article in Journal of Monetary Economics (1991)
59. Seigniorage and Political Instability
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (39)
    See also Journal Article in American Economic Review (1992)

1988

60. MONETARY POLICY AND INSTITUTIONS IN ISRAEL PAST, PRESENT AND FUTURE
    Working Papers, Tel Aviv

1987

61. Some problems with current price indexes
    Working Papers, Federal Reserve Bank of St. Louis

1986

62. Asymmetric Information and the Electoral Momentum of Public Opinion Polls
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research
    See also Journal Article in Public Choice (1991)
63. Uncertain Lifetimes and the Ricardian Equivalence Proposition
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research

1981

64. How to Quantify Credibility and Its Effects - A Suggestion
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research View citations (1)
65. Relative Price Variability, Inflation and the Allocative Efficiency of the Price System
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research
    See also Journal Article in Journal of Monetary Economics (1982)

1978

66. The Relationship Between Relative Prices and the General Price Level: A Suggested Interpretation
    Working Papers, C.V. Starr Center for Applied Economics, New York University
    See also Journal Article in American Economic Review (1979)
67. Variable Information Structures and Rational Expectations or Rational Expectations and the Role of Monetary Policy: A Generalization
    Working Papers, C.V. Starr Center for Applied Economics, New York University

1975

68. Price Adjustment, Rational Expectations and the Short-Run Dynamic Analysis
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research View citations (1)

Journal Articles

2021

1. COVID-19, Seignorage, Quantitative Easing and the Fiscal-Monetary Nexus
   Comparative Economic Studies, 2021, 63, (2), 181-199 View citations (2)

2020

2. Reflections on welfare and political economy aspects of a central bank digital currency
   Manchester School, 2020, 88, (S1), 114-125 View citations (8)

2019

3. A retrospective on the subprime crisis and its aftermath ten years after Lehman’s collapse
   Economic Systems, 2019, 43, (3) View citations (6)
4. Forex Intervention and Reserve Management in Switzerland and Israel since the Financial Crisis: Comparison and Policy Lessons
   Open Economies Review, 2019, 30, (2), 403-424 View citations (6)
   See also Working Paper (2018)

2017

5. Money growth and inflation: Policy lessons from a comparison of the US since 2008 with hyperinflation Germany in the 1920s
   Economics Letters, 2017, 154, (C), 109-112 View citations (9)

2016

6. Political Economy of Redistribution in the United States in the Aftermath of World War II--Evidence and Theory
   American Economic Journal: Economic Policy, 2016, 8, (4), 1-40 View citations (4)

2015

7. Bailout uncertainty in a microfounded general equilibrium model of the financial system
   Journal of Banking & Finance, 2015, 52, (C), 160-179 View citations (7)
   See also Working Paper (2011)
8. The choice of flexibility in targeting inflation during normal times and during disinflations
   Research in Economics, 2015, 69, (4), 494-502 View citations (1)
   See also Working Paper (2015)

2013

9. Monetary policy and institutions before, during, and after the global financial crisis
   Journal of Financial Stability, 2013, 9, (3), 373-384 View citations (81)

2011

10. Reflections on the crisis and on its lessons for regulatory reform and for central bank policies
    Journal of Financial Stability, 2011, 7, (1), 26-37 View citations (32)
    See also Chapter (2011)
    Working Paper (2009)

2010

11. How Would Have Monetary Policy During the Great Inflation Differed, if it Had Been Conducted in the Styles of Volcker and Greenspan and with Perfect Foresight&quest
    Comparative Economic Studies, 2010, 52, (2), 159-179 View citations (2)
12. The Roles of Ideology, Institutions, Politics, and Economic Knowledge in Forecasting Macroeconomic Developments: Lessons from the Crisis -super-1
    CESifo Economic Studies, 2010, 56, (4), 575-595 View citations (1)

2009

13. The Limits of Transparency
    Economic Notes, 2009, 38, (1‐2), 1-37 View citations (45)
    Also in Proceedings, 2007 (2007) View citations (11)
    See also Working Paper (2007)

2008

14. Central bank independence and monetary policymaking institutions -- Past, present and future
    European Journal of Political Economy, 2008, 24, (4), 722-736 View citations (148)
    Also in Journal Economía Chilena (The Chilean Economy), 2006, 9, (1), 5-23 (2006) View citations (14)
    Panoeconomicus, 2007, 54, (4), 367-395 (2007) View citations (2)
    See also Working Paper (2007)
15. Nonlinear Taylor Rules and Asymmetric Preferences in Central Banking: Evidence from the United Kingdom and the United States
    The B.E. Journal of Macroeconomics, 2008, 8, (1), 1-31 View citations (117)

2007

16. On the relationship between defense and non-defense spending in the U.S. during the world wars
    Economics Letters, 2007, 95, (3), 415-421 View citations (5)

2006

17. Fiscal-monetary policy interactions in the presence of unionized labor markets
    International Tax and Public Finance, 2006, 13, (4), 411-435 View citations (5)
    See also Working Paper (2005)
18. Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance*
    Scandinavian Journal of Economics, 2006, 108, (1), 39-63 View citations (75)
    See also Working Paper (2000)
19. Should the Bank of Israel have a growth target? What are the issues?
    Israel Economic Review, 2006, 4, (2), 1-18 View citations (1)

2005

20. Endogenous monetary policy with unobserved potential output
    Journal of Economic Dynamics and Control, 2005, 29, (11), 1951-1983 View citations (42)
    See also Working Paper (2004)
21. Keynesian Economics, Monetary Policy and the Business Cycle – New and Old
    CESifo Economic Studies, 2005, 51, (4), 697-728 View citations (5)
    See also Working Paper (2005)

2004

22. Comment on: "Macroeconomic consequences of terror: theory and the case of Israel"
    Journal of Monetary Economics, 2004, 51, (5), 1003-1006 View citations (8)
23. The Choice of Exchange-Rate Regime and Speculative Attacks
    Journal of the European Economic Association, 2004, 2, (6), 1206-1241 View citations (5)
    See also Working Paper (2003)
24. The choice of exchange rate bands: balancing credibility and flexibility
    Journal of International Economics, 2004, 62, (2), 379-408 View citations (9)
    See also Working Paper (1993)

2003

25. Book Reviews
    Journal of Economics, 2003, 80, (1), 99-103
26. The inflation bias revisited: theory and some international evidence
    Manchester School, 2003, 71, (5), 541-565 View citations (128)
    See also Working Paper (2003)
27. When is the median voter paradigm a reasonable guide for policy choices in a representative democracy?
    Economics and Politics, 2003, 15, (3), 247-284 View citations (12)

2002

28. Are contemporary central banks transparent about economic models and objectives and what difference does it make?
    Review, 2002, 84, (Jul), 15-36 View citations (87)
    See also Working Paper (2001)
29. Central bank reform, liberalization and inflation in transition economies--an international perspective
    Journal of Monetary Economics, 2002, 49, (2), 237-264 View citations (176)
    See also Working Paper (2001)
30. Does a Higher Sacrifice Ratio Mean that Central Bank Independence is Excessive?
    Annals of Economics and Finance, 2002, 3, (1), 1-25 View citations (5)

2001

31. Labour Markets and Monetary Union: A Strategic Analysis
    Economic Journal, 2001, 111, (473), 541-65 View citations (74)
    See also Working Paper (2000)

2000

32. Establishing a reputation for dependability by means of inflation targets
    Economics of Governance, 2000, 1, (1), 53-76 View citations (7)
    See also Working Paper (1999)

1999

33. Central bank independence, centralization of wage bargaining, inflation and unemployment:: Theory and some evidence
    European Economic Review, 1999, 43, (7), 1395-1434 View citations (208)
    See also Working Paper (1998)

1998

34. When Does It Take a Nixon to Go to China?
    American Economic Review, 1998, 88, (1), 180-97 View citations (211)
    See also Working Paper (1997)

1996

35. A economia do Banco Central
    Revista Brasileira de Economia - RBE, 1996, 50, (4) View citations (1)

1995

36. Political Influence on the Central Bank: International Evidence
    The World Bank Economic Review, 1995, 9, (3), 397-423 View citations (125)
    See also Working Paper (1994)

1994

37. Central Bank Independence and Monetary Control
    Economic Journal, 1994, 104, (427), 1437-48 View citations (51)

1993

38. Central Bank Independence, Political Influence and Macroeconomic Performance: a Survey of Recent Development
    Latin American Journal of Economics-formerly Cuadernos de Economía, 1993, 30, (91), 271-292 View citations (18)
39. Central bank independence, growth, investment, and real rates
    Carnegie-Rochester Conference Series on Public Policy, 1993, 39, (1), 95-140 View citations (79)

1992

40. CENTRAL BANK STRATEGY, CREDIBILITY, AND INDEPENDANCE: THEORY AND EVIDENCE
    Journal des Economistes et des Etudes Humaines, 1992, 3, (4), 10 View citations (708)
    See also Book (1992)
41. Measuring the Independence of Central Banks and Its Effect on Policy Outcomes
    The World Bank Economic Review, 1992, 6, (3), 353-98 View citations (690)
42. Seigniorage and Political Instability
    American Economic Review, 1992, 82, (3), 537-55 View citations (318)
    See also Working Paper (1989)
43. The Dynamics of Optimal Gradual Stabilizations
    The World Bank Economic Review, 1992, 6, (3), 439-58 View citations (20)
    See also Working Paper (1991)

1991

44. Asymmetric Information and the Electoral Momentum of Public Opinion Polls
    Public Choice, 1991, 70, (2), 181-213 View citations (18)
    See also Working Paper (1986)
45. Optimal accommodation by strong policymakers under incomplete information
    Journal of Monetary Economics, 1991, 27, (1), 99-127 View citations (64)
    See also Working Paper (1989)

1990

46. The Politics of Ambiguity
    The Quarterly Journal of Economics, 1990, 105, (4), 829-850 View citations (140)
    See also Working Paper (1990)

1989

47. A Political Theory of Government Debt and Deficits in a Neo-Ricardian Framework
    American Economic Review, 1989, 79, (4), 713-32 View citations (189)
48. Why does the Fed smooth interest rates?
    Proceedings, 1989, 111-157 View citations (19)

1988

49. Rapid inflation -- deliberate policy or miscalculation?
    Carnegie-Rochester Conference Series on Public Policy, 1988, 29, (1), 11-75 View citations (12)
50. Rapid inflation -- deliberate policy or miscalculation?: Reply to flood
    Carnegie-Rochester Conference Series on Public Policy, 1988, 29, (1), 81-84 View citations (1)

1987

51. Errata [A Positive Theory of Discretionary Policy, the Cost of Democratic Government and the Benefits of a Constitution]
    Economic Inquiry, 1987, 25, (2), 363-65

1986

52. A Positive Theory of Discretionary Policy, the Cost of Democratic Government and the Benefits of a Constitution
    Economic Inquiry, 1986, 24, (3), 367-88 View citations (113)
53. A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information
    Econometrica, 1986, 54, (5), 1099-1128 View citations (669)
54. Central bank behavior and credibility: some recent theoretical developments
    Review, 1986, (May), 5-17 View citations (34)
55. Measuring inflationary expectations: A review essay
    Journal of Monetary Economics, 1986, 17, (2), 315-324 View citations (5)

1984

56. Price Controls and the Variability of Relative Prices
    Journal of Money, Credit and Banking, 1984, 16, (3), 271-84 View citations (4)

1983

57. Money and economic activity, inventories and business cycles
    Journal of Monetary Economics, 1983, 11, (3), 281-319 View citations (18)
58. Relative price variability and inflation: A survey and further results
    Carnegie-Rochester Conference Series on Public Policy, 1983, 19, (1), 103-157 View citations (42)
59. Reply to Parks and Cutler
    Carnegie-Rochester Conference Series on Public Policy, 1983, 19, (1), 167-170

1982

60. Inflationary Expectations: Reply and Further Thoughts on Inflation Uncertainty
    American Economic Review, 1982, 72, (3), 508-12 View citations (8)
61. Relative Price Variability and Nonuniform Inflationary Expectations
    Journal of Political Economy, 1982, 90, (1), 146-57 View citations (18)
62. Relative price variability, inflation and the allocative efficiency of the price system
    Journal of Monetary Economics, 1982, 9, (2), 131-162 View citations (16)
    See also Working Paper (1981)

1981

63. Interest rates during the cycle, inventories and monetary policy--A theoretical analysis
    Carnegie-Rochester Conference Series on Public Policy, 1981, 15, (1), 87-144

1980

64. Stagflation, persistent unemployment and the permanence of economic shocks
    Journal of Monetary Economics, 1980, 6, (4), 467-492 View citations (51)
65. The Effects of Uncertainty on Investment under Risk Neutrality with Endogenous Information
    Journal of Political Economy, 1980, 88, (3), 462-75 View citations (77)
66. The effects of wage indexation on macroeconomic fluctuations: A generalization
    Journal of Monetary Economics, 1980, 6, (2), 147-170 View citations (8)

1979

67. Differential Inflationary Expectations and the Variability of the Rate of Inflation: Theory and Evidence
    American Economic Review, 1979, 69, (4), 595-609 View citations (101)
68. Rational expectations and the role of monetary policy: A generalization
    Journal of Monetary Economics, 1979, 5, (2), 213-229 View citations (5)
69. The Relationship between Relative Prices and the General Price Level: A Suggested Interpretation
    American Economic Review, 1979, 69, (3), 444-47 View citations (24)
    See also Working Paper (1978)
70. The redistributive effects of inflation and of the introduction of a real tax system in the U.S. bond market
    Journal of Public Economics, 1979, 12, (1), 125-139 View citations (1)

1978

71. Heterogeneous inflationary expectations, Fisher's theory of interest and the allocative efficiency of the bond market
    Economics Letters, 1978, 1, (2), 151-155
72. The Horizontal Integration of the Banking Firm, Credit Rationing and Monetary Policy
    Review of Economic Studies, 1978, 45, (1), 165-178 View citations (6)

1977

73. A Test of Expectational Processes Using Information from the Capital Markets-The Israeli Case
    International Economic Review, 1977, 18, (3), 737-53 View citations (1)
74. General Wage Escalator Clauses and the Inflation Unemployment Trade Off
    Economic Inquiry, 1977, 15, (1), 67-84
75. The effects of indexation of wage contracts on macro-economic stability
    European Economic Review, 1977, 9, (1), 83-96

1976

76. Contracting for Optimal Delivery Time in Long-Term Projects
    Bell Journal of Economics, 1976, 7, (1), 132-149 View citations (5)

1974

77. A Test of the "No Trade Off in the Long Run" Hypothesis
    Econometrica, 1974, 42, (6), 1069-80 View citations (6)

1973

78. The Term-Structure of Interest Rates and Expectations of Price Increase and Devaluation
    Journal of Finance, 1973, 28, (3), 567-75 View citations (1)

1972

79. Money Illusion and the Aggregate Consumption Function: Comment
    American Economic Review, 1972, 62, (1), 198-206

Books

2016

1. Central banking and monetary policy: Which will be the post-crisis new normal? Abstract: Central Bankers are currently facing big challenges in designing and implementing monetary policy, as well as with safeguarding financial stability, with the world economy still in the process of digesting the legacy of the crisis. The crisis has changed central banking in many ways: by shifting the focus of monetary policy from fighting too high inflation towards fighting too low inflation; by prompting new ‘experimental’ non-conventional measures, which risk to cause large, long-lasting market distortions and imbalances and which also have more far-reaching distributional consequences than ‘normal, conventional’ monetary policy; and by broadening central banks’ responsibilities particularly in the direction of safeguarding banking stability and financial stability at large. This raises several questions for the future: How long will ultra-easy monetary policies last? What are post-crisis growth trajectories, and how will the natural rate of interest rates evolve? How could an exit from ultra-easy monetary policy and a return towards higher nominal interest rates be eventually managed smoothly? Does ultra-easy monetary policy itself affect the economy in a lasting and structural way? Is the pre-crisis economic paradigm governing monetary policy still valid? If not, in what ways should it be adjusted? Are there any reasonable and practical alternatives? Against this background and given the larger post-crisis range of central banks’ responsibilities: is the current institutionalset-up governing central banks and their relationship to government, Parliament and the financial system still appropriate? What adaptations might be considered? Would they bring an improvement or, on the contrary, a set-back to the unsuccessful policy approaches of the 1960s and 1970s?
   SUERF Studies, SUERF - The European Money and Finance Forum View citations (2)
2. The SSM at 1
   SUERF Studies, SUERF - The European Money and Finance Forum View citations (2)

2013

3. States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives
   SUERF Studies, SUERF - The European Money and Finance Forum

2008

4. Inflation, Stagflation, Relative Prices, and Imperfect Information
   Cambridge Books, Cambridge University Press

1992

5. Central Bank Strategy, Credibility, and Independence: Theory and Evidence, vol 1
   MIT Press Books, The MIT Press View citations (822)
   See also Journal Article in Journal des Economistes et des Etudes Humaines (1992)

Edited books

1992

1. Political Economy, Growth, and Business Cycles, vol 1
   MIT Press Books, The MIT Press View citations (12)

Chapters

2020

1. The Permanent-Transitory Confusion: Implications for Tests of Market Efficiency and for Expected Inflation During Turbulent and Tranquil Times
   Springer

2011

2. Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies
   Chapter 3 in Handbook of Central Banking, Financial Regulation and Supervision, 2011 View citations (13)
   See also Working Paper (2009)
   Journal Article in Journal of Financial Stability (2011)

1998

3. The Economics of Central Banking
   Palgrave Macmillan View citations (20)
   See also Working Paper (1996)