…

                                                                              February 2007

                               STEPHEN G. CECCHETTI

Address: International Business School
         Mail Stop 021                               Phone: (781) 736-2249
         P.O. Box 549110                             Fax:   (781) 736-2269
         Brandeis University                         email: cecchetti@brandeis.edu
         Waltham, Massachusetts 02454-9110           homepage:www.brandeis.edu/~cecchett

        Citizenship: U.S and Italy

Education

S.B., Massachusetts Institute of Technology, 1977.
M.A., University of California at Berkeley, 1979.
Ph.D., University of California at Berkeley, 1982.

Academic Positions Held

Barbara and Richard M. Rosenberg Professor of Global Finance, 2006 - present.
Professor, International Business School, Brandeis University, 2003-2006.
Professor, Department of Economics, Ohio State University, 1992-2003.
Visiting Scholar, Nuffield College, Oxford University, September ­ December 2001.
Visiting Professor, Department of Economics, University of Melbourne, June-July 1996.
Visiting Professor, Department of Economics, Boston College, 1994-95.
Visiting Professor, Department of Economics, Princeton University, 1992-93.
Associate Professor, Department of Economics, Ohio State University, 1989-92.
Assistant Professor, Department of Economics, Ohio State University, 1987-89.
Assistant Professor of Economics, Graduate School of Business Administration, New York
       University, 1982-87.
Research Fellow, Department of Agricultural and Resource Economics, University of
       California, Berkeley, July 1984 and August 1986.

Other Employment
Executive Vice President and Director of Research, Federal Reserve Bank of New York,
    August 1997-September 1999.
Visiting Scholar, Federal Reserve Bank of Kansas City, Winter-Spring 1986.
Research Economist, National Commission for Employment Policy, Washington, D.C.,
       Summer 1981.



                                           1
Curriculum Vitae                                                        Stephen G. Cecchetti

Junior Economist, Council of Economic Advisers, 1979-80.
Central Bank Consultancies
European Central Bank, 2004- 2006. Consultant to the Inflation Persistence Network.
European Central Bank, 1999-2000. Inflation measurement issues.
Central Bank of Bolivia, November 1999. Financial reform legislation.
Federal Reserve Bank of Cleveland, 1991-2000. General issues in economic research.
Reserve Bank of Australia, Sydney, August 1996. Inflation measurement issues.
Federal Reserve Bank of New York, April 1996. General issues in economic research.
The Bank of Israel, Jerusalem, June 1994. Inflation measurement issues.

Research Affiliations
Research Associate, Monetary Economics and Asset Pricing Programs, National Bureau of
       Economic Research, 1989-present.
Research Fellow, Mershon Center for National Security Studies, 2001-03.
Research Fellow, Dice Center for Research in Financial Economics, 2000-03.
Research Associate, John Glenn Institute for Public Service and Public Policy, 1998-2003.
Research Associate, Mershon Center for National Security and International Studies, 2002-03.
Resident Scholar, Board of Governors of the Federal Reserve, November 1993.
Faculty Research Fellow, National Bureau of Economic Research, 1986-89.

Awards, Grants and Fellowships
Ohio State University Distinguished Lecturer, 2002-2003.
Honors in Economics, President of the Provincia di Lucca, Italy.
Elected to the Conference on Research in Income and Wealth, NBER, 2000.
National Science Foundation Research Grant, 1993-95, `Production Capacity, Firm Size and
       Economic Fluctuations.'
National Science Foundation Research Grant, 1989-92, `Interest Rates, Financial Markets and
       Economic Activity during the Great Depression.'
Research Associate, Salomon Brothers Center, Graduate School of Business Administration,
       New York University, September 1987 to August 1988.
Jules Backman Fellow, Graduate School of Business Administration, New York University,
       1986-87.
Junior Faculty Research Fellowship, Graduate School of Business Administration, New York
       University, Summers 1983 through 1986.
L. Glucksman Institute for Research in Securities Markets Fellowship, 1984.



                                              2
Curriculum Vitae                                                      Stephen G. Cecchetti



Professional Service
Co-Director U.S. Monetary Policy Forum, 2007 ­ present.
Advisory Board, Journal of Money, Credit and Banking, 2001-present.
Board of Editors, Contemporary Policy Issues, 2000-present.
Board of Editors, Banks and Bank Systems, 2005-present.
Board of Editors, Economic Policy Review, Federal Reserve Bank of New York, 1994-
       present.
Advisory Board, Moneda y Crédito, 2000-present (Spanish language publication published in
   Madrid, Spain).

Board of Editors, Journal of Economic Literature, 1993-2005.

Member of the organizing committee for the Summer Symposium for Central Bank
   Researchers sponsored by the Swiss National Bank's Study Center in Gerzensee,
   Switzerland, 2001-02.

Academic Advisory Panel, Federal Reserve Bank of New York, 1999-present.
NBER Representative to the Management Council of the Innocenzo Gasparini Institute for
     Economic Research, Universita Bocconi, Milan, Italy, 1999-present.
Advisory Board, Macroeconomics and Monetary Economics Abstracts, Economic Research
      Network, 1996-present.
Editor, Journal of Money, Credit and Banking, 1992-2001.
Financial Markets Advisory Council of the Finance Minister of Germany, 2000.
Board of Editors, American Economic Review, 1992-98.
Board of Editors, Ohio State University Press, 1993-97.
Academic Advisory Panel, Federal Reserve Bank of Boston, 1994-95, and 2003 ­ present.
Program Committee, Econometric Society North American Summer Meeting, June 1992.

Books

Money, Banking, and Financial Markets, Boston: McGraw-Hill/Irwin, 2006.

Journal Publications

1. `Has the Inflation Process Changed?' Economic Policy: A European Forum, April 2006,
   312-352. (w. G. Debelle)

2. `The Brave New World of Central Banking: Policy Challenges Posed by Asset Price
   Booms and Busts,' National Institute Economic Review, vol. 196, April 2006.


                                             3
Curriculum Vitae                                                        Stephen G. Cecchetti


3. `Has Monetary Policy Become More Efficient? A Cross-Country Analysis' Economic
   Journal, vol. 116, no. 4, April 2006, 408-433. (w. A. Flores-Lagunes and S. Krause).

4. `Deposit Insurance and External Finance,' vol .43, no. 3, July 2005, Economic Inquiry,
   531-541 (w. S. Krause).

5. `Inflation Measurement and the ECB's Pursuit of Price Stability: A First Assessment'
   Economic Policy: A European Forum, 37, October 2003, 395-434 (w. M. Wynne).

6. `The European Central Bank and the Federal Reserve,' Oxford Review of Economic
   Policy, Vol. 19, No. 1, Spring 2003, 30-43 (w. R. O'Sullivan).

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

8. `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).

9. `Asset Prices in the Measurement of Inflation,' De Economist, Vol. 149, No. 4 (December
   2001) 405-431 (w. M. Bryan and R. O'Sullivan).

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

11. `Financial Intermediation, Macroeconomic Stability and Monetary Policy,' Moneda y
    Crédito (in Spanish) volume 212, 2001, 57-87 (w. S. Krause).

12. `Making Monetary Policy: Objectives and Rules," Oxford Review of Economic Policy,
    Vol. 16, No. 4, Winter 2001, 43-59.

13. `Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to be True?'
    American Economic Review, 90 (September 2000), 787-805 (w. P.-s. Lam and N. C.
    Mark).

14. `Inflation and the Distribution of Price Chance,' Review of Economics and Statistics, 81
    (May 1999), 188-196 (w. M. Bryan).

15. `Rejoinder," Review of Economics and Statistics, 81 (May 1999), 203-204 (w. M. Bryan).

16. `The Monthly Measurement of Core Inflation in Japan,' Monetary and Economic Studies
    (published by the Institute for Monetary and Economic Studies of the Bank of Japan), 17
    (May 1999), 77-102 (w. M. Bryan). Also available as Bank of Japan Institute for
    Monetary and Economic Studies Discussion Paper No. 99-E-4, February 1999.




                                              4
Curriculum Vitae                                                        Stephen G. Cecchetti

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

18. `International Cycles," European Economic Review, 40 (February 1996), 331-360 (w. A.
    Kashyap).

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

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

21. `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 (w. G. Karras).

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

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

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

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

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

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

28. `Imperfect Information and Staggered Price Setting,' American Economic Review, 78
    (December 1988), 999-1018 (w. L. Ball). Reprinted in N. G. Mankiw and D. Romer
    (Eds.), The New Keynesian Economics (Cambridge, MA: MIT Press, 1991); and reprinted
    in E.S. Phelps (Ed.), Recent Developments in Macroeconomics, Vol. II (Edward Elgar
    Publishing, 1991).

29. `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.




                                              5
Curriculum Vitae                                                        Stephen G. Cecchetti

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

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

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

33. `Testing Short Run Neutrality: International Evidence,' Review of Economics and
    Statistics, 69 (February 1987), 135-140.

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

35. `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 (Eds.), Optimal Pricing, Inflation and the Cost of Price Adjustment (Cambridge,
    MA: MIT Press, 1993).

36. `Staggered Contracts and the Frequency of Price Adjustment,' Quarterly Journal of
    Economics, 100 (Supplement 1985), 935-959.

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

Invited Papers and Book Chapters

38. `Measuring the Macroeconomic Risks Posed by Asset Price Booms,' in J.Y. Campbell,
    ed, Asset Prices and Monetary Policy, Chicago, Ill.: University of Chicago Press for
    NBER, forthcoming. (NBER Working Paper No. 12542)

39. `Inflation Targeting vs. Price-Path Targeting: Looking for Improvements,' in F. Mishkin
    and K. Schmidt-Hebbel, eds., Monetary Policy under Inflation Targeting, Proceedings of
    the Ninth Annual Conference of the Central Bank of Chile, Santiago, Chile: Central Bank
    of Chile, forthcoming. (w. S. Krause)

40. `The Use of Survey Data to Investigate Price Setting: Theory and the Research Design for
    the Euro Area' in Silvia Fabiani, Claire Loupias, Fernando Martins, and Roberto
    Sabbatini, eds. Pricing Decisions in the Euro Area. How Firms Set Prices and Why,
    Oxford, U.K.: Oxford University Press, 2007 p. 13-31(with Fernando Martins, Roberto
    Sabbatini, and Harald Stahl).

41. `Asset Price Bubbles and Inflation Targeting,' in Stability and Economic Growth: The
    Role of the Central Bank, Proceedings of the Conference to Commemorate the 80th
   Anniversary of the Banco de México, 2007, p. 301-318.




                                              6
Curriculum Vitae                                                         Stephen G. Cecchetti

42. `The New Economy and Challenges for Macroeconomic Policy,' in Dennis W. Jansen, ed.
    The New Economy and Beyond: Past, Present, and Future, Cheltenham, U.K.: Edward
    Elgar Publishing Ltd., April 2006, 76-95.

43. `Assessing the Sources of Changes in the Volatility of Real Growth,' in C. Kent and D.
    Norman, eds., The Changing Nature of the Business Cycle, Proceedings of the Research
    Conference of the Reserve Bank of Australia, November 2005, 115-138. (w. A. Flores-
    Lagunes and S. Krause).

44. `Don't wait of the bubble to burst!' in Asset Price Inflation: What can be done against
    bubbles, Frankfurt, Germany: Börsen-Zeitung, 2005.

45. `Inflation Targeting and Price-Path Targeting,' in Inflation Targeting, Ben S. Bernanke
    and Michael Woodford editors, Chicago, Ill.: University of Chicago Press for NBER,
    2004, 173-195. (with J.H. Kim)

46. `The European Central Bank: A View from Across the Ocean,' in R. Beetsma, C. Favero,
    A. Missale, V.A. Muscatelli, P. Natale and P. Tirelli, editors, Fiscal Policies, Monetary
    Policies and Labour Markets. Key Aspects of European Macroeconomic Policies after
    Monetary Unification, Cambridge, England: Cambridge University Press, 2004.

47. `What the FOMC Says and Does When the Stock Market Booms,' in A. Richards and T.
    Robinson, eds., Asset Prices and Monetary Policy, Proceedings of the Research
    Conference of the Reserve Bank of Australia, November 2003, 77-96.

48. "Asset Prices in a Flexible Inflation Targeting Framework," in William C. Hunter, George
    G. Kaufman and Michael Pomerleano, editors, Asset Price Bubbles:Implications for
    Monetary, Regulatory, and International Policies", Cambridge, Mass.: MIT Press, 2002,
    427-444. (with H. Genberg and S. Wadhwani).

49. "A Stochastic Cost-of-Life Index," in William C. Hunter, George G. Kaufman and
    Michael Pomerleano, editors, Asset Price Bubbles: Implications for Monetary,
    Regulatory, and International Policies", Cambridge, Mass.: MIT Press, 2002, 277-290
    (with M. Bryan and R. O'Sullivan.).

50. "Central Bank Structure, Policy Efficiency and Macroeconomic Performance: Exploring
    Empirical Relationships," Economic Review of the Federal Reserve Bank of St. Louis, 84
    (July/August 2002), 47-59. (with S. Krause).

51. `Understanding Inflation: Implications for Monetary Policy,' in Jacques H. Dreze (Ed.),
    Advances in Macroeconomics, Proceedings of the Twelfth World Congress of the
    International Economic Association, London: Macmillan, Ltd., 2001, 113-135 (w. E.
    Groshen). Also NBER Working Paper No. 7482, January 2000.

52. `Does Inflation Targeting Increase Output Volatility? An International Comparison of
    Policymakers' Preferences and Outcomes' in Norman Loayza and Klaus Schmidt-Hebbel
    (editors), Monetary Policy: Rules and Transmission Mechanisms, Proceedings of the
    Fourth Annual Conference of the Central Bank of Chile, Santiago, Chile: Central Bank of


                                               7
Curriculum Vitae                                                       Stephen G. Cecchetti

    Chile, 2002, pg. 247-274 (w. M. Ehrmann). NBER Working Paper No. 7426, December
    1999.

53. `Legal Structure, Financial Structure and the Monetary Transmission Mechanism' in H.
    Hermann and R. Köning (Eds.), The Monetary Transmission Process, proceedings of the
    conference on `The Monetary Transmission Process: Recent Developments and Lessons
    for Europe,' sponsored by the Deutsche Bundesbank, Frankfurt, Germany, March 26,
    1999 (London: Macmillan, Ltd., forthcoming). Reprinted in the Economic Policy Review
    of the Federal Reserve Bank of New York, Vol. 5, No. 2, July 1999, 9-28; and reprinted in
    Paul de Grauwe (Ed.), The Political Economy of Monetary Union (Cheltenham, U.K.:
    Edward Elgar Publishing Ltd., 2001); and available as NBER Working Paper No. 7151,
    June 1999.

54. Asset Prices and Central Bank Policy. Geneva Reports on the World Economy, No. 2,
    International Center for Monetary and Banking Studies and Centre for Economic Policy
    Research, July 2000 (w. H. Genberg, J. Lipsky, and S. Wadhwani).

55. `Monetary Policy-Making Under Uncertainty,' in I. Angeloni, F. Smets, and A. Weber
    (Eds.), Proceedings of the Conference on Monetary Policy Making Under Uncertainty,
    European Central Bank, June 2000, 30-36.

56. `The Unreliability of Inflation "Indicators",' Current Issues in Economics and Finance,
    Federal Reserve Bank of New York, April 2000. Reprinted in Problemes economiques,
    No. 683, 11 Octobre 2000 in French (w. R. Chu and C. Steindel).

57. `Why Has U.S. Inflation Remained So Low?' Central Bank Forum of the Federal Reserve
    Bank of New York, June 1999.

58. `The Future of Financial Intermediation and Regulation: An Overview,' Current Issues in
    Economics and Finance, Federal Reserve Bank of New York, Vol. 5, No. 8, May 1999.

59. `Central Bank Accountability in Formulating Monetary Policy,' Current Developments in
    Monetary and Financial Law, Vol. 1 (Washington, DC: International Monetary Fund,
    1999), 503-514.

60. `Understanding the Great Depression: Lessons for Current Policy' in M. Wheeler (Ed.),
    The Economics of the Great Depression (Kalamazoo, MI: W. E. Upjohn Institute for
    Employment Research, 1998), 171-194.

61. `Central Bank Policy Rules: Conceptual Issues and Practical Consideration' in H. Wagner
    (Ed.), Current Issues in Monetary Economics (Heidelberg: Physica-Verlag, 1998), 121-
    140.

62. `Policy Rules and Targets: Framing the Central Banker's Problem,' Economic Policy
    Review of the Federal Reserve Bank of New York, 4 (June 1998), 1-14.

63. `The Neutrality of Money' in D. Glasner (Ed.), Encyclopedia of Business Cycles, Panics,
    Crises and Depressions (New York: Garland Publishing, Inc., 1997), 481-484.


                                              8
Curriculum Vitae                                                       Stephen G. Cecchetti


64. `Measuring Short-Run Inflation for Central Bankers,' Economic Review of the Federal
    Reserve Bank of St. Louis, 79 (May/June 1997), 143-156.

65. `Practical Issues in Monetary Policy Targeting,' Economic Review of the Federal Reserve
    Bank of Cleveland, 32 (1996 Quarter 1), 2-15.

66. `Inflation Indicators and Inflation Policy' in B. Bernanke and J. Rotemberg (Eds.), NBER
    Macroeconomics Annual (Cambridge, MA: MIT Press, 1995), 189-219.

67. `Distinguishing Theories of the Monetary Transmission Mechanism,' Economic Review of
    the Federal Reserve Bank of St. Louis, 77 (May/June 1995), 83-97.

68. `The Seasonality of Inflation,' Economic Review of the Federal Reserve Bank of
    Cleveland (1995 Quarter 2), 12-23 (w. M. Bryan).

69. `Measuring Core Inflation' in N. Gregory Mankiw (Ed.), Monetary Policy (Chicago:
    University of Chicago Press for NBER, 1994), 195-215 (w. M. Bryan).

70. `The Consumer Price Index as a Measure of Inflation,' Economic Review of the Federal
    Reserve Bank of Cleveland, 29 (1993 Quarter 4), 15-24 (w. M. Bryan).

71. `The Stock Market Crash of 1929' in Peter Newman, Murray Milgate and John Eatwell
    (Eds.), The New Palgrave Dictionary of Money and Finance (London: Macmillan, Ltd.,
    1992), 573-577. Reprinted in White, Eugene N. (Ed.), Stock Market Crashes and
    Speculative Manias (Cheltenham, U.K.: Edward Elgar Publishing, 1996), 415-419.

72. `High Real Interest Rates: Can They Be Explained?', Economic Review Federal Reserve
    Bank of Kansas City, 71 (September/October 1986), 31-43.

73. `The Theory of Exhaustible Resources' in P. Berck and L. Dale (Eds.), Economics and
    Mineral Planning, Division of Agriculture and Natural Resources, University of
    California, Bulletin Number 1812, 1984 (w. P. Berck, N. Gallini, and N. Williams).

74. `OPEC II and the Wage-Price Spiral' in R. Zeckhauser (Ed.), What Role for Government?
    (Durham, NC: Duke University Press, 1983), w. D. McClain, M. McKee, and D. Saks.

75. `Employment and Training Policy and the National Economy,' Chapter 2 of the Seventh
    Annual Report of the National Commission for Employment Policy (Washington, DC:
    U.S. Government Printing Office, 1981), w. R. Warren and D. Saks.

Comments

76. "Deposit Insurance" in the New Palgrave Encyclopedia of Economics, 2edition,
    forthcoming.

77. "Monetary Policy" in the International Encyclopedia of Social Science, forthcoming.



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Curriculum Vitae                                                       Stephen G. Cecchetti

78. Comment on `Inflation Differentials: Long-run Determinants,' by Filippo Altissimo,
    Pierpaolo Benigno and Diego Rodríguz Palenzuela, Moneda y Crédito, 220, 2005 145-
    149.

79. Comment on `Implications and Sustainability of the New Economy,' by Martin Neil
    Baily, Moneda y Crédito, 214, 2002, 77-85 (in Spanish).

80. Comment on `Monetary Policy in Unknown Territory: The European Central Bank in the
    Early Years,' by Jürgen von Hagen and Matthias Brückner in Evolution and Procedures
    in Central Banking, David E. Altig and Bruce D. Smith, editors, New York, N.Y.:
    Cambridge University Press, 2003, 127-134.

81. Comment on `Did U.S. Bank Supervisors Get Tougher During the Credit Crunch and
    Easier During the Banking Boom? Did Supervisors Increase Examination Accuracy? Did
    It Matter to Bank Lending?' by Allen Berger, Margaret Kyle, and Joseph Scalise in
    Prudential Supervision: What Works and What Doesn't, Frederic S. Mishkin, Ed.
    (Chicago: University of Chicago Press for NBER), 349-352.

82. Comment on `The Impact of Capital Requirements on Bank Risk Taking: Empirical
    Evidence' in `Proceeding of a Conference, Financial Services at the Crossroads: Capital
    Regulation in the Twenty-First Century' in Economic Policy Review of the Federal
    Reserve Bank of New York, 4 (October 1998), 47-49.

83. `How Would Changes in the Deductibility of Mortgage Interest Affect Housing Prices?'in
    Economic Commentary of the Federal Reserve Bank of Cleveland, 1 February 1996 (w. P.
    Rupert).

84. Comment on `Is Bank Lending Important for the Transmission of Monetary Policy?' by
    C.E. Walsh and J.A. Wilcox in E. Rosengren (Ed.), Is Bank Lending Important for the
    Transmission of Monetary Policy? Federal Reserve Bank of Boston, 1995, 113-118.

85. `Measuring and Controlling Inflation,' NBER Reporter, Summer 1995.

86. `Interactions Between Seasonal Cycles and Business Cycles' in Economic Commentary of
    the Federal Reserve Bank of Cleveland, December 15, 1994.

87. Comment on `Estimating Policy-Invariant Technology and Taste Parameters in the
    Financial Sector, When Risk and Growth Matter' by W. Barnett, M. Kirova and M.
    Pasupathy, Journal of Money, Credit and Banking, 27 (November 1995, Part 2).

88. Comment on `What Determines the Sacrifice Ratio?' by Laurence Ball in Monetary
    Policy, N. Gregory Mankiw, Ed. (Chicago: University of Chicago Press for NBER,
    1994), 188-193.

89. Comment on `Inflation Uncertainty, Relative Price Uncertainty and Investment in U.S.
    Manufacturing' by John Huizinga, Journal of Money, Credit and Banking, 25 (August
    1993, Part 2), 550-554.



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Curriculum Vitae                                                         Stephen G. Cecchetti

90. Comment on `Seignorage as a Tax: A Quantitative Analysis' by Ayse Imrohoroglu and
    Edward C. Prescott, Journal of Money, Credit and Banking, 23 (August 1991, Part 2),
    476-480.

Newspaper and Magazine Articles

91. "Inflation Trends and the Role of Central Bankers," Financial Times, 9 March 2007.

92. "Federal Reserve May Have Hit Speed Limit," Financial Times, 11 December 2006.

93. "Core Inflation is an Unreliable Guide," Financial Times, 11 September 2006.

94. "Inflation targeting is the best way forward for the Fed" Financial Times, July 10, 2006.

95. "Paulson has the tools but needs Bush's support," Financial Times, May 31, 2006.

96. "Bernanke's balancing act means slow times ahead," Financial Times, May 9, 2006.

97. "Housing binge will have an inflation hangover," Financial Times, December 19, 2005.

98. "Greenspan must be sensitive to growth uncertainty." Financial Times, Sept. 19, 2005.

99. "Why Federal Reserve must raise interest rates," Financial Times, August 8, 2005.

100. "Central Bankers must practise silence," Financial Times, May 11, 2005.

101. "US Interest rate must rise, and quickly," Financial Times, March 21, 2005.

102. "A trust fund can feed both growth and the old," Financial Times, 26 January 2005(Also
   Occasional Essay on Current Policy Issues No. 40)

103. "Say it Softly: the solution is a tax rise," Financial Times, 22 November 2004 (Also
   Occasional Essay on Current Policy Issues No. 39)

104. "Voters Ill-Equipped for Economic Debate," Financial Times, 6 October 2004 (Also
   Occasional Essay on Current Policy Issues No. 38)

105. "The oil pressure is rising at the Fed," Financial Times, 23 August 2004 (Also
   Occasional Essay on Current Policy Issues No. 37)

106. "Managers prefer a little more inflation" Financial Times, 31 May 2004 (Also
   Occasional Essay on Current Policy Issues No. 36)

107. "Banks tiptoe through an etymological minefield" Financial Times, 22 March 2004
   (Also Occasional Essay on Current Policy Issues No. 35)

108. "A Harsh Lesson on Why U.S. Deficits Matter," Financial Times, 3 February 2004 (Also
   Occasional Essay on Current Policy Issues No. 34).


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Curriculum Vitae                                                       Stephen G. Cecchetti


109. "The Policy Myopia That Will Damage America," Financial Times, 13 January 2004
   (Also Occasional Essay on Current Policy Issues No. 33).

110. "Unconventional Monetary Policy Tools," Business Economics (publication of the
   National Association of Business Economists) January 2004, forthcoming. (Also
   Occasional Essay on Current Policy Issues No. 30).

111. "Spitzer Risks Scaring the Small Investor," Financial Times, 25 November 2003 (Also
   Occasional Essay on Current Policy Issues No. 32).

112. "America's Job Gap Will Be Difficult to Close," Financial Times, 2 October 2003 (Also
   Occasional Essay on Current Policy Issues No. 31).

113. "The Pitfalls of Inflation Targeting in Practice," Financial Times, 3 September 2003
   (Also Occasional Essay on Current Policy Issues No. 29).

114. "Monetary Policy is not the Force it used to be" Financial Times, 6 August 2003 (Also
   Occasional Essay on Current Policy Issues No. 28).

115. "How to Establish a Credible Iraqi Central Bank," International Economy, Summer
   2003. (Also Occasional Essay on Current Policy Issues No. 27).

116. "Exchange Rate Policy: What the Treasury Secretary Should Say About the Dollar,"
   Financial Times, 26 May 2003. (Also Occasional Essay on Current Policy Issues No. 26).

117. "Improving FOMC Communication," Financial Times, 5 May 2003 (Also Occasional
   Essay on Current Policy Issues No. 25).

118. `The Gold Standard: An Exchange Rate Regime Whose Time Has Passed,' Charted
   Financial Analyst of India, March 2003.

119. `Central Banks Have Plenty of Ammunition,' Financial Times, 17 March 2003.
   Reprinted in Chinamoney, 2003 in Chinese. (Also Occasional Essay on Current Policy
   Issues No. 24).

120. `A Forward-Looking Fiscal Policy Strategy,' Financial Times, 23 December 2002.
   Reprinted in Chinamoney, No. 16, February 2003 in Chinese. (Also Occasional Essay on
   Current Policy Issues No.23).

121. `Ignore the Whining about Deflation,' Financial Times, 11 November 2002. (Also
   Occasional Essay on Current Policy Issues No.22).

122. `The Trouble with Bubbles,' Financial Times, 4 September 2002. Reprinted in
   Chinamoney, No. 13, October/November 2002 in Chinese. (Also Occasional Essay on
   Current Policy Issues No.21).




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Curriculum Vitae                                                       Stephen G. Cecchetti

123. `Bubbles and Blind Eyes,' Financial Times, 9 May 2002 . Reprinted in Chinamoney, No.
   12, August/September 2002 in Chinese. (Also Occasional Essay on Current Policy Issues
   No. 20).

124. `The Fed's Test,' Financial Times, 14 March 2002 (Also Occasional Essay on Current
   Policy Issues No. 19)

125. `The Role of Fiscal Policy,' Financial Times, 21 January 2002 (Also Occasional Essay
   on Current Policy Issues No. 18)

126. `America Will Not Suffer Deflation,' Financial Times, 20 November 2001. (Also
   Occasional Essay on Current Policy Issues No. 17.)

127. `Half Way to Vanquishing Volatility,' Financial Times, 22 August 2001. (Also
   Occasional Essay on Current Policy Issues No. 16.)

128. `The Federal Reserve's Gamble,' Financial Times, 30 May 2001. (Also Occasional Essay
   on Current Policy Issues No. 15.)

129. `Greenspan Shows a Sense of Urgency' Financial Times, 20 April 2001. (Also
   Occasional Essay on Current Policy Issues No. 14.)

130. `Tax Cuts Must Encourage Saving' Financial Times, 28 February 2001. (Also Occasional
   Essay on Current Policy Issues No. 13.)

131. `Is the New Economy Contagious?' Financial Times, 3 January 2001. (Also Occasional
   Essay on Current Policy Issues No. 12.)

132. `Remember the 1970s?' Financial Times, 13 October 2000. (Also Occasional Essay on
   Current Policy Issues No. 11).

133. `A Legal Challenge for Europe's Markets,' Financial Times, 17 August 2000. (Also
   Occasional Essay on Current Policy Issues No. 9.)

134. `Misguided Quest for a New Benchmark,' Financial Times, 3 May 2000. (Also
   Occasional Essay on Current Policy Issues No. 7.)

135. `Unjustifiably Great Expectations,' Financial Times, 4 April 2000. (Also Occasional
   Essay on Current Policy Issues No. 6.)

136. `Americans Remain Wary of Wealth,' Financial Times, 3 March 2000. (Also Occasional
   Essay on Current Policy Issues No. 4.)

137. `We Are All Venture Capitalists Now,' Financial Times, 2 February 2000. (Also
   Occasional Essay on Current Policy Issues No. 3.)

138. `Preparing for Life after Greenspan,' Financial Times, 6 January 2000. (Also Occasional
   Essay on Current Policy Issues No. 2.)


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Curriculum Vitae                                                       Stephen G. Cecchetti


Working Papers

`Do Capital Adequacy Requirements Matter for Monetary Policy?" November 2003 (with L.
    Li).

`The Demographic Characteristics of Household Inflation Expectations Surveys,' August
    2000 (w. M. Bryan).

`A Note on the Efficient Estimation of Core Inflation in Brazil,' September 2000 (w. M.
    Bryan).

`Has Monetary Policy Become More Efficient in Mexico?' August 2000 (w. A. Flores
    Lagunes and S. Krause, in Spanish).

`International Evidence on the Costs of Reducing Inflation: Do We Know How Big They
     Are?' February 1999 (w. R. Rich).

`Efficient Inflation Estimation,' NBER Working Paper No. 6183, September 1997 (w. M.
     Bryan and R. Wiggins).

`Business Failures and Credit Market Imperfections: Debt-Deflation and Bank Panics in the
    Pre-WWII U.S.,' unpublished paper, September 1996 (w. M.M. McConnell).

`The Case of Major League Salaries ­ An Economic Perspective,' unpublished paper,
    February 1995 (w. M. Bryan and P. Rupert).


Occasional Essays on Current Policy Issues (not published elsewhere)

No. 5. `The U.S. Inflation Alphabet: A Primer,' 10 March 2000.

No. 8. `Who Should Care about the Euro-Dollar Exchange Rate Anyway?' 29 June 2000.

No. 10. `Early Warning Signs of the U.S. Productivity Pickup: Implications for Europe,' 14
    August 2000.

Invited Lectures and Keynote Addresses

Keynote Speaker, Annual Research Conference of the Bank of Finland Institute for
   Economies in Transition, April 2006, Helsinki, Finland.

Keynote Speaker, New Zealand Association of Economists, July 2005, Christchurch, New
   Zealand.

Ohio State University Distinguished Lecture "Behind the Scenes on September 11," 22
    January 2003.


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Curriculum Vitae                                                       Stephen G. Cecchetti


Milton Friedman Lecture, Marrieta College, Marrieta Ohio, October 2001.

Keynote Speaker at conference on `EMU Macroeconomic Institutions and Policies,'
   Universitá Statale di Milano-Bicocca, Milan, Italy 20-22 September 2001.

Keynote address, Conference on "Structure, Performance and Future of Financial Institutions
   in Member States of the Gulf-Cooperation Council," Doha Qatar, 7-9 April 2001.

Keynote address, Conference on "The Dollar and the Euro," Centro Internazionale di Studi
   Superiori Storici Economici e Sociali J.C.L. Sismondi, Lucca, Italy, November 1998.

Keynote address, Symposium on Operations Research 1997, Jena, Germany, September 1997.

University Service

Chair, Brandeis University Budget Committee, 2005-present.
International Business School Representative to the Brandeis University Faculty Senate,
    2004-2007.
Faculty Senate Representative to the Ohio State University Fiscal Committee, 1999-2000
Alternate Faculty Representative to the Ohio State University Senate, 1996-1997
President's Faculty Appointee to the Ohio State University Fiscal Committee, 1996-1997

College Service

OSU Social and Behavioral Sciences College Committee on Academic Priorities
Advisory Committee, Mershon Center, Ohio State University
Review Committee for Mershon Center Faculty Project Grants, Ohio State University




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