Main Publications till 2017

A. Books

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

  2. Inflation, Stagflation, Relative Prices and Imperfect Information, Cambridge University Press, Cambridge, London, New York, 1984, 200 pages, A shorter version appeared in Italian by Edizioni de Communita, 1984

B. Books Edited

A. Cukierman, Z. Hercowitz and L. Leiderman (eds.) Political Economy, Growth and Business Cycles, The MIT Press, Cambridge, MA, 1992

C. Articles and Chapters in Books


  1. 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.     

  2. Cukierman A. (2016), "Reflections on the Natural rate of Interest, its Measurement, Monetary Policy and the Zero Lower Bound", in Gnan E. and D. Masciandaro (eds.), Central Banking and Monetary Policy: Which will be the New Post-Crisis Normal? SUERF Conference Proceedings 2016/4.

  3. 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.

  4. Cukierman A. and Y. Izhakian (2015), "Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System"Journal of Banking and Finance, vol. 52, pp. 160–179.

  5. Cukierman A. (2013), "Monetary Policy and Institutions Before, During and After the Global Financial Crisis", Journal of Financial Stability, 9(3), 373-384, September.

  6. Cukierman A. (2011), "The Great Depression, the Current Crisis and Old versus New Keynesian Thinking – What have we Learned and What Remains to be Learned?" Arnon A., J. Weinblatt and W. Young (eds.), Perspectives on Keynesian Economics, Springer.

  7. Cukierman A. (2008), "Central Bank Independence and Monetary Policymaking Institutions - Past, Present and Future", European Journal of Political Economy, 24, 722-736.
    A shorter version appeared in Spanish in Economia Chileana, V. 9, No. 1, April 2006, 5-23.

  8. Cukierman, A. and A. Muscatelli (2008), "Nonlinear Taylor Rules and Asymmetric Preferences in Central Banking: Evidence from the United Kingdom and the United States", The B.E. Journal of Macroeconomics: Vol. 8 : Iss. 1 (Contributions), Article 7.

  9. Cukierman A. (2007), "De Jure, De Facto and Desired Independence: The Bank of Israel as a Case Study", in N. Liviatan and H. Barkai (eds), The Bank of Israel: Volume II, Selected Topics in Israel's Monetary Policy, Oxford University Press.

  10. Beetsma R., A. Cukierman and M. Giuliodori ( 2007), "On the Relationship between Defense and Non-Defense Spending in the U.S. during the World Wars", Economics Letters, 95, 415-421, February.

  11. Cukierman A. and A. Dalmazzo, (2006), "Fiscal-Monetary Policy Interactions in the presence of Unionized Labor Markets", International Tax and Public Finance, 13, 411-435.

  12. Coricelli F., A. Cukierman and A. Dalmazzo (2006), "Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance", Scandinavian Journal of Economics, V. 108, 39-63, March. (Extended older version, January 2004).

  13. Cukierman A. and F. Lippi ( 2005), "Endogenous Monetary Policy with Unobserved Potential Output", Journal of Economics Dynamics and Control, V. 29, issue 11, 1951-1983, November.

  14. Cukierman A., I. Goldstein and Y. Spiegel, (2004) "The Choice of Exchange Rate Regime and Speculative Attacks"Journal of the European Economic Association, V. 2, issue 6, 1206-1241, December.
    (Extended older version, July 2003).

  15. Cukierman A., Y. Spiegel and  L. Leiderman, (2004), "The Choice of Exchange Rate Bands: Balancing Credibility and Flexibility", Journal of International Economics, 62(2), 379-408, March.

  16. Coricelli F., A. Cukierman and A. Dalmazzo (2004), "Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labor and Goods' Markets", in: Sinn H. W., M. Widgren and M. Kothenburger (eds.), European Monetary Integration, The MIT Press.

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

  18. Cukierman A. and F. Lippi (2001), "Labor Markets and Monetary Union : A Strategic Analysis", Economic Journal, 111, 541 – 565, July.

  19. Cukierman A. (2000), "Establishing a Reputation for Dependability by Means of Inflation Targets", Economics of Governance,1, 53-76, February.
    Reprinted in Lavan Mahadeva and Gabriel Sterne (eds.), Monetary Frameworks in a Global Context,  Routledge, 2000.

  20. Cukierman A. and F. Lippi (1999), "Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Some Evidence"European Economic Review, 43, 1999, 1395-1434, May. 

  21. A. Cukierman and M. Tommasi, "When Does it Take a Nixon to Go to China?", American Economic Review, 88, March 1998, 180-197.

  22. A. Cukierman, P. Rodriguez and S. Webb, "Cental Bank Autonomy and Exchange Rate Regimes - Their Effects on Monetary Accomodation and Activism", in S. Eijffinger H. Huizinga (eds.),  Positive Political Economy-Theory and Evidence, Cambridge University Press, Cambridge, UK and NY, 1998.

  23. A. Cukierman and S. Webb, "Political Influence on the Central Bank-International Evidence", The World Bank  Economic Review, 9, September 1995, 397-423.
    Reprinted in S.C.W. Eijffinger (ed.), Independent Central Banks and Economic  Performance  - The International Library of Critical Writings in Economics Series, Edward Elgar, UK, 1997.

  24. A. Cukierman, P. Kalaitzidakis, L. Summers and S. Webb, "Central Bank Independence, Growth, Investment and Real Rates", Carnegie-Rochester Conference on Public Policy, Autumn 1993.
    Reprinted in S.C.W. Eijffinger (ed.) Independent Central Banks and Economic Performance - The International Library of Critical Writings in Economics Series, Edward Elgar, UK, 1997.

  25. A. Cukierman, S. Webb and B. Neyapti, "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes", World Bank Economic Review, 6, September 1992, 353-398.
    Reprinted in S.C.W. Eijffinger (ed.) Independent Central Banks and Economic Performance - The International Library of Critical Writings in Economics Series, Edward Elgar, UK, 1997.

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

  27. A. Cukierman and N. Liviatan, "The Dynamics of Optimal Gradual Stabilizations", World Bank Economic Review, 6, September 1992, 439-458.

  28. "Asymmetric Information and the Electoral Momentum of Public Opinion Polls", Public Choice, 70, April 1991, 181-213.

  29. A. Cukierman and N. Liviatan, "Optimal Accomodation by Strong Policymakers Under Incomplete Information", Journal of Monetary Economics, 27, 1, January 1991, 99-127.

  30. A. Alesina and A. Cukierman, "The Politics of Ambiguity", Quarterly Journal of Economics, 105, November 1990, 829-850.

  31. 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.

  32. A. Cukierman and M. Sokoler, "Monetary Policy and Institutions in Israel - Past, Present and Future", Bank of Israel Economic Review, No. 65, March 1993, 67-123.

  33. "Rapid Inflation - Deliberate Policy or Miscalculation?", Carnegie-Rochester Conference Series on Public Policy, 29, Autumn 1988, K. Brunner and B. McCallum (eds.), 11-84.
    Reprinted in P. Siklos (ed.), Great Inflations of the 20th Century, Edward Elgar, UK, 1995.

  34. A. Cukierman and A. Meltzer, "A Theory of Ambiguity, Credibility and Inflation Under Discretion and Asymmetric Information"Econometrica, 54, September 1986, 1099-1128.

  35. A. Cukierman and A. Meltzer, "The Credibility of Monetary Announcements", in Monetary Policy and Uncertainty, ed. M.J.M. Neumann, 1986, Nomos-Verlagsgesellschaft, Baden-Baden, 39-68.

  36. A. Cukierman, L. Leiderman, "Price Controls and the Variability of Relative Prices", Journal of Money Credit and Banking, 16, August 1984, 271-284.

  37. "Relative Price Variability and Inflation - A Survey and Further Results", in K. Brunner and A. Meltzer (eds.), Variability in Employment Prices and Money, Carnegie-Rochester Conference Series on Public Policy, 19, Autumn 1983, North-Holland, Amsterdam 103-158.

  38. A. Cukierman, P. Wachtel, "Relative Price Variability and Non-Uniform Inflationary Expectations", Journal of Political Economy, 30 February 1982, 146-157.

  39. K. Brunner, A. Cukierman, A. Meltzer, "Stagflation Persistent Unemployment and the Permanence of Economic Shocks", Journal of Monetary Economics, 6, October 1980, 467-492.

  40. "The Effects of Uncertainty on Investment Under Risk Neutrality with Endogenous Information", Journal of Political Economy, 88, June 1980, 462-475.

  41. "The Effects of Wage Indexation on Macroeconomics Fluctuations: A Generalization", Journal of Monetary Economics, 6, April 1980, 147-170.

  42. A. Cukierman, P. Wachtel, "Differential Inflationary Expectations and the Variability of the Rate of Inflation: Theory and Evidence", American Economic Review, 69, September 1979, 595-609.

  43. "The Relationship Between Relative Prices and the General Price Level: A Suggested Interpretation", American Economic Review, 69, June 1979, 444-447.

  44. "Rational Expectations and the Role of Monetary Policy: A Generalization", Journal of Monetary Economics, 5, April 1979, 213-229.

  45. "The Horizontal Integration of the Banking Firm, Credit Rationing and Monetary Policy", The Review of Economic Studies, 45, February 1978, 165-178.

  46. "A Test of Expectational Processes Using Information from the Capital Markets - The Israeli Case", International Economic Review, 18, October 1977, 737-753.

  47. A. Cukierman, Z. Shiffer, "Contracting for Optimal Delivery Time in Long-Term Projects", Spring 1976, The Bell Journal of Economics and Management Science, 132-149.

  48. "A Test of the No Trade Off in Long Run'Hypothesis", Econometrica, Vol. 42, No. 6, November 1974, 1069-1080.

  49. H. Ben-Shahar, A. Cukierman, "The Term Structure of Interest Rates and Expectation of Price Increase and evaluation", Journal of Finance, June 1973, 567-575.