Adam Posen

Peter G. Peterson Institute for International Econ
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Washington, DC 20036-1903
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Institutional Affiliation: Peterson Institute for International Economics

NBER Working Papers and Publications

May 2007Do Markets Care Who Chairs the Central Bank?
with Kenneth N. Kuttner: w13101
This paper assesses the effects of central bank governor appointments on financial market expectations of monetary policy. To measure these effects, we assemble a new dataset of appointment announcements from 15 countries, and conduct an event study analysis on exchange rates, bond yields, and stock prices. The analysis reveals a significant reaction of exchange rates and bond yields to unexpected appointments. The reactions are not unidirectional, and thus do not suggest new governors suffer from a generic credibility problem. Federal Reserve chairman appointments stand out in terms of their unusually pronounced effects on financial markets.

Published: Kenneth N. Kuttner & Adam S. Posen, 2010. "Do Markets Care Who Chairs the Central Bank?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2-3), pages 347-371, 03. citation courtesy of

February 1998Inflation Targeting: Lessons from Four Countries
with Frederic S. Mishkin: w6126
In recent years, a number of central banks have announced numerical inflation targets as the basis for their monetary strategies. After outlining the reasons why such strategies might be adopted in the pursuit of price stability, this study examines the adoption, operational design, and experience of inflation targeting as a framework for monetary policy in the first three countries to undertake such strategies New Zealand, Canada, and the United Kingdom. It also analyzes the operation of the long-standing German monetary targeting regime, which incorporated many of the same features as later inflation-targeting regimes. The key challenge for all these monetary" frameworks has been the appropriate balancing of transparency and flexibility in policymaking. The study finds that all of th...

Published: Economic Policy Review - Federal Reserve Bank of New York, Vol. 3, no. 3 (August 1997): 9-110 citation courtesy of

January 1995Declarations Are Not Enough: Financial Sector Sources of Central Bank Independence
in NBER Macroeconomics Annual 1995, Volume 10, Ben S. Bernanke and Julio J. Rotemberg, editors
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