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Research Interests

Macro and Monetary Economics with particular emphasis on the economics and politics of central banking. The Global Financial Crisis – Implications for monetary policy, monetary institutions and regulatory reform. Long run interaction between monetary institutions and labor market institutions. The Corona Crisis – Implications for public finance and the impact of democracy on pandemic incidence. Choice of exchange rate regime and speculative attacks. Asymmetric central bank preferences and monetary policy rules. Political Economy and the positive theory of economic policy. Government debt and deficits. Wars and redistribution. Imperfect information, inflation and relative prices. Inflationary expectations and the permanent-transitory confusion.

Sample Publications:


Central Banks


Central Bank Strategy, Credibility and Independence: Theory and Evidence,
The MIT Press, Cambridge, MA, 1992

A. Cukierman, G. P. Miller and B. Neyapti, "Central Bank Reform, Liberalization and Inflation in Transition Economies - An International Perspective", Journal of Monetary Economics, 49, March  2002, 237-264.

Cukierman A. (2020), "Welfare and Political Economy Aspects of a Central Bank Digital Currency", The Manchester School (2020), V. 88, 114-125.


A. Cukierman, S. Edwards and G. Tabellini 
"Seigniorage and Political Instability", American Economic Review, 82, June 1992, 537-555.

A. Cukierman and A. Meltzer 
"A Political Theory of Government Debt and Deficits in a Neo Ricardian Framework", American Economic Review, 79, September 1989, 713-732. 

Global Financial Crisis

Cukierman A. (2017), "Money Growth and Inflation: Policy Lessons from a Comparison of the US since 2008 with Hyperinflation Germany in the 1920s", Economic Letters, 154, 109-112.

Cukierman A. (2019), "The Impact of the Global Financial Crisis on Central Banking", in Mayes D., Siklos P. and J.E. Sturm (eds.), Oxford Handbook on the Economics of Central Banking, Oxford University Press. Online version March.

Corona Crisis

Cukierman A. (2020), "Why is COVID-19 incidence in authoritarian China so much lower than in the democratic US: Effectiveness of collective action or Chinese cover-up?", (Blog)

Aizenman J., A. Cukierman, Y. Jinjarak, S. Nair-Desai and W. Xin (2022), “Gaps Between Official and Excess Covid-19 Mortality Measures” The Effects of Institutional Quality and Vaccinations”, Economic Modelling, 116, November, 105990.

Aizenman J., A. Cukierman, Y. Jinjarak and W. Xin (2023), "International Evidence on Vaccines and the Mortality to Infections Ratio in the Pre-Omicron Era", Economics of Disasters and Climate Change, Published online: April 6. DOI: 10.1007/s41885-023-00125-1.

Economic Policy

Beetsma R., A. Cukierman and M. Giuliodori (2016), "The Political Economy of Redistribution in the U.S. in the Aftermath of World War II - Evidence and Theory", American Economic Journal: Economic Policy, 8(4), pp. 1-40, November.

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