Alex Cukierman
Biographic Data
| ID | 5733945 |
|---|---|
| NAME | Alex Cukierman |
| GIVEN NAMES | Alex |
| FAMILY NAME | Cukierman |
| SIGNATURE | CUKIERMAN A |
| AFFILIATIONS | World Bank |
| ORCID | 0000-0002-8645-4614 |
| VERIFIED | Yes |
| TOTAL WORKS | 12 |
| TOTAL CITATIONS | 48 |
| AUTHOR COUNT | 12 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1980 |
| LATEST PUBLICATION YEAR | 2007 |
| H-INDEX | 4 |
De Jure, De Facto, and Desired Independence: The Bank of Israel as a Case Study
Labour Markets and Monetary Union: A Strategic Analysis
This paper shows that the effects of a monetary union depend on several labour market features. In particular, the switch from national monetary policies to a common monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of unions' and policymakers' preferences remain the same. The benchmark case of a monetary union between identical countries suggests that the switch to a monetary …
Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance
Positive political economy: Theory and evidence
This book investigates how observed differences in institutions affect political and economic outcomes in various social, economic, and political systems. It also examines how the institutions themselves change and develop in response to individual and collective beliefs, preferences, and strategies. This volume tackles both monetary and real topics in an integrated way, and represents the first coherent empirical investigation of positive models…
Central Bank Independence and Monetary Control
Journal Article Central Bank Independence and Monetary Control Get access Alex Cukierman Alex Cukierman Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 104, Issue 427, 1 November 1994, Pages 1437–1448, https://doi.org/10.2307/2235462 Published: 01 November 1994
Measuring the Independence of Central Banks and Its Effect on Policy Outcomes
Making the central bank an agency with the mandate and reputation for maintaining price stability is a means by which a government can choose the strength of its commitment to price stability. This article develops four measures of central bank independence and explores their relation with inflation outcomes. An aggregate legal index is developed for four decades in 72 countries. Three indicators of actual independence are developed: the rate of …
Asymmetric information and the electoral momentum of public opinion polls
The Politics of Ambiguity
Politicians face a trade-off between the policies that maximize their chances of reelection and their most preferred policies (or the policies most preferred by the constituency which they represent). This paper analyzes this trade-off in a dynamic electoral model in which the voters are not fully informed about the preferences of the incumbent. First, we show that the incumbent follows a policy which is intermediate between the other party's ide…
A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information
This paper develops a positive theory of credibility, ambiguity, and inflation under discretion and asymmetric information. The monetary policymaker maximizes his own (politically motivated) objective function that is positively related to economic stimulation through monetary surprises and negatively related to monetary growth. The relative importance he assigns to each target shifts stochastically through time. His current preference trade-off …
Inflation, Stagflation, Relative Prices, and Imperfect Information
Relative Price Variability and Nonuniform Inflationary Expectations
Using a generalization of a rational, partial information framework presented fully in Cukierman and Wachtel (1979), it is shown that there is a positive relationship between the variance of relative price change and the variance of inflationary expectations across markets in the economy. This implication is then tested empirically using data on the variance of relative price change and on the variance of directly measured expectations. The empir…
The Effects of Uncertainty on Investment under Risk Neutrality with Endogenous Information
Using a Bayesian framework, this paper considers a risk-neutral firm which has to pick an investment project out of many that are available. It is shown that, if the firm is allowed to collect information, it will usually devote some time to information gathering before choosing. The main result is that, when uncertainty increases, the firm finds it profitable to delay investment decisions even further in order to collect more information. Thus i…
Central Bank Independence and Monetary Control
Journal Article Central Bank Independence and Monetary Control Get access Alex Cukierman Alex Cukierman Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 104, Issue 427, 1 November 1994, Pages 1437–1448, https://doi.org/10.2307/2235462 Published: 01 November 1994
The Effects of Uncertainty on Investment under Risk Neutrality with Endogenous Information
Using a Bayesian framework, this paper considers a risk-neutral firm which has to pick an investment project out of many that are available. It is shown that, if the firm is allowed to collect information, it will usually devote some time to information gathering before choosing. The main result is that, when uncertainty increases, the firm finds it profitable to delay investment decisions even further in order to collect more information. Thus i…
Asymmetric information and the electoral momentum of public opinion polls
Labour Markets and Monetary Union: A Strategic Analysis
This paper shows that the effects of a monetary union depend on several labour market features. In particular, the switch from national monetary policies to a common monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of unions' and policymakers' preferences remain the same. The benchmark case of a monetary union between identical countries suggests that the switch to a monetary …
Relative Price Variability and Nonuniform Inflationary Expectations
Using a generalization of a rational, partial information framework presented fully in Cukierman and Wachtel (1979), it is shown that there is a positive relationship between the variance of relative price change and the variance of inflationary expectations across markets in the economy. This implication is then tested empirically using data on the variance of relative price change and on the variance of directly measured expectations. The empir…
The Effects of Uncertainty on Investment under Risk Neutrality with Endogenous Information
Using a Bayesian framework, this paper considers a risk-neutral firm which has to pick an investment project out of many that are available. It is shown that, if the firm is allowed to collect information, it will usually devote some time to information gathering before choosing. The main result is that, when uncertainty increases, the firm finds it profitable to delay investment decisions even further in order to collect more information. Thus i…
Relative Price Variability and Nonuniform Inflationary Expectations
Using a generalization of a rational, partial information framework presented fully in Cukierman and Wachtel (1979), it is shown that there is a positive relationship between the variance of relative price change and the variance of inflationary expectations across markets in the economy. This implication is then tested empirically using data on the variance of relative price change and on the variance of directly measured expectations. The empir…
A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information
This paper develops a positive theory of credibility, ambiguity, and inflation under discretion and asymmetric information. The monetary policymaker maximizes his own (politically motivated) objective function that is positively related to economic stimulation through monetary surprises and negatively related to monetary growth. The relative importance he assigns to each target shifts stochastically through time. His current preference trade-off …
Inflation, Stagflation, Relative Prices, and Imperfect Information
The Politics of Ambiguity
Politicians face a trade-off between the policies that maximize their chances of reelection and their most preferred policies (or the policies most preferred by the constituency which they represent). This paper analyzes this trade-off in a dynamic electoral model in which the voters are not fully informed about the preferences of the incumbent. First, we show that the incumbent follows a policy which is intermediate between the other party's ide…
Asymmetric information and the electoral momentum of public opinion polls
Measuring the Independence of Central Banks and Its Effect on Policy Outcomes
Making the central bank an agency with the mandate and reputation for maintaining price stability is a means by which a government can choose the strength of its commitment to price stability. This article develops four measures of central bank independence and explores their relation with inflation outcomes. An aggregate legal index is developed for four decades in 72 countries. Three indicators of actual independence are developed: the rate of …
Central Bank Independence and Monetary Control
Journal Article Central Bank Independence and Monetary Control Get access Alex Cukierman Alex Cukierman Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 104, Issue 427, 1 November 1994, Pages 1437–1448, https://doi.org/10.2307/2235462 Published: 01 November 1994
Positive political economy: Theory and evidence
This book investigates how observed differences in institutions affect political and economic outcomes in various social, economic, and political systems. It also examines how the institutions themselves change and develop in response to individual and collective beliefs, preferences, and strategies. This volume tackles both monetary and real topics in an integrated way, and represents the first coherent empirical investigation of positive models…
Monetary Institutions, Monopolistic Competition, Unionized Labor Markets and Economic Performance
Labour Markets and Monetary Union: A Strategic Analysis
This paper shows that the effects of a monetary union depend on several labour market features. In particular, the switch from national monetary policies to a common monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of unions' and policymakers' preferences remain the same. The benchmark case of a monetary union between identical countries suggests that the switch to a monetary …
De Jure, De Facto, and Desired Independence: The Bank of Israel as a Case Study
Economics (9 works) · Political science (7 works) · Law (6 works) · Monetary Policy and Economic Impact (6 works) · Monetary economics (5 works) · Economic theories and models (4 works) · Fiscal Policies and Political Economy (4 works) · Mathematics (4 works) · Monetary policy (4 works) · Computer Science (3 works)