image of Stephen Cecchetti

Macroeconomics, monetary policy, banking, central banking and financial regulation.


Stephen G. Cecchetti is the Rosen Chair in International Finance at the Brandeis International Business School, a Research Associate of National Bureau of Economic Research, and a Research Fellow of the Centre for Economic Policy Research. From 2008 to 2013, Professor Cecchetti served as economic adviser and head of the monetary and economic department at the Bank for International Settlements. During his time at the Bank for International Settlements, Cecchetti participated in the Basel Committee on Banking Supervision and the Financial Stability Board post-crisis global regulatory reform initiatives to establish new international standards for ensuring financial stability.

In addition to his other appointments, Professor Cecchetti, from 1997–1999 served as Executive Vice President and Director of Research at the Federal Reserve Bank of New York; and from 1992-2001 he was editor of the Journal of Money, Credit, and Banking.

Cecchetti has published widely in academic and policy journals, is the author of a leading textbook in money and banking, and blogs at

Professor Cecchetti holds an undergraduate degree from the Massachusetts Institute of Technology, a doctorate from the University of California Berkeley, and an honorary doctorate in economics from the University of Basel.


University of California, Berkeley, Ph.D.
University of California, Berkeley, M.A.
Massachusetts Institute of Technology, B.S.

Courses Taught
  • ECON 282f Challenges in the Global Economy: Macroeconomic Policy and Finance
  • FIN 252f Banking, Central Banking, and the International Finance System
  • FIN 254a Modern Finance, Fintech and Beyond
  • Cecchetti, Stephen and K.L. Schoenholtz. "Improving Monetary Policy Communication." Independence, Credibility, and Communication of Central Banking. Ed. E. Pasten, R. Reis and D. Saravia. Central Bank of Chile, 2020 (forthcoming)
  • Cecchetti, Stephen,, R Berner and K.L. Schoenholtz. "Stress Testing Networks: The Case of Central Counterparties." Handbook of Financial Stress Testing, Cambridge. Ed. D. Farmer, A. Kleinnijenhuis, T. Wetzer and T. Schuermann. Cambridge University Press, 2020 (forthcoming)
  • Cecchetti, Stephen and Kermit Schoenholtz. Money, Banking, and Financial Markets. 6th ed. Boston: McGraw-Hill, 2020.
  • Cecchetti, Stephen, M. Feroli, A K Kashyap, C L Mann and K L Schoenholtz. Monetary Policy for the Next Recession?. 2020.
  • Cecchetti, Stephen, T Mancini-Griffoli, M Narita and R Sahay. "US or Domestic Monetary Policy: Which Matters More for Financial Stability?." IMF Economic Review 1. 35-65 (2020).
  • Cecchetti, Stephen and E. Kharroubi. "‘Why Does Credit Growth Crowd Out Real Economic Growth?." Manchester School 87. s1 (2019): 1-28.
  • Cecchetti, Stephen, Patrick Bolton, Jean-Pierre Danthine and Xavier Vives. Sound At Last? Assessing a Decade of Financial Regulation. CEPR, 2019.
  • Cecchetti, Stephen and Anil K Kashyap. "What Binds? Interactions between Bank Capital and Liquidity Regulations." The Changing Fortunes of Central Banking. Ed. P. Hartmann, H. Huang and D. Schoenmaker. Cambridge University Press, 2018
  • Cecchetti, Stephen. "Monetary, prudential and fiscal policy: how much coordination is needed?." New Zealand Economic Papers (2018).
  • Cecchetti, Stephen, Michael E. Feroli, Peter Hooper, Anil K Kashyap, Kermit L. Schoenholtz, US Monetary Policy Forum Report. Deflating Inflation Expectations: The Implications of Inflation's Simple Dynamics. Chicago Booth School of Business: 2017.
  • Cecchetti, Stephen. "" weekly posting on economics and finance (2017)
  • Cecchetti, Stephen G. and Kermit L. Schoenholtz. Money, Banking and Financial Markets. 5the ed. McGraw-Hill Irwin, 2016.
  • Cecchetti, Stephen, Michael Bordo and Mark Wynne. The Global Dollar System,. Proc. of Federal Reserve Bank of Dallas. Dallas, Texas: Cambridge University Press, 2016.
  • Cecchetti, Stephen. "On the separation of monetary and prudential policy: how much of the pre-crisis consensus remains?." Journal of International Money and Finance 66. (2016): 157-169.
  • 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 and Lianfa Li. ""Do Capital Adequacy Requirements Matter for Monetary Policy?"." Economic Inquiry (2008).
  • Cecchetti, Stephen, Peter Hooper, Bruce Kasman, Kermit Schoenholtz and Mark Watson. Understanding the Evolving Inflation Process. US Monetary Policy Forum, 2008.
  • Cecchetti, Stephen. "Asset Prices Bubbles and Monetary Policy." Milken Institute Review.
  • 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?." (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. 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.
  • 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. "Deposit Insurance." New Palgrave Encyclopedia of Economics, 2nd edition., 2007
  • 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 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
  • Cecchetti, Stephen. "Inflation Trends and the Role of Central Bankers." Financial Times 9 March 2007
  • 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
  • Cecchetti, Stephen. "Monetary Policy." International Encyclopedia of Social Science., 2007
  • Cecchetti, Stephen. "Preparing for the Next Financial Crisis." (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." (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.
Awards & Honors
  • (2019) Honorary Fellow, Rimini Centre for Economic Analysis,
  • (2019) O. John Olcay Lecturer, Peterson Institute for International Economics, 2019
  • (2016) Honorary Doctorate in Economics, University of Basel, Switzerland
  • (2006) Keynote Speaker, Annual Research Conference of the Bank of Finland Institute for Economies in Transition
  • (2002) Ohio State University Distinguished Lecturer