Stephen G. Cecchetti
International Business School
415 South Street
Waltham MA 02453
NBER Program Affiliations:
NBER Affiliation: Research Associate
Institutional Affiliation: Brandeis University
Information about this author at RePEc
NBER Working Papers and Publications
|March 2019||Stress Testing Networks: The Case of Central Counterparties|
with Richard B. Berner, Kermit L. Schoenholtz: w25686
|September 2018||Why Does Credit Growth Crowd Out Real Economic Growth?|
with Enisse Kharroubi: w25079
Published: Stephen G. Cecchetti & Enisse Kharroubi, 2019. "Why Does Credit Growth Crowd Out Real Economic Growth?," The Manchester School, vol 87(S1), pages 1-28.
|November 2010||Comment on "Financial Cycles: What? How? When?"|
in NBER International Seminar on Macroeconomics 2010, Richard Clarida and Francesco Giavazzi, organizers
|February 2010||How Central Bankers See It: The First Decade of European Central Bank Policy and Beyond|
with Kermit L. Schoenholtz
in Europe and the Euro, Alberto Alesina and Francesco Giavazzi, editors
|October 2009||Inflation targeting and private sector forecasts|
with Craig Hakkio: w15424
Published: ‘Inflation Targeting and Private Sector Forecasts,’ in Twenty Years of Inflation Targeting, David Cobham, Oyvind Eitrheim, Stefan Gerlach and Jan F. Qvigstad, editors, Cambridge: Cambridge University Press, 2010, p. 306 - 336. (w. C Hakkio) (Also NBER Working paper 15424.)
|September 2009||Financial Crises and Economic Activity|
with Marion Kohler, Christian Upper: w15379
Published: Stephen G. Cecchetti & Marion Kohler & Christian Upper, 2009. "Financial crises and economic activity," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 89-135. citation courtesy of
|November 2008||How Central Bankers See It: The First Decade of ECB Policy and Beyond|
with Kermit L. Schoenholtz: w14489
|September 2008||Measuring the Macroeconomic Risks Posed by Asset Price Booms|
in Asset Prices and Monetary Policy, John Y. Campbell, editor
|June 2008||Crisis and Responses: the Federal Reserve and the Financial Crisis of 2007-2008|
Published: Stephen G. Cecchetti, 2009. "Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 51-75, Winter.
|September 2006||Measuring the Macroeconomic Risks Posed by Asset Price Booms|
Published: Cecchetti, Stephen G. "The Brave New World Of Central Banking: Policy Challenges Posed By Asset Price Booms And Busts," National Institute Economic Review, 2006, v2006(196,Apr), 107-119.
|January 2006||Assessing the Sources of Changes in the Volatility of Real Growth|
with Alfonso Flores-Lagunes, Stefan Krause: w11946
Published: Stephen G Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2005. "Assessing the Sources of Changes in the Volatility of Real Growth," RBA Annual Conference Volume, in: Christopher Kent & David Norman (ed.), The Changing Nature of the Business Cycle Reserve Bank of Australia.
|December 2005||Do Capital Adequacy Requirements Matter for Monetary Policy?|
with Lianfi Li: w11830
Published: Stephen G. Cecchetti & Lianfa Li, 2008. "Do Capital Adequacy Requirements Matter For Monetary Policy?," Economic Inquiry, Western Economic Association International, vol. 46(4), pages 643-659, October. citation courtesy of
|December 2004||Has Monetary Policy Become More Efficient? A Cross Country Analysis|
with Alfonso Flores-Lagunes, Stefan Krause: w10973
Published: Cecchetti, Stephen G., Alfonso Flores-Lagunes and Stefan Krause. "Has Monetary Policy Become More Efficient? A Cross-Country Analysis," Economic Journal, 2006, v116(511,Apr), 408-433. citation courtesy of
|Inflation Targeting, Price-Path Targeting, and Output Variability|
in The Inflation-Targeting Debate, Ben S. Bernanke and Michael Woodford, editors
|November 2004||Deposit Insurance and External Finance|
with Stefan Krause: w10908
Published: Cecchetti, Stephen G. and Stefan Krause. "Deposit Insurance And External Finance," Economic Inquiry, 2005, v43(3,Jul), 531-541. citation courtesy of
|May 2003||Inflation Targeting, Price-Path Targeting and Output Variability|
with Junhan Kim: w9672
|May 2002||Asset Prices in a Flexible Inflation Targeting Framework|
with Hans Genberg, Sushil Wadhwani: w8970
Published: Hunter, William C., George G. Kaufman and Michael Pomerleano (eds.) Asset Price Bubbles: Implications for Monetary, Regulatory, and International Policies." Cambridge, MA: MIT Press, 2002.
|The New Economy and the Challenges for Macroeconomic Policy|
Published: Jansen, Dennis W. (ed.) The New Economy and Beyond: Past, Present and Future, Bush School Series in the Economics of Public Policy, vol. 5. Cheltenham, U.K. and Northampton, MA: Elgar, 2006.
|January 2002||Asset Prices in the Measurement of Inflation|
with Michael F. Bryan, Roisin O'Sullivan: w8700
|July 2001||Financial Structure, Macroeconomic Stability and Monetary Policy|
with Stefan Krause: w8354
|May 2000||Price Level Convergence Among United States Cities: Lessons for the European Central Bank|
with Nelson C. Mark, Robert J. Sonora: w7681
Published: Cecchetti, Stephen G., Nelson C. Mark and Robert J. Sonora. "Price Index Convergence Among United States Cities," International Economic Review, 2002, v43(4,Nov), 1081-1099.
|January 2000||Understanding Inflation: Implications for Monetary Policy|
with Erica L. Groshen: w7482
Published: Dreze, Jacques H. (ed.) Advances in Macroeconomics, Proceedings of the Twelfth World Congress of the International Economic Association. London: Macmillan, Ltd., 2001.
|December 1999||Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes|
with Michael Ehrmann: w7426
Published: chapter 9 in "Monetary Policy: Rules and Transmission Mechanisms," edited by Norman Loayza and Klaus Schmidt-Hebbel, Volume 4 of the Central Bank of Chile Series on Central Banking, Analysis and Economic Policy, (2002), pp. 247-274
|June 1999||Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism|
Published: Economic Policy Review of the Federal Reserve Bank of New York, Vol. 5,no. 2 (July 1999): 9-28. citation courtesy of
|January 1998||Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?|
with Pok-sang Lam, Nelson C. Mark: w6354
Published: Cecchetti, Stephen G., Pok-sang Lam and Nelson C. Mark. "Asset Pricing With Distorted Beliefs: Are Equity Returns To Good To Be True?," American Economic Review, 2000, v90(4,Sep), 787-805. citation courtesy of
|December 1997||Central Bank Policy Rules: Conceptual Issues and Practical Considerations|
- Cecchetti, Stephen G. "Policy Rules And Targets: Framing The Central Banker's Problem," FRB New York- Economic Policy Review, 1998, v4(2,Jun), 1-14.
- Current Issues in Monetary Economics, Wagner, H., ed., Heidelberg: Physica-Verlag, 1998, pp. 121-140.
|September 1997||Efficient Inflation Estimation|
with Michael F. Bryan, Rodney L. Wiggins II: w6183
|April 1997||Understanding the Great Depression: Lessons for Current Policy|
Published: The Economics of the Great Depression, Wheeler, M., ed., Kalamazoo, Michigan: W.E. Upjon Institute for Employment Research, 1998,pp. 171-194.
|October 1996||Measuring Short-Run Inflation for Central Bankers|
Published: Cecchetti, Stephen G. "Measuring Short-Run Inflation For Central Bankers," FRB Saint Louis - Review, 1997, v79(3,May/Jun), 143-155. citation courtesy of
|Inflation and the Distribution of Price Changes|
with Michael F. Bryan: w5793
Published: Review of Economics and Statistics, Vol. 81 (May 1999): 188-196. citation courtesy of
|October 1995||International Cycles|
with Anil K. Kashyap: w5310
Published: European Economic Review, vol. 40, no. 2, pp. 331-360, February 1996 citation courtesy of
|July 1995||The Seasonality of Consumer Prices|
with Michael F. Bryan: w5173
Published: "The Seasonality of Inflation" Economic Review of the Federal Reserve Bank of Cleveland, (1995 Quarter 2), pp. 12-23. citation courtesy of
|June 1995||Inflation Indicators and Inflation Policy|
Published: Bernanke, Ben S. and Julio Rotemberg (eds.) NBER Macroeconomics Annual 1995. Cambridge: MIT Press, 1995.
|Measuring and Controlling Inflation|
NBER Reporter Reporter_archive
|February 1995||Do Firms Smooth the Seasonal in Production in a Boom? Theory and Evidence|
with Anil K. Kashyap, David W. Wilcox: w5011
Published: American Economic Review, Vol. 87, no. 5 (December 1997): 884-892.
|January 1995||Inflation Indicators and Inflation Policy|
in NBER Macroeconomics Annual 1995, Volume 10, Ben S. Bernanke and Julio J. Rotemberg, editors
|January 1994||Measuring Core Inflation|
with Michael F. Bryan
in Monetary Policy, N. Gregory Mankiw, editor
|October 1993||The Consumer Price Index as a Measure of Inflation|
with Michael F. Bryan: w4505
Published: Economic Review of the Federal Reserve, Bank of Cleveland, vol. 29, no. 4 1993, Quarter 4, p. 15-24 citation courtesy of
|March 1993||Measuring Core Inflation|
with Michael F. Bryan: w4303
Published: N. Gregory Mankiw, ed., Monetary Policy, University of Chicago Press, 1994
|July 1992||Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns|
with Pok-sang Lam, Nelson C. Mark: t0124
Published: Journal of Finance, Vol. 70, February 1994, pp. 80-102.
|April 1992||Sources of Output Fluctuations During the Interwar Period: Further Evidence on the Causes of the Great Depression|
with Georgios Karras: w4049
Published: Review of Economics and Statistics, Vol. 49, March 1994, pp. 123-152. citation courtesy of
|June 1991||The Equity Premium and the Risk Free Rate: Matching the Moments|
with Pok-sang Lam, Nelson C. Clark: w3752
Published: Journal of Monetary Economics, vol. 31, no. 1, p. 21-46, February 1993 citation courtesy of
|February 1991||Inflation and Uncertainty at Short and Long Horizons|
with Laurence Ball: r1522
Published: Brookings Papers on Economic Activity, Vol. 21, Issue 1, pp. 215-245 and 253-254, (19 90).
|November 1989||Prices during the Great Depression: Was the Deflation of 1930-32 really unanticipated?|
Published: American Economic Review, Vol. 82, No. 1, March 1992, pp. 141-156.
|April 1989||Wage Indexation and Time-Consistent Monetary Policy|
with Laurence Ball: w2948
Published: "Wage Indexation and Discretionary Monetary Policy," American Economic Review, December 1991, pp. 1310-1319
|November 1988||Mean Reversion in Equilibrium Asset Prices|
with Pok-sang Lam, Nelson C. Mark: w2762
Published: American Economic Review, Vol. 80, No. 3, pp. 398-418, (June 1990). citation courtesy of
|December 1987||The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates During the Great Depression|
Published: Cecchetti, Stephen G., "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, Vol. 96, No. 6, December 1988. citation courtesy of
|April 1987||Imperfect Information and Staggered Price Setting|
with Laurence Ball: w2201
Published: American Economic Review, Vol. 78, No. 5, December 1988, pp. 999-1018 citation courtesy of