Stephen G. Cecchetti

Brandeis University
International Business School
415 South Street
Waltham MA 02453
Tel: 781/736-4856
Fax: 781/736-2269

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: ME
NBER Affiliation: Research Associate
Institutional Affiliation: Brandeis University

NBER Working Papers and Publications

March 2019Stress Testing Networks: The Case of Central Counterparties
with Richard B. Berner, Kermit L. Schoenholtz: w25686
September 2018Why 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. citation courtesy of

November 2010Comment on "Financial Cycles: What? How? When?"
in NBER International Seminar on Macroeconomics 2010, Richard Clarida and Francesco Giavazzi, organizers
February 2010How 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 2009Inflation 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 2009Financial 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 2008How Central Bankers See It: The First Decade of ECB Policy and Beyond
with Kermit L. Schoenholtz: w14489
September 2008Measuring the Macroeconomic Risks Posed by Asset Price Booms
in Asset Prices and Monetary Policy, John Y. Campbell, editor
June 2008Crisis 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 2006Measuring 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 2006Assessing 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 2005Do 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 2004Has 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
with Kim
in The Inflation-Targeting Debate, Ben S. Bernanke and Michael Woodford, editors
November 2004Deposit 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 2003Inflation Targeting, Price-Path Targeting and Output Variability
with Junhan Kim: w9672
May 2002Asset 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 2002Asset Prices in the Measurement of Inflation
with Michael F. Bryan, Roisin O'Sullivan: w8700
July 2001Financial Structure, Macroeconomic Stability and Monetary Policy
with Stefan Krause: w8354
May 2000Price 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 2000Understanding 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 1999Does 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 1999Legal 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 1998Asset 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 1997Central 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 1997Efficient Inflation Estimation
with Michael F. Bryan, Rodney L. Wiggins II: w6183
April 1997Understanding 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 1996Measuring 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 1995International Cycles
with Anil K. Kashyap: w5310

Published: European Economic Review, vol. 40, no. 2, pp. 331-360, February 1996 citation courtesy of

July 1995The 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 1995Inflation 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 1995Do 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 1995Inflation Indicators and Inflation Policy
in NBER Macroeconomics Annual 1995, Volume 10, Ben S. Bernanke and Julio J. Rotemberg, editors
January 1994Measuring Core Inflation
with Michael F. Bryan
in Monetary Policy, N. Gregory Mankiw, editor
October 1993The 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 1993Measuring Core Inflation
with Michael F. Bryan: w4303

Published: N. Gregory Mankiw, ed., Monetary Policy, University of Chicago Press, 1994

July 1992Testing 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 1992Sources 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 1991The 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 1991Inflation 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 1989Prices 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 1989Wage 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 1988Mean 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 1987The 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 1987Imperfect 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

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