Sachar International Center, 255
DegreesUniversity of California, Berkeley, Ph.D.
University of California, Berkeley, M.A.
Massachusetts Institute of Technology, B.S.
ExpertiseMacroeconomics, monetary policy, banking, central banking and financial regulation.
ProfileStephen G. Cecchetti is the Professor of International Economics at the Brandeis International Business School. He previously taught at Brandeis from 2003 to 2008. Before rejoining Brandeis in 2014, he completed a five-year term as economic adviser and head of the monetary and economic department at the Bank for International Settlements in Basel, Switzerland. During his time at the Bank for International Settlements, Cecchetti participated in the numerous post-crisis global regulatory reform initiatives. This work included involvement with both the Basel Committee on Banking Supervision and the Financial Stability Board in establishing new international standards for ensuring financial stability. He has also taught at the New York University Leonard N. Stern School of Business and, for 15 years, was a member of the department of economics at The Ohio State University.
In addition to his other appointments, Cecchetti served as executive vice president and director of research at the Federal Reserve Bank of New York from 1997–1999; editor of the Journal of Money, Credit, and Banking from 1992–2001; and has been a Research Associate of National Bureau of Economic Research since 1989, as well as a research fellow of the Centre for Economic Policy Research since 2008.
Cecchetti’s research interests include monetary policy, the economics of financial regulation, macroeconomic theory, and price and inflation measurement. He has published widely in academic and policy journals, and is the author of a leading textbook in money and banking.
Cecchetti coauthors with Kim Schoenholtz a blog at www.moneyandbanking.com. Webpage
|ECON||280a||Challenges in the Global Economy|
|ECON||282f||Challenges in the Global Economy: Macroeconomic Policy and Finance|
|FIN||252f||Banking, Central Banking, and the International Finance System|
Awards and Honors
Keynote Speaker, Annual Research Conference of the Bank of Finland Institute for Economies in Transition (2006)
Ohio State University Distinguished Lecturer (2002)
Cecchetti, Stephen. "On the separation of monetary and prudential policy: how much of the pre-crisis consensus remains?." Journal of International Money and Finance (2016). (forthcoming)
Cecchetti, Stephen and Lianfa Li. ""Do Capital Adequacy Requirements Matter for Monetary Policy?"." Economic Inquiry (2008). (forthcoming)
Cecchetti, Stephen. Comments on "House Prices and the Stance of Monetary Policy" by Marek Jarociński and Frank Smet. Proc. of Federal Reserve Bank of St. Louis Conference on Economic Policy. 2008. (forthcoming)
Cecchetti, Stephen. "Deposit Insurance." New Palgrave Encyclopedia of Economics, 2nd edition., 2007 (forthcoming)
Cecchetti, Stephen. "Inflation Targeting vs. Price-Path Targeting: Looking for Improvements." Monetary Policy under Inflation Targeting. Ed. F. Mishkin and K. Schmidt-Hebbel. Santiago, Chile: Central Bank of Chile, 2007 (forthcoming)
Cecchetti, Stephen. "Measuring the Macroeconomic Risks Posed by Asset Price Booms." Asset Prices and Monetary Policy. Ed. John Y. Campbell. Chicago, Ill.: University of Chicago Press for NBER, 2007 (forthcoming)
Cecchetti, Stephen. "Monetary Policy." International Encyclopedia of Social Science., 2007 (forthcoming)
Cecchetti, Stephen, Michael Bordo and Mark Wynne. The Global Dollar System,. Proc. of Federal Reserve Bank of Dallas. Dallas, Texas: Cambridge University Press, 2016.
Viral Acharya,Stephen G. Cecchetti, José De Gregorio, Şebnem Kalemli-Özcan, Philip R. Lane, and Ugo Panizza. Corporate Debt in Emerging Markets: A Threat to Financial Stability?. Washington, D.C.: Brookings Institution, 2016.
Cecchetti, Stephen, Douglas D. Evanoff, Andrew G. Haldane and George G Kaufman. The Jury is In. Proc. of The New International Financial System: Analyzing the Cumulative Impact of Regulatory Reform. Federal Reserve Bank of Chicago: World Scientific Studies in Economics, 2015.
Cecchetti, Stephen. "‘When capital adequacy and interest rate policy are substitutes (and when they are not),’." International Journal of Central Banking 10. 3 (2015): 205- 231.
Cecchetti, Stephen. "“The Road to Financial Stability: Capital Regulation, Liquidity Regulation, and Resolution,”." International Journal of Central Banking 11. 2 (2015): 127-139.
Cecchetti, Stephen. To Form a More Perfect Union. Proc. of ECB Forum on Cenral Banking. Sintra Portugal: ECB, 2015.
Cecchetti, Stephen, Peter Hooper, Bruce Kasman, Kermit Schoenholtz and Mark Watson. Understanding the Evolving Inflation Process. US Monetary Policy Forum, 2008.
Cecchetti, Stephen. "Bernanke's Fed shows that it can be nimble." Financial Times 24 January 2008: Commen
Cecchetti, Stephen. "Joint Central Banks Action on Subprime Crisis: FAQs." VOX (2008)
Cecchetti, Stephen. "Market Liquidity and Short-Term Credit: The Financial Crisis." CFA Institute Conference Proceedings 25. 1 (2008).
Cecchetti, Stephen. "Should rate policy note Wall Street's influence?." CentralBankNews.com (2008)
Cecchetti, Stephen. "Subprime Series, Part 4: Monetary Policy and Risk Taking." VOX (2008)
Cecchetti, Stephen. "The Fed and the Crisis." Central Banking November 2007: 54-58.
Cecchetti, Stephen. "The Fed's Emergency Interest Rate Cut: There's a New Sheriff in Town." VOX (2008): 23 January 200
Cecchetti, Stephen. Money, Banking, and Financial Markets. 2nd ed. Boston: McGraw-Hill Irwin, 2008.
Cecchetti, Stephen and Lianfa Li. "Monetary Policy and Capital Regulation: Is there a conflict?." Moneda y Credito 224 (2007): 153-181.
Cecchetti, Stephen. "A Better Way to Organize Securities Markets." Financial Times 4 October 2007: Commen
Cecchetti, Stephen. "Federal Reserve Policy Actions in August 2007: Answers to More Questions." VOX (2007)
Cecchetti, Stephen. "Federal Reserve Policy Actions in August 2007: Frequently Asked Question." VOX (2007)
Cecchetti, Stephen. "Housing and the Inflation Measurement." VOX (2007)
Cecchetti, Stephen. "Inflation Trends and the Role of Central Bankers." Financial Times 9 March 2007
Cecchetti, Stephen. "Preparing for the Next Financial Crisis." Eurointelligence.com (2007)
Cecchetti, Stephen. "Subprime Series, Part 1: Financial Crises Are Not Going Away." VOX (2007)
Cecchetti, Stephen. "Subprime Series, Part 2: Deposit Insurance and the Lender of Last Resort." VOX (2007)
Cecchetti, Stephen. "Subprime Series, Part 3: Why Central Banks Should Be Financial Supervisors." VOX (2007)
Cecchetti, Stephen. "The Use of Survey Data to Investigate Price Setting: Theory and the Research Design for the Euro Area." Pricing Decisions in the Euro Area. How Firms Set Prices and Why. Ed. Silvia Fabiani, Claire Loupias, Fernando Martins, and Roberto Sabbatini. Oxford, U.K.: Oxford University Press, 2007. 13-31.
Cecchetti, Stephen. "What we learn from the Fed's Projections." CentralBankNews.com (2007)
Cecchetti, Stephen. "Why Do So Many Central Banks Aim At Core Inflation?." Borsung Zeitung 30 March 2007
Cecchetti, Stephen. "Asset Price Bubbles and Inflation Targeting." Stability and Economic Growth: The Role of the Central Bank. Mexico City: Proceedings of the Conference to Commemorate the 80th Anniversary of the Banco de México, 2006. 301-318.
Cecchetti, Stephen. "Bernanke's balancing act means slow times ahead." Financial Times 9 May 2006
Cecchetti, Stephen. "Core Inflation is an Unreliable Guide." 11 September 2006
Cecchetti, Stephen. "Federal Reserve May Have Hit Speed Limit." Financial Times 11 December 2006
Cecchetti, Stephen. "Has Monetary Policy Become More Efficient? A Cross-Country Analysis." Economic Journal 116. 4 (2006): 408-433.
Cecchetti, Stephen. "Has the Inflation Process Changed?." Economic Policy: A European Forum 48 (2006): 312-352.
Cecchetti, Stephen. "Inflation targeting is the best way forward for the Fed." Financial Times 10 July 2006
Cecchetti, Stephen. "Paulson has the tools but needs Bush's support." Financial Times 31 May 2006
Cecchetti, Stephen. "The Brave New World of Central Banking: Policy Challenges Posed by Asset Price Booms and Busts." National Institute Economic Review 196 (2006).
Cecchetti, Stephen. "The New Economy and Challenges for Macroeconomic Policy." The New Economy and Beyond: Past, Present, and Future. Ed. Dennis W. Jansen. Cheltenham, U.K: Edward Elgar Publishing Ltd., 2006. 76-95.
Cecchetti, Stephen. "Deposit Insurance and External Finance." Economic Inquiry 43. 3 (2005): 531-541.
Cecchetti, Stephen. Money, Banking, and Financial Markets. Boston: McGraw-Hill/Irwin, 2005.
Cecchetti, Stephen. "Inflation Targeting and Price-Path Targeting." Inflation Targeting. Ed. Bernanke, Ben S. & Woodford, Michael. Chicago, IL: University of Chicago Press for NBER, 2004. 173-195.
Cecchetti, Stephen. "The European Central Bank: A View from Across the Ocean." Monetary Policies and Labour Markets. Key Aspects of European Macroeconomic Policies after Monetary Unification. Ed. Beetsma, R. Favero, C. Missale, A. Muscatelli, V.A. Natale, P. & Tirelli, P.. Cambridge, England: Cambridge University Press, 2004
Cecchetti, Stephen. "Unconventional Monetary Policy Tools." Business Economics (2004).
Cecchetti, Stephen & Wynne, M.. "Inflation Measurement and the ECB Pursuit of Price Stability: A First Assessment Economic Policy: A European Forum." A European Forum 37. (2003): 395-434.
Cecchetti, Stephen. "How to Establish a Credible Iraqi Central Bank." International Economy (2003).
Cecchetti, Stephen. "What the FOMC Says and Does When the Stock Market Booms." Asset Prices and Monetary Policy, Proceedings of the Annual Research Conference of the Reserve Bank of Australia. Ed. Richards, A.., 2003
Cecchetti,Stephen & O'Sullivan, R.. "'The European Central Bank and the Federal Reserve." Oxford Review of Economic Policy 19. 1 (2003): 30-43.