Details about Alex Cukierman

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Access statistics for papers by Alex Cukierman.

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Short-id: pcu20

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Working Papers

2023

1. Recent violations of Taylor’s principle by the Fed: Documentation, reasons and relevance for the future
   CEPR Discussion Papers, C.E.P.R. Discussion Papers

2022

2. 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
3. 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)
   See also Journal Article Gaps between official and excess Covid-19 mortality measures: The effects of institutional quality and vaccinations, Economic Modelling, Elsevier (2022) View citations (1) (2022)
4. 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)
   See also Journal Article International Evidence on Vaccines and the Mortality to Infections Ratio in the Pre-Omicron Era, Economics of Disasters and Climate Change, Springer (2023) (2023)

2021

5. 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

6. COVID-19, Helicopter Money & the Fiscal-Monetary Nexus
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
7. Uncertainty and dispersion in professional interest rate forecasts: International evidence and theory
   CEPR Discussion Papers, C.E.P.R. Discussion Papers

2019

8. 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
9. Welfare and Political Economy Aspects of a Central Bank Digital Currency
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (12)

2018

10. A retrospective on the subprime crisis and its aftermath ten years after Lehman’s collapse
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
11. 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 Forex Intervention and Reserve Management in Switzerland and Israel since the Financial Crisis: Comparison and Policy Lessons, Open Economies Review, Springer (2019) View citations (6) (2019)
12. 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)
13. 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

14. 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

15. 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

16. The Conquest of Israeli Inflation and Current Policy Dilemmas
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (14)
17. 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
18. 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 The choice of flexibility in targeting inflation during normal times and during disinflations, Research in Economics, Elsevier (2015) View citations (1) (2015)

2014

19. 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

20. 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 Bailout uncertainty in a microfounded general equilibrium model of the financial system, Journal of Banking & Finance, Elsevier (2015) View citations (8) (2015)

2009

21. 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 Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies, Chapters, Edward Elgar Publishing (2011) View citations (13) (2011)
    Journal Article Reflections on the crisis and on its lessons for regulatory reform and for central bank policies, Journal of Financial Stability, Elsevier (2011) View citations (33) (2011)
22. 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

23. 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 (14)
    See also Journal Article Central bank independence and monetary policymaking institutions -- Past, present and future, European Journal of Political Economy, Elsevier (2008) View citations (156) (2008)
24. 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)
25. 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)
26. The Limits of Transparency
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (19)
    See also Journal Article The Limits of Transparency, Economic Notes, Banca Monte dei Paschi di Siena SpA (2009) View citations (45) (2009)

2005

27. Fiscal-Monetary Policy Interactions in the Presence of Unionized Labour Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    See also Journal Article Fiscal-monetary policy interactions in the presence of unionized labor markets, International Tax and Public Finance, Springer (2006) View citations (5) (2006)
28. 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 Keynesian Economics, Monetary Policy and the Business Cycle – New and Old, CESifo Economic Studies, CESifo Group (2005) View citations (5) (2005)
29. 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)
30. 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

31. 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 Endogenous monetary policy with unobserved potential output, Journal of Economic Dynamics and Control, Elsevier (2005) View citations (42) (2005)

2003

32. 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 The Choice of Exchange-Rate Regime and Speculative Attacks, Journal of the European Economic Association, MIT Press (2004) View citations (6) (2004)
33. The Inflation Bias Revisited: Theory and Some International Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (136)
    See also Journal Article The inflation bias revisited: theory and some international evidence, Manchester School, University of Manchester (2003) View citations (130) (2003)

2002

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

2001

36. 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 Are contemporary central banks transparent about economic models and objectives and what difference does it make?, Review, Federal Reserve Bank of St. Louis (2002) View citations (88) (2002)
37. 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 Other publications TiSEM, Tilburg University, School of Economics and Management (2000) View citations (11)
    Working Papers, Tel Aviv (2000) View citations (2)
    Discussion Paper, Tilburg University, Center for Economic Research (2000) View citations (11)
    Working Papers, Tel Aviv (2000) View citations (4)
    See also Journal Article Central bank reform, liberalization and inflation in transition economies--an international perspective, Journal of Monetary Economics, Elsevier (2002) View citations (184) (2002)
38. 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

39. Accountability, Credibility, Transparency and Stabilization Policy in the Eurosystem
    Working Papers, Tel Aviv View citations (31)
    Also in Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research (2000) View citations (13)
40. Labor Markets and Monetary Union: a Strategic Analysis
    Working Papers, Banca Italia - Servizio di Studi View citations (15)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1999) View citations (17)
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2000) View citations (2)
    Other publications TiSEM, Tilburg University, School of Economics and Management (1999) View citations (2)
    Discussion Paper, Tilburg University, Center for Economic Research (1999) View citations (3)
    See also Journal Article Labour Markets and Monetary Union: A Strategic Analysis, Economic Journal, Royal Economic Society (2001) View citations (74) (2001)
41. 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 Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance*, Scandinavian Journal of Economics, Wiley Blackwell (2006) View citations (75) (2006)

1999

42. 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 Establishing a reputation for dependability by means of inflation targets, Economics of Governance, Springer (2000) View citations (7) (2000)
43. The Inflation Bias Result Revisited
    Working Papers, Tel Aviv View citations (34)

1998

44. 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 Working Papers, Banca Italia - Servizio di Studi (1998) View citations (10)
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (1998) View citations (11)
45. 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 Central bank independence, centralization of wage bargaining, inflation and unemployment:: Theory and some evidence, European Economic Review, Elsevier (1999) View citations (212) (1999)
46. When do Representative and Direct Democracies Lead to Similar Policy Choices?
    Working Papers, Tel Aviv View citations (2)
    Also in Discussion Paper, Tilburg University, Center for Economic Research (1998) View citations (2)

1997

47. Central bank autonomy and exchange rate regimes: their effects on monetary accommodation and activism
    Discussion Paper, Tilburg University, Center for Economic Research
48. When Does It Take a Nixon to Go to China
    Working Papers, Tel Aviv View citations (4)
    Also in Discussion Paper, Tilburg University, Center for Economic Research (1997) View citations (2)
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research (1997) View citations (2)
    See also Journal Article When Does It Take a Nixon to Go to China?, American Economic Review, American Economic Association (1998) View citations (220) (1998)

1996

49. 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)
50. The Economics of Central Banking
    Discussion Paper, Tilburg University, Center for Economic Research View citations (14)
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (1996) View citations (11)
    Working Papers, Tel Aviv (1996) View citations (13)
    See also Chapter The Economics of Central Banking, International Economic Association Series, Palgrave Macmillan (1998) View citations (20) (1998)

1995

51. Political Influence on the Central Bank- International Evidence
    Working Papers, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State View citations (6)
    Also in Discussion Paper, Tilburg University, Center for Economic Research (1994) View citations (4)
    See also Journal Article Political Influence on the Central Bank: International Evidence, The World Bank Economic Review, World Bank (1995) View citations (129) (1995)

1994

52. Choosing the Width of Exchange Rate Bands - Credibility vs. Flexibility
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (18)
53. 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

54. 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 The choice of exchange rate bands: balancing credibility and flexibility, Journal of International Economics, Elsevier (2004) View citations (9) (2004)

1992

55. 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

56. The Dynamics of Optimal Gradual Stabilizations
    Working Papers, Tel Aviv
    See also Journal Article The Dynamics of Optimal Gradual Stabilizations, The World Bank Economic Review, World Bank (1992) View citations (20) (1992)

1990

57. Seigniorage and Political Stabiliity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
58. The Politics of Ambiguity
    Scholarly Articles, Harvard University Department of Economics View citations (139)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1987) View citations (7)
    See also Journal Article The Politics of Ambiguity, The Quarterly Journal of Economics, President and Fellows of Harvard College (1990) View citations (145) (1990)

1989

59. OPTIMAL ACCOMMODATION BY STRONG POLICYMAKERS UNDER INCOMPLETE INFORMATION
    Working Papers, Tel Aviv View citations (5)
    See also Journal Article Optimal accommodation by strong policymakers under incomplete information, Journal of Monetary Economics, Elsevier (1991) View citations (69) (1991)
60. Seigniorage and Political Instability
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (39)
    See also Journal Article Seigniorage and Political Instability, American Economic Review, American Economic Association (1992) View citations (324) (1992)

1988

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

1987

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

1986

63. 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 Asymmetric Information and the Electoral Momentum of Public Opinion Polls, Public Choice, Springer (1991) View citations (20) (1991)
64. Uncertain Lifetimes and the Ricardian Equivalence Proposition
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research

1981

65. 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)
66. 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 Relative price variability, inflation and the allocative efficiency of the price system, Journal of Monetary Economics, Elsevier (1982) View citations (16) (1982)

1978

67. 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 The Relationship between Relative Prices and the General Price Level: A Suggested Interpretation, American Economic Review, American Economic Association (1979) View citations (26) (1979)
68. 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

69. 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

2023

1. BOOK REVIEW OF “MONETARY POLICY IN A PERIOD OF PRICE STABILITY”, EDITED BY AMIR YARON AND MICHEL STRAWCZYNSKI
   Israel Economic Review, 2023, 21, (1), 143-152
2. International Evidence on Vaccines and the Mortality to Infections Ratio in the Pre-Omicron Era
   Economics of Disasters and Climate Change, 2023, 7, (3), 385-405
   See also Working Paper International Evidence on Vaccines and the Mortality to Infections Ratio in the Pre-Omicron Era, CEPR Discussion Papers (2022) (2022)

2022

3. Gaps between official and excess Covid-19 mortality measures: The effects of institutional quality and vaccinations
   Economic Modelling, 2022, 116, (C) View citations (1)
   See also Working Paper Gaps Between Official and Excess Covid-19 Mortality Measures: The Effects of Institutional Quality and Vaccinations, NBER Working Papers (2022) View citations (1) (2022)

2021

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

2020

5. Reflections on welfare and political economy aspects of a central bank digital currency
   Manchester School, 2020, 88, (S1), 114-125 View citations (10)

2019

6. A retrospective on the subprime crisis and its aftermath ten years after Lehman’s collapse
   Economic Systems, 2019, 43, (3) View citations (8)
7. 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 Forex intervention and reserve management in Switzerland and Israel since the financial crisis: Comparison and policy lessons, CEPR Discussion Papers (2018) (2018)

2017

8. 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 (10)

2016

9. 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

10. Bailout uncertainty in a microfounded general equilibrium model of the financial system
    Journal of Banking & Finance, 2015, 52, (C), 160-179 View citations (8)
    See also Working Paper Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System, CEPR Discussion Papers (2011) View citations (3) (2011)
11. 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 The choice of flexibility in targeting inflation during normal times and during disinflation, CEPR Discussion Papers (2015) View citations (1) (2015)

2013

12. Monetary policy and institutions before, during, and after the global financial crisis
    Journal of Financial Stability, 2013, 9, (3), 373-384 View citations (84)

2011

13. 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 (33)
    See also Chapter Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies, Chapters, 2011 (2011) View citations (13) (2011)
    Working Paper Reflections on the Crisis and on its Lessons for Regulatory Reform and for Central Bank Policies, Foerder Institute for Economic Research Working Papers (2009) View citations (1) (2009)

2010

14. 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)
15. 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

16. 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 The Limits of Transparency, CEPR Discussion Papers (2007) View citations (19) (2007)

2008

17. Central bank independence and monetary policymaking institutions -- Past, present and future
    European Journal of Political Economy, 2008, 24, (4), 722-736 View citations (156)
    Also in Panoeconomicus, 2007, 54, (4), 367-395 (2007)
    Journal Economía Chilena (The Chilean Economy), 2006, 9, (1), 5-23 (2006) View citations (15)
    See also Working Paper Central Bank Independence and Monetary Policymaking Institutions - Past Present and Future, CEPR Discussion Papers (2007) View citations (3) (2007)
18. 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), 31 View citations (120)

2007

19. 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

20. 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 Fiscal-Monetary Policy Interactions in the Presence of Unionized Labour Markets, CEPR Discussion Papers (2005) (2005)
21. 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 Monetary Institutions, Monopolistic Competition, Unionized Labour Markets And Economic Performance, CEPR Discussion Papers (2000) View citations (17) (2000)
22. 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

23. 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 Endogenous monetary policy with unobserved potential output, Temi di discussione (Economic working papers) (2004) View citations (2) (2004)
24. 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 Keynesian Economics, Monetary Policy and the Business Cycle - New and Old, CEPR Discussion Papers (2005) View citations (3) (2005)

2004

25. Comment on: "Macroeconomic consequences of terror: theory and the case of Israel"
    Journal of Monetary Economics, 2004, 51, (5), 1003-1006 View citations (8)
26. The Choice of Exchange-Rate Regime and Speculative Attacks
    Journal of the European Economic Association, 2004, 2, (6), 1206-1241 View citations (6)
    See also Working Paper The Choice of Exchange Rate Regime and Speculative Attacks, CEPR Discussion Papers (2003) View citations (2) (2003)
27. 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 The Choice of Exchange Rate Bands: Balancing Credibility and Flexibiilty, Foerder Institute for Economic Research Working Papers (1993) View citations (4) (1993)

2003

28. Book Reviews
    Journal of Economics, 2003, 80, (1), 99-103
29. The inflation bias revisited: theory and some international evidence
    Manchester School, 2003, 71, (5), 541-565 View citations (130)
    See also Working Paper The Inflation Bias Revisited: Theory and Some International Evidence, CEPR Discussion Papers (2003) View citations (136) (2003)
30. 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

31. Are contemporary central banks transparent about economic models and objectives and what difference does it make?
    Review, 2002, 84, (Jul), 15-36 View citations (88)
    See also Working Paper Are Contemporary Central Banks Transparent about Economic Models and Objectives and What Difference Does it Make?, Discussion Paper Series 1: Economic Studies (2001) View citations (7) (2001)
32. Central bank reform, liberalization and inflation in transition economies--an international perspective
    Journal of Monetary Economics, 2002, 49, (2), 237-264 View citations (184)
    See also Working Paper Central Bank Reform, Liberalization and Inflation in Transition Economies - An International Perspective, CEPR Discussion Papers (2001) View citations (16) (2001)
33. 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

34. Labour Markets and Monetary Union: A Strategic Analysis
    Economic Journal, 2001, 111, (473), 541-65 View citations (74)
    See also Working Paper Labor Markets and Monetary Union: a Strategic Analysis, Working Papers (2000) View citations (15) (2000)

2000

35. 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 Establishing a Reputation for Dependability by Means of Inflation Targets, Discussion Paper (1999) View citations (1) (1999)

1999

36. Central bank independence, centralization of wage bargaining, inflation and unemployment:: Theory and some evidence
    European Economic Review, 1999, 43, (7), 1395-1434 View citations (212)
    See also Working Paper Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Some Evidence, Discussion Paper (1998) View citations (4) (1998)

1998

37. When Does It Take a Nixon to Go to China?
    American Economic Review, 1998, 88, (1), 180-97 View citations (220)
    See also Working Paper When Does It Take a Nixon to Go to China, Working Papers (1997) View citations (4) (1997)

1996

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

1995

39. Political Influence on the Central Bank: International Evidence
    The World Bank Economic Review, 1995, 9, (3), 397-423 View citations (129)
    See also Working Paper Political Influence on the Central Bank- International Evidence, Working Papers (1995) View citations (6) (1995)

1994

40. Central Bank Independence and Monetary Control
    Economic Journal, 1994, 104, (427), 1437-48 View citations (52)

1993

41. 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 (19)
42. Central bank independence, growth, investment, and real rates
    Carnegie-Rochester Conference Series on Public Policy, 1993, 39, (1), 95-140 View citations (79)

1992

43. CENTRAL BANK STRATEGY, CREDIBILITY, AND INDEPENDANCE: THEORY AND EVIDENCE: Compte Rendu par Dominique Cariofillo
    Journal des Economistes et des Etudes Humaines, 1992, 3, (4), 581-590 View citations (730)
44. Measuring the Independence of Central Banks and Its Effect on Policy Outcomes
    The World Bank Economic Review, 1992, 6, (3), 353-98 View citations (721)
45. Seigniorage and Political Instability
    American Economic Review, 1992, 82, (3), 537-55 View citations (324)
    See also Working Paper Seigniorage and Political Instability, NBER Working Papers (1989) View citations (39) (1989)
46. The Dynamics of Optimal Gradual Stabilizations
    The World Bank Economic Review, 1992, 6, (3), 439-58 View citations (20)
    See also Working Paper The Dynamics of Optimal Gradual Stabilizations, Working Papers (1991) (1991)

1991

47. Asymmetric Information and the Electoral Momentum of Public Opinion Polls
    Public Choice, 1991, 70, (2), 181-213 View citations (20)
    See also Working Paper Asymmetric Information and the Electoral Momentum of Public Opinion Polls, Foerder Institute for Economic Research Working Papers (1986) (1986)
48. Optimal accommodation by strong policymakers under incomplete information
    Journal of Monetary Economics, 1991, 27, (1), 99-127 View citations (69)
    See also Working Paper OPTIMAL ACCOMMODATION BY STRONG POLICYMAKERS UNDER INCOMPLETE INFORMATION, Working Papers (1989) View citations (5) (1989)

1990

49. The Politics of Ambiguity
    The Quarterly Journal of Economics, 1990, 105, (4), 829-850 View citations (145)
    See also Working Paper The Politics of Ambiguity, Scholarly Articles (1990) View citations (139) (1990)

1989

50. A Political Theory of Government Debt and Deficits in a Neo-Ricardian Framework
    American Economic Review, 1989, 79, (4), 713-32 View citations (194)
51. Why does the Fed smooth interest rates?
    Proceedings, 1989, 111-157 View citations (19)

1988

52. Rapid inflation -- deliberate policy or miscalculation?
    Carnegie-Rochester Conference Series on Public Policy, 1988, 29, (1), 11-75 View citations (12)
53. 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

54. 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

55. 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 (117)
56. A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information
    Econometrica, 1986, 54, (5), 1099-1128 View citations (690)
57. Central bank behavior and credibility: some recent theoretical developments
    Review, 1986, (May), 5-17 View citations (34)
58. Measuring inflationary expectations: A review essay
    Journal of Monetary Economics, 1986, 17, (2), 315-324 View citations (6)

1984

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

1983

60. Money and economic activity, inventories and business cycles
    Journal of Monetary Economics, 1983, 11, (3), 281-319 View citations (18)
61. 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)
62. Reply to Parks and Cutler
    Carnegie-Rochester Conference Series on Public Policy, 1983, 19, (1), 167-170

1982

63. Inflationary Expectations: Reply and Further Thoughts on Inflation Uncertainty
    American Economic Review, 1982, 72, (3), 508-12 View citations (8)
64. Relative Price Variability and Nonuniform Inflationary Expectations
    Journal of Political Economy, 1982, 90, (1), 146-57 View citations (18)
65. 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 Relative Price Variability, Inflation and the Allocative Efficiency of the Price System, Foerder Institute for Economic Research Working Papers (1981) (1981)

1981

66. 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

67. Stagflation, persistent unemployment and the permanence of economic shocks
    Journal of Monetary Economics, 1980, 6, (4), 467-492 View citations (51)
68. The Effects of Uncertainty on Investment under Risk Neutrality with Endogenous Information
    Journal of Political Economy, 1980, 88, (3), 462-75 View citations (80)
69. The effects of wage indexation on macroeconomic fluctuations: A generalization
    Journal of Monetary Economics, 1980, 6, (2), 147-170 View citations (8)

1979

70. Differential Inflationary Expectations and the Variability of the Rate of Inflation: Theory and Evidence
    American Economic Review, 1979, 69, (4), 595-609 View citations (105)
71. Rational expectations and the role of monetary policy: A generalization
    Journal of Monetary Economics, 1979, 5, (2), 213-229 View citations (5)
72. The Relationship between Relative Prices and the General Price Level: A Suggested Interpretation
    American Economic Review, 1979, 69, (3), 444-47 View citations (26)
    See also Working Paper The Relationship Between Relative Prices and the General Price Level: A Suggested Interpretation, Working Papers (1978) (1978)
73. 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

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

1977

76. 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)
77. General Wage Escalator Clauses and the Inflation Unemployment Trade Off
    Economic Inquiry, 1977, 15, (1), 67-84
78. The effects of indexation of wage contracts on macro-economic stability
    European Economic Review, 1977, 9, (1), 83-96

1976

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

1974

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

1973

81. 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

82. 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 (843)

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 Reflections on the Crisis and on its Lessons for Regulatory Reform and for Central Bank Policies, Tel-Aviv University > Foerder Institute for Economic Research (2009) View citations (1) (2009)
   Journal Article Reflections on the crisis and on its lessons for regulatory reform and for central bank policies, Elsevier (2011) View citations (33) (2011)

1998

3. The Economics of Central Banking
   Palgrave Macmillan View citations (20)
   See also Working Paper The Economics of Central Banking, Tilburg University, Center for Economic Research (1996) View citations (14) (1996)

Undated

4. Current Challenges to World Financial Stability: To What Extent is the Past a Guide for the Future?
   IntechOpen