Alex Cukierman

Tel Aviv University - Eitan Berglas School of Economics

P.O. Box 39040

Ramat Aviv, Tel Aviv, 69978

Israel

Interdisciplinary Center (IDC) Herzliyah

P.O. Box 167

Herzliya, 46150

Israel

http://www.tau.ac.il/~alexcuk/

Centre for Economic Policy Research (CEPR)

Fellow

London

United Kingdom

  • Tel Aviv University - Eitan Berglas School of Economics

    • Email
    • Tel: +972 3 540 5360
    • Fax: +972 3 640 9908

  • Interdisciplinary Center (IDC) Herzliyah

SCHOLARLY PAPERS

40

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Scholarly Papers (40)

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1.

Monetary Policy and Institutions Before, During, and after the Global Financial Crisis

Paolo Baffi Centre Research Paper No. 2012-115
Number of pages: 45 Posted: 23 Jul 2012
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 796 (29,968)
Citation 8

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Monetary policy and institutions, global financial crisis, inflation and exit policies in the US and the Eurozone, banking credit and reserves, bailout uncertainty

2.

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System

Downloads 679 ( 37,266)
Citation 7

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System

NYU Working Paper
Number of pages: 51 Posted: 15 Oct 2011
Alex Cukierman and Yehuda (Yud) Izhakian
Tel Aviv University - Eitan Berglas School of Economics and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 342 (86,691)

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risk, uncertainty, lehman’s default, leverage, financial intermediaries, bailouts, duration mismatches

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System

Paolo Baffi Centre Research Paper No. 2011-104
Number of pages: 52 Posted: 20 Jul 2011
Alex Cukierman and Yehuda (Yud) Izhakian
Tel Aviv University - Eitan Berglas School of Economics and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 336 (88,445)
Citation 7

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Risk, Uncertainty, Lehman’s default, Leverage, Financial intermediaries, Bailouts, Duration mismatches

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System

CEPR Discussion Paper No. DP8453
Number of pages: 54 Posted: 20 Jul 2011
Alex Cukierman and Yehuda (Yud) Izhakian
Tel Aviv University - Eitan Berglas School of Economics and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 1 (685,321)
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Ambiguity Aversion, Bailouts, Duration mismatches, Financial intermediaries, Lehman's Collapse, Leverage, Risk, Uncertainty

3.

The Choice of Exchange Rate Regime and Speculative Attacks

Downloads 340 ( 87,899)
Citation 3

The Choice of Exchange Rate Regime and Speculative Attacks

Number of pages: 43 Posted: 01 Mar 2002
Alex Cukierman, Itay Goldstein and Yossi Spiegel
Tel Aviv University - Eitan Berglas School of Economics, University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University, Coller School of Management
Downloads 317 (94,395)
Citation 1

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The Choice of Exchange Rate Regime and Speculative Attacks

CEPR Discussion Paper No. 3714
Number of pages: 51 Posted: 11 Feb 2003
Alex Cukierman, Itay Goldstein and Yossi Spiegel
Tel Aviv University - Eitan Berglas School of Economics, University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University, Coller School of Management
Downloads 23 (521,195)
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Currency crises, choice of exchange rate regime, speculators, Tobin tax, global games, reputation

4.

Reflections on the Crisis and on Its Lessons for Regulatory Reform and for Central Bank Policies

Paolo Baffi Centre Research Paper No. 2009-56
Number of pages: 30 Posted: 03 Aug 2009 Last Revised: 23 Sep 2009
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 321 (93,662)
Citation 5

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Q

5.

The Choice of Exchange Rate Bands: Balancing Credibility and Flexibility

Number of pages: 45 Posted: 10 Nov 1999
Alex Cukierman, Miguel A. Kiguel, Leonardo Leiderman and Yossi Spiegel
Tel Aviv University - Eitan Berglas School of Economics, Independent, Tel Aviv University - Eitan Berglas School of Economics and Tel Aviv University, Coller School of Management
Downloads 183 (164,822)
Citation 2

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6.

When is the Direct Democracy Paradigm a Reasonable Guide for Policy Choices in a Representative Democracy?

Number of pages: 51 Posted: 19 Aug 2000
Yossi Spiegel and Alex Cukierman
Tel Aviv University, Coller School of Management and Tel Aviv University - Eitan Berglas School of Economics
Downloads 176 (170,707)

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Direct Democracy, Representative Democracy, Median Voter, Policy Bias, Political Uncertainty

7.

Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance

Downloads 149 (196,677)
Citation 17

Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance

University of Siena, Department of Economics Working Paper
Number of pages: 44 Posted: 24 Mar 2000
Fabrizio Coricelli, Alex Cukierman and Alberto Dalmazzo
Université Paris I Panthéon-Sorbonne, Tel Aviv University - Eitan Berglas School of Economics and University of Siena - Department of Economics
Downloads 130 (220,252)
Citation 8

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Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance

Scandinavian Journal of Economics, Vol. 108, No. 1, pp. 39-63, March 2006
Number of pages: 26 Posted: 08 May 2006
Fabrizio Coricelli, Alex Cukierman and Alberto Dalmazzo
Université Paris I Panthéon-Sorbonne, Tel Aviv University - Eitan Berglas School of Economics and University of Siena - Department of Economics
Downloads 19 (547,109)
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8.

Endogenous Monetary Policy with Unobserved Potential Output

Downloads 130 (219,501)
Citation 84

Endogenous Monetary Policy with Unobserved Potential Output

CEIS Tor Vergata - Research Paper Series No. 26
Number of pages: 44 Posted: 25 Jul 2003
Alex Cukierman and Francesco Lippi
Tel Aviv University - Eitan Berglas School of Economics and Bank of Italy - Research Department
Downloads 112 (246,402)
Citation 7

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monetary policy, potential output, filtering, inflation, output gap

Endogenous Monetary Policy with Unobserved Potential Output

CEPR Discussion Paper No. 3763
Number of pages: 46 Posted: 18 Mar 2003
Alex Cukierman and Francesco Lippi
Tel Aviv University - Eitan Berglas School of Economics and Bank of Italy - Research Department
Downloads 18 (553,608)
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Monetary policy, potential output, filtering, inflation, output gap

9.

The Limits of Transparency

Downloads 110 (248,424)
Citation 15

The Limits of Transparency

Paolo Baffi Centre Research Paper No. 2008-31
Number of pages: 52 Posted: 15 Oct 2008
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 105 (258,145)
Citation 8

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The Limits of Transparency

CEPR Discussion Paper No. DP6475
Number of pages: 49 Posted: 30 May 2008
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 4 (651,151)
Citation 8
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monetary policy, Transparency - actual and desirable

The Limits of Transparency

Economic Notes, Vol. 38, Issue 1-2, pp. 1-37, February / July 2009
Number of pages: 37 Posted: 08 Oct 2009
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 1 (685,321)
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10.

Do Central Banks Have Precautionary Demands for Expansions and for Price Stability? - Theory and Evidence

CESifo Working Paper Series No. 764
Number of pages: 39 Posted: 06 Nov 2002
Alex Cukierman and Anton Muscatelli
Tel Aviv University - Eitan Berglas School of Economics and University of Glasgow - Department of Economics
Downloads 109 (250,033)

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11.

Seigniorage and Political Instability

NBER Working Paper No. w3199
Number of pages: 54 Posted: 29 Jun 2004 Last Revised: 15 Apr 2008
Alex Cukierman, Sebastian Edwards and Guido Tabellini
Tel Aviv University - Eitan Berglas School of Economics, University of California, Los Angeles (UCLA) - Global Economics and Management (GEM) Area and Bocconi University - Department of Economics
Downloads 74 (319,598)
Citation 2

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12.

Keynesian Economics, Monetary Policy and the Business Cycle - New and Old

CEPR Discussion Paper No. 5284
Number of pages: 43 Posted: 18 Nov 2005
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 37 (437,049)
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Relative variability of actual and potential output under flexible versus sticky prices and wages, welfare ranking of sticky versus flexible prices and wages under monopolistic competition

13.

The Politics of Ambiguity

NBER Working Paper No. w2468
Number of pages: 31 Posted: 16 Jul 2004 Last Revised: 27 Sep 2008
Alberto F. Alesina and Alex Cukierman
Harvard University - Department of Economics and Tel Aviv University - Eitan Berglas School of Economics
Downloads 33 (453,992)
Citation 4

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14.

The Inflation Bias Revisited: Theory and Some International Evidence

CEPR Discussion Paper No. 3761
Number of pages: 30 Posted: 14 Mar 2003
Alex Cukierman and Stefan Gerlach
Tel Aviv University - Eitan Berglas School of Economics and Central Bank of Ireland
Downloads 31 (463,107)
Citation 2
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Inflation bias, Kydland-Prescott, Carro-Gordon

15.

Fiscal-Monetary Policy Interactions in the Presence of Unionized Labor Markets

CEPR Discussion Paper No. 5282
Number of pages: 37 Posted: 18 Nov 2005
Alex Cukierman and Alberto Dalmazzo
Tel Aviv University - Eitan Berglas School of Economics and University of Siena - Department of Economics
Downloads 23 (504,997)
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Central bank conservativeness, collective wage bargaining, competitiveness, inflation, labor taxes, redistribution, unemployment, unemployment benefits

16.

Central Bank Reform, Liberalization and Inflation in Transition Economies - an International Perspective

Downloads 21 (516,729)

Central Bank Reform, Liberalization and Inflation in Transition Economies - an International Perspective

CEPR Discussion Paper No. 2808
Number of pages: 39 Posted: 30 May 2001
Alex Cukierman, Geoffrey P. Miller and Bilin Neyapti
Tel Aviv University - Eitan Berglas School of Economics, New York University School of Law and Bilkent University - Department of Economics
Downloads 21 (534,138)
Citation 1
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Central banks, inflation, legal independence, reform, transition economies

Central Bank Reform, Liberalization and Inflation in Transition Economies - an International Perspective

Tel Aviv University, Foerder Institute for Economic Research Working Paper No. 19-2000
Posted: 28 Sep 2000
Alex Cukierman, Geoffrey P. Miller and Bilin Neyapti
Tel Aviv University - Eitan Berglas School of Economics, New York University School of Law and Bilkent University - Department of Economics

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central banks, legal independence, transition economies, inflation, reform

17.

Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labour and Goods Markets

CEPR Discussion Paper No. 2745
Number of pages: 46 Posted: 17 Apr 2001
Fabrizio Coricelli, Alex Cukierman and Alberto Dalmazzo
Université Paris I Panthéon-Sorbonne, Tel Aviv University - Eitan Berglas School of Economics and University of Siena - Department of Economics
Downloads 19 (528,475)
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Central bank conservativeness, monetary union, monopolistic competition, shocks, stabilization, stabilization policy, wage bargaining

18.

Legal, Actual and Desirable Independence: A Case Study of the Bank of Israel

CEPR Discussion Paper No. 4906
Number of pages: 56 Posted: 02 Jun 2005
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 18 (534,348)
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Independence-legal and actual, monetary institutions and policy, central banks, Israel

19.

Are Contemporary Central Banks Transparent About Economic Models and Objectives and What Difference Does it Make?

Bundesbank Series 1 Discussion Paper No. 2001,05
Number of pages: 50 Posted: 08 Jun 2016
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 12 (570,584)

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20.

Should the Bank of Israel Have a Growth Target? What are the Issues?

Israel Economic Review, Vol. 4, No. 2, pp. 1-18, 2006
Number of pages: 18 Posted: 21 Nov 2012
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 12 (570,584)

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21.

Wars, Redistribution and Civilian Federal Expenditures in the Us Over the Twentieth Century

CEPR Discussion Paper No. 5356
Number of pages: 60 Posted: 24 Jan 2006
Roel M. W. J. Beetsma, Alex Cukierman and Massimo Giuliodori
University of Amsterdam - Research Institute in Economics & Econometrics (RESAM), Tel Aviv University - Eitan Berglas School of Economics and University of Amsterdam - Faculty of Economics & Econometrics (FEE)
Downloads 12 (570,584)
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World War I and II, ratchet, defense spending, civilian spending transfers, taxes, revenues, franchise

22.

Bailout Uncertainty in a Microfounded General Equilibriummodelofthefinancial System

NYU Working Paper No. 2451/30271
Number of pages: 51 Posted: 10 Sep 2013
Alex Cukierman and Yehuda (Yud) Izhakian
Tel Aviv University - Eitan Berglas School of Economics and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 10 (583,106)

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risk, uncertainty, lehman’s default, leverage, financial intermediaries, bailouts, duration mismatches

23.

Central Bank Independence and Monetary Policymaking Institutions - Past Present and Future

CEPR Discussion Paper No. DP6441
Number of pages: 54 Posted: 30 May 2008
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 5 (615,733)
Citation 2
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central bank independence, economic performance, monetary institutions and future challenges, nominal anchors

24.

Non Linear Taylor Rules and Asymmetric Preferences in Central Banking - Evidence from the UK and the US

CEPR Discussion Paper No. DP6428
Number of pages: 39 Posted: 30 May 2008
Alex Cukierman and Anton Muscatelli
Tel Aviv University - Eitan Berglas School of Economics and University of Glasgow - Department of Economics
Downloads 4 (622,743)
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asymmetric objectives, central banks, inflation avoidance, non linearities, recession avoidance, Taylor rules, UK, US

25.

Reflections on the Natural Rate of Interest, its Measurement, Monetary Policy and the Zero Lower Bound

CEPR Discussion Paper No. DP11467
Number of pages: 27 Posted: 30 Aug 2016
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 3 (630,670)
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downward bias in natural rate estimates, risky natural rate

26.

Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies During the Global Financial Crisis: A Comparison

CEPR Discussion Paper No. DP10289
Number of pages: 23 Posted: 08 Dec 2014
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 3 (630,670)
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credit, crisis, Euro Area, monetary policy, reserves, US

27.

Welfare and Political Economy Aspects of a Central Bank Digital Currency

CEPR Discussion Paper No. DP13728
Number of pages: 24 Posted: 13 May 2019
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 2 (640,469)
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blockchain technology, Central bank digital currency, centralized versus decentralized currencies, narrow banking, permissioned, permissionless

28.

The Behavior of the Money Multiplier During and after the Subprime Crisis: Implications for the Transmission Mechanism of Monetary Policy

CEPR Discussion Paper No. DP12490
Number of pages: 11 Posted: 12 Dec 2017
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 2 (640,469)
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banking credit and reserves., monetary base, Money multiplier since the crisis and in the future, Quantitative easing

29.

The Political Economy of Redistribution in the U.S. In the Aftermath of World War II and the Delayed Impacts of the Great Depression - Evidence and Theory

CEPR Discussion Paper No. DP7501
Number of pages: 47 Posted: 17 Nov 2009
Roel M. W. J. Beetsma, Alex Cukierman and Massimo Giuliodori
University of Amsterdam - Research Institute in Economics & Econometrics (RESAM), Tel Aviv University - Eitan Berglas School of Economics and University of Amsterdam - Faculty of Economics & Econometrics (FEE)
Downloads 2 (640,469)
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agenda setter, ratchets, redistribution, taxes, transfers, World-War II

30.

Fiscal Policy, Labour Unions and Monetary Institutions: Their Long Run Impact on Unemployment, Inflation and Welfare

CEPR Discussion Paper No. DP6429
Number of pages: 59 Posted: 30 May 2008
Alex Cukierman and Alberto Dalmazzo
Tel Aviv University - Eitan Berglas School of Economics and University of Siena - Department of Economics
Downloads 2 (640,469)
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labour unions, long run inflation unemployment tradeoff, monopolistic competition, fiscal monetary policy interactions, monetary institutions, politics and fiscal policy, welfare

31.

Implications of the Permanent-Transitory Confusion for New-Keynesian Modeling, Inflation Forecasts and the Post-Crisis Era

CEPR Discussion Paper No. DP13727
Number of pages: 32 Posted: 13 May 2019
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 1 (652,918)
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inflationary expectations, Permanent-transitory confusion, rationally adaptive expectations - implications for New-Keynesian framework

32.

A Retrospective on the Subprime Crisis and its Aftermath Ten Years after Lehman's Collapse

CEPR Discussion Paper No. DP13373
Number of pages: 49 Posted: 11 Dec 2018 Last Revised: 17 Dec 2018
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 0 (670,601)
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bailouts, banks' reserves, credit, exit, financial crisis, monetary policy, uncertainty

33.

Forex Intervention and Reserve Management in Switzerland and Israel Since the Financial Crisis: Comparison and Policy Lessons

CEPR Discussion Paper No. DP13186
Number of pages: 33 Posted: 24 Sep 2018
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
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financial crisis, Forex intervention, policy lessons, reserve management

34.

The Permanent-Transitory Confusion: Implications for Tests of Market Efficiency and for Expected Inflation During Turbulent and Tranquil Times

CEPR Discussion Paper No. DP13187
Number of pages: 31 Posted: 24 Sep 2018 Last Revised: 12 Nov 2018
Alex Cukierman, Thomas Lustenberger and Allan H. Meltzer
Tel Aviv University - Eitan Berglas School of Economics, Swiss National BankUniversity of Basel - Faculty of Business and Economics and Carnegie Mellon University - David A. Tepper School of Business
Downloads 0 (670,601)
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behavior of inflationary expectations during stabilizations and tranquil times, Permanent-transitory confusion and rational expectations, tests of market efficiency in treasury bills and forex markets

35.

International Evidence on Professional Interest Rates Forecasts: The Impact of Forecasting Ability

CEPR Discussion Paper No. DP12489
Number of pages: 36 Posted: 12 Dec 2017
Alex Cukierman and Thomas Lustenberger
Tel Aviv University - Eitan Berglas School of Economics and Swiss National BankUniversity of Basel - Faculty of Business and Economics
Downloads 0 (670,601)
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cross-country relation between forecast dispersion and uncertainty., Forecasting interest rates and bond yields, impact of forecasting ability on forecast formation

36.

The Conquest of Israeli Inflation and Current Policy Dilemmas

CEPR Discussion Paper No. DP10955
Number of pages: 48 Posted: 01 Dec 2015
Alex Cukierman and Rafi Melnick
Tel Aviv University - Eitan Berglas School of Economics and Interdisciplinary Center Herzliya
Downloads 0 (670,601)
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dollarization, expectations anchoring, inflation uncertainty, relative price variability

37.

The Choice of Flexibility in Targeting Inflation During Normal Times and During Disinflation

CEPR Discussion Paper No. DP10827
Number of pages: 25 Posted: 21 Sep 2015
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
Downloads 0 (670,601)
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anchoring expectations, reputation, return to price stability

38.

US Banks' Behavior Since Lehman's Collapse, Bailout Uncertainty and the Timing of Exit Strategies

CEPR Discussion Paper No. DP10349
Number of pages: 31 Posted: 23 Jan 2015
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics
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US banks’ reserves, US credit, US monetary policy since financial crisis

39.

Establishing a Reputation for Dependability by Means of Inflation Targets

Economics of Governance, Vol. 1, Issue 1, 2000
Posted: 27 Nov 2000
Alex Cukierman
Tel Aviv University - Eitan Berglas School of Economics

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inflation targets, establishing credibility, precision of inflation control

40.

Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Evidence

CEPR Discussion Paper Series No. 1847
Posted: 15 Jul 1998
Alex Cukierman and Francesco Lippi
Tel Aviv University - Eitan Berglas School of Economics and Bank of Italy - Research Department

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