Stephen G. Cecchetti's Books

Inflation Targeting and Private Sector Forecasts

By: Stephen G. Cecchetti

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Inflation Targeting and Private Sector Forecasts

By: Stephen G. Cecchetti

Transparency is one of the biggest innovations in central bank policy of the past quarter century. Modern central bankers believe that they should be as clear about their objectives and actions as possible. However, is greater transparency always beneficial? This report studies the degree to which increased info. about monetary policy might lead to individuals coordinating their forecasts. The authors estimate a series of simple models to measure the impact of inflation targeting on the dispersion of private sector forecasts of inflation. Using a panel data set that includes 15 countries over 20 years they find no convincing evidence that adopting an inflation targeting regime leads to a reduction in the dispersion of private sector forecasts of inflation.

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DIANE Publishing

Published Date

ISBN 10

1437934323

ISBN 13

9781437934328

Asset Prices and Central Bank Policy

By: Stephen Giovanni Cecchetti

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Asset Prices and Central Bank Policy

By: Stephen Giovanni Cecchetti

Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.

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164

Publisher

Centre for Economic Policy Research

Published Date

ISBN 10

1898128537

ISBN 13

9781898128533

Concrete Economics

The Hamilton Approach to Economic Growth and Policy

By: Stephen S. Cohen,J. Bradford DeLong

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Concrete Economics

The Hamilton Approach to Economic Growth and Policy

By: Stephen S. Cohen,J. Bradford DeLong

“an excellent new book” — Paul Krugman, The New York Times History, not ideology, holds the key to growth. Brilliantly written and argued, Concrete Economics shows how government has repeatedly reshaped the American economy ever since Alexander Hamilton’s first, foundational redesign. This book does not rehash the sturdy and long-accepted arguments that to thrive, entrepreneurial economies need a broad range of freedoms. Instead, Steve Cohen and Brad DeLong remedy our national amnesia about how our economy has actually grown and the role government has played in redesigning and reinvigorating it throughout our history. The government not only sets the ground rules for entrepreneurial activity but directs the surges of energy that mark a vibrant economy. This is as true for present-day Silicon Valley as it was for New England manufacturing at the dawn of the nineteenth century. The authors’ argument is not one based on abstract ideas, arcane discoveries, or complex correlations. Instead it is based on the facts—facts that were once well known but that have been obscured in a fog of ideology—of how the US economy benefited from a pragmatic government approach to succeed so brilliantly. Understanding how our economy has grown in the past provides a blueprint for how we might again redesign and reinvigorate it today, for such a redesign is sorely needed.

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238

Publisher

Harvard Business Review Press

Published Date

ISBN 10

1422189821

ISBN 13

9781422189825

Addressing Spillovers from Prolonged U.S. Monetary Policy Easing

By: Stephen Cecchetti,Mr. Machiko Narita,Umang Rawat,Ms. Ratna Sahay

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Addressing Spillovers from Prolonged U.S. Monetary Policy Easing

By: Stephen Cecchetti,Mr. Machiko Narita,Umang Rawat,Ms. Ratna Sahay

There is growing recognition that prolonged monetary policy easing of major economies can have extraterritorial spillovers, driving up financial system leverage in other countries. When faced with such a rise of threats to financial stability, what can countries do? Specifically, is there a role for macroprudential tools, capital controls or foreign exchange intervention in safeguarding financial stability from risks arising externally? We examine the efficacy of these policy interventions by exploring whether preemptive or reactive policy interventions can mitigate such risks. Using a sample of 950 bank and nonbank financial firms across 28 non-U.S. economies over the past two decades, we show that if policymakers are able to implement policies prior to an additional consecutive decline in U.S. interest rates, financial institutions do not increase their leverage by as much as they otherwise would. By contrast, it is more difficult to counter the spillovers with reactive policy interventions. In practice, however, policymakers need to remain cautious about the timing of preventative tightening, especially when their economies face large negative shocks such as a pandemic.

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International Monetary Fund

Published Date

ISBN 10

1513584499

ISBN 13

9781513584492

Money, Banking and Financial Markets

By: Kermit Schoenholtz,Stephen Cecchetti

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Money, Banking and Financial Markets

By: Kermit Schoenholtz,Stephen Cecchetti

Cecchetti & Schoenholtz's Money, Banking, and Financial Markets stays relevant and interesting through the text's unique emphasis on the Five Core Principles, the early introduction of risk, an integrated global perspective, and the integration of FRED data in the text and problem material. By focusing on the big picture via core principles, Cecchetti & Schoenholtz teaches students the rationale for financial rules and institutional structure so that even when the financial system evolves, students' knowledge will not be out of date. Be sure to visit the author blog at www.moneyandbanking.com for short, informed discussions on issues in the news, as well as technical points relevant for instructors and students alike. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

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752

Publisher

McGraw-Hill Education

Published Date

ISBN 10

1259746747

ISBN 13

9781259746741

Loose Leaf for Money, Banking and Financial Markets

By: Stephen G. Cecchetti,Kermit L. Schoenholtz

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Loose Leaf for Money, Banking and Financial Markets

By: Stephen G. Cecchetti,Kermit L. Schoenholtz

Cecchetti& Schoenholtz's Money, Banking, and Financial Markets 6e stays relevant and interesting through the product’s unique emphasis on the Five Core Principles, the early introduction of risk, an integrated global perspective, and the integration of FRED data in both the text and problem material. By focusing on the big picture via core principles, Cecchetti teaches students the rationale for financial rules and institutional structure so that even when the financial system evolves, students' knowledge will not be out of date. Be sure to visit the author blog at www.moneyandbanking.com for short, informed discussions on issues in the news, as well as technical points relevant for instructors and students alike. Connect Economics: McGraw-Hill's online assignment and assessment tool. Cecchetti paired with Connect Economics provides assignable, auto-gradable versions of end-of-chapter problems in static and algorithmic format, as well as test bank content and graphing problems. Students receive detailed step-by-step feedback on assignments and assignable content is fully integrated with the eBook.Students are also able to search, highlight, and take notes within the ReadAnywhere eBook and complete SmartBook 2.0 assignments offline. Connect provides instructors with powerful reporting tools allowing them to plan,track, and analyze student performance across learning outcomes.

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Page Count

736

Publisher

McGraw-Hill Education

Published Date

ISBN 10

1264058691

ISBN 13

9781264058693

Book's by Stephen G. Cecchetti

Inflation Targeting and Private Sector Forecasts

Inflation Targeting and Private Sector Forecasts

Asset Prices and Central Bank Policy

Asset Prices and Central Bank Policy

Concrete Economics

Concrete Economics

Addressing Spillovers from Prolonged U.S. Monetary Policy Easing

Addressing Spillovers from Prolonged U.S. Monetary Policy Easing

Money, Banking and Financial Markets

Money, Banking and Financial Markets

Loose Leaf for Money, Banking and Financial Markets

Loose Leaf for Money, Banking and Financial Markets

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