Stephen G. Cecchetti

International Business School
Brandeis University

Journal Publications

‘The European Central Bank and the Federal Reserve,’ Oxford Review of Economic Policy, forthcoming (w. R. O’Sullivan).

'Price Level Convergence among United States Cities: Lessons for the European Central Bank' International Economic Review, Vol. 43, No. 4, November 2002, 1081-1099 (with N. C. Mark and R. Sonora).

‘Policymakers’ Revealed Preferences and the Output-Inflation Variability Trade-off,’ The Manchester School, Vol.70, No. 4, 2002, 596-618 (w. M.M. McConnell and G. Perez-Quiros).

'Structural Estimates of the U.S. Sacrifice Ratio' Journal of Business and Economic Statistics, Vol. 19, No. 4,
(October 2001) 416-427 (with R. Rich).

'Asset Prices and the Measurement of Inflation' De Economist, Volume 149, No. 4 (December 2001) 405-431
(with M. Bryan and R. O'Sullivan).

'Financial Structure, Macroeconomic Stability and Monetary Policy' Moneda y Credito (in Spanish), Vol. 212, 2001,
57-87 (with S. Krause).

'Making Monetary Policy: Objectives and Rules,' Oxford Review of Economic Policy, 16, No. 4 (Winter 2001) 43-59.

'Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to be True?'   American Economic Review, 90 (September 2000) 787-805 (with P.-s. Lam and N.C. Mark).  Also available as NBER Working Paper No. 6354,
January 1998.

'Inflation and the Distribution of Price Change,'  Review of Economics and Statistics, 81 (May 1999) 188-196
(with M. Bryan).

'Rejoinder,' Review of Economics and Statistics, 81 (May 1999) 203-204 (with M. Bryan).

'Interactions between the Seasonal and Business Cycles in Production and Inventories,' American Economic Review 87 (December 1997) 884-892 (with A. Kashyap and D. Wilcox).

'International Cycles,' European Economic Review 40 (February 1996) 331-360 (with A. Kashyap).

'Variance Ratio Tests: Small Sample Properties with an Application to International Output Data,'
Journal of Business and Economic Statistics 12 (April 1994) p. 177-186 (with P.-s. Lam).

'Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns,' Journal of Finance 49 (March 1994) 123-152 (with P.-s. Lam and N. Mark).

'Sources of Output Fluctuations During the Interwar Period: Further Evidence on the Causes of the Great Depression,' Review of Economics and Statistics, 70 (February 1994) 80-102 (with Georgios Karras).

'The Equity Premium and the Risk Free Rate: Matching the Moments,' Journal of Monetary Economics 31
(February 1993) 21-46 (with P.-s. Lam and N. Mark).

'Prices During the Great Depression: Was the Deflation of 1930-32 Really Unanticipated?' American Economic Review 82 (March 1992) 141-156.

'Wage Indexation and Discretionary Monetary Policy,' American Economic Review 81 (December 1991) 1310-1319. (with L. Ball).

'Inflation and Uncertainty at Short and Long Horizons,' Brookings Papers on Economic Activity 1990:1, 215-245
(with L. Ball).

'Mean Reversion in Equilibrium Asset Prices,' American Economic Review 80 (June 1990) 398-418
(with P.-s. Lam and N. Mark).

'Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations,' American Economic Review 80
(May 1990) 48-51 (with N. Mark).

'Imperfect Information and Staggered Price Setting,' American Economic Review 78 (December 1988) 999-1018
(with L. Ball), (reprinted in N. G. Mankiw and D. Romer, editors, The New Keynesian Economics, Cambridge, Mass.: M.I.T. Press, 1991; and reprinted in E. S. Phelps, editor, Recent Developments in Macroeconomics, volume II, Edward Elgar Publishing, 1991).

'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 96 (December 1988) 1111-1141.

'Estimation of the Optimal Futures Hedge,' Review of Economics and Statistics 70 (November 1988) 623-630
 (with R. Cumby and S. Figlewski).

'Allocative Efficiency and the Segmentation of Exhaustible Resource Ownership,'Natural Resource Modeling 2
(Fall 1987) 235-243 (with P. Berck).

'Indexation and Incomes Policy: A Study of Wage Adjustment in Unionized Manufacturing,' Journal of Labor Economics 5 (July 1987) 391-412.

'Testing Short Run Neutrality: International Evidence,' Review of Economics and Statistics 69 (February 1987) 135-40.

'Testing Short Run Neutrality,' Journal of Monetary Economics 17 (May 1986) 409-423.

'The Frequency of Price Adjustment: A Study of the Newsstand Prices of Magazines,' Journal of Econometrics 31

(April 1986) 255-274 (reprinted in E. Sheshinski and Y. Weiss, editors, Optimal Pricing, Inflation and the Cost of Price Adjustment, Cambridge, Mass.: M.I.T. Press, 1993.)

'Staggered Contracts and the Frequency of Price Adjustment,' Quarterly Journal of Economics 100

(Supplement 1985) 935-959.

`Portfolio Diversification, Futures Markets and Uncertain Inflation,' American Journal of Agricultural Economics 67 (August 1985) 497-507 (with P. Berck).