Details about Carl Walsh

E-mail:
Homepage:	http://people.ucsc.edu/~walshc/
Workplace:	Economics Department, University of California-Santa Cruz (UCSC), (more information at EDIRC)

Access statistics for papers by Carl Walsh.

Last updated 2009-10-06. Update your information in the RePEc Author Service.

Short-id: pwa23

---

Jump to Journal Articles Books Chapters Software Items

Working Papers

2009

1. The welfare consequences of monetary policy
   Working Paper Series, Federal Reserve Bank of San Francisco
2. Welfare-based optimal monetary policy with unemployment and sticky prices: a linear-quadratic framework
   Working Paper Series, Federal Reserve Bank of San Francisco

2008

3. Monetary Policy Under Uncertainty and Learning: An Overview
   Working Papers Central Bank of Chile, Central Bank of Chile
   See also Journal Article in Journal Economía Chilena (The Chilean Economy) (2008)

2007

4. Inflation Targeting and the Role of Real Objectives
   Research and Policy Notes, Czech National Bank, Research Department
5. Vacancies, Unemployment, and the Phillips Curve
   Kiel Working Papers, Kiel Institute for the World Economy View citations
   See also Journal Article in European Economic Review (2008)

2006

6. Transparency, Flexibility, and Inflation Targeting
   Working Papers Central Bank of Chile, Central Bank of Chile View citations

2005

7. Parameter misspecification and robust monetary policy rules
   Working Paper Series, European Central Bank View citations

2004

8. Implications of a Changing Economic Structure for the Strategy of Monetary Policy
   Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz View citations
   See also Journal Article in Proceedings (2003)

2003

9. Labor Market Search, Sticky Prices, and Interest Rate Policies
   Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz View citations
   See also Journal Article in Review of Economic Dynamics (2005)

2001

10. Speed Limit Policies: The Output Gap and Optimal Monetary Policy
    CESifo Working Paper Series, CESifo Group Munich View citations
    See also Journal Article in American Economic Review (2003)

1997

11. Central bank institutional design and the output cost of disinflation: did the 1989 New Zealand Reserve Bank Act affect the output-inflation tradeoff?
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco

1996

12. The lender of last resort function under a currency board: the case of Argentina
    Policy Research Working Paper Series, The World Bank View citations
    See also Journal Article in Open Economies Review (1996)

1994

13. Central bank independence and the costs of disinflation in the EC
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations
14. Is New Zealand's Reserve Bank Act of 1989 an optimal central bank contract?
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco View citations
    See also Journal Article in Journal of Money, Credit and Banking (1995)

1993

15. Optimal contracts for independent central bankers: private information, performance measures and reappointment
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations
    See also Journal Article in Proceedings (1993)

1992

16. Presidential popularity, presidential policies
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations
    See also Journal Article in FRBSF Economic Letter (1992)

1988

17. Real Interest Rate, Credit Markets, and Economic Stabilization
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article in Journal of Macroeconomics (1987)
18. Seigniorage and tax smoothing in the United States: 1914-1986
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
    See also Journal Article in Journal of Monetary Economics (1990)
19. Testing intertemporal budget constraints: theory and applications to U. S. federal budget and current account deficits
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations
    See also Journal Article in Journal of Money, Credit and Banking (1991)

1987

20. Common trends, the government's budget constraint, and revenue smoothing
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations
    See also Journal Article in Journal of Economic Dynamics and Control (1988)
21. On the limitations of government borrowing: a framework for empirical testing: comment
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations
22. Testing for Real Effects of Monetary Policy Regime Shifts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
23. The Impact of Monetary Targeting in the United States: 1976-1984
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco (1987)

1986

24. Borrowing restrictions and wealth constraints: implications for aggregate consumption
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1985)
25. Inside Money and Monetary Neutrality
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    Also in Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco (1986) View citations
    See also Journal Article in Journal of Macroeconomics (1991)
26. Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in The Quarterly Journal of Economics (1985)

1985

27. Monetary Information and Interest Rates
    NBER Working Papers, National Bureau of Economic Research, Inc

1984

28. Optimal Taxation by the Monetary Authority
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
29. Unanticipated Money and Interest Rates
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in American Economic Review (1984)

1982

30. Interest Rate Volatility and Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Money, Credit and Banking (1984)

1981

31. Measurement Error and the Flow of Funds Accounts: Estimates of HouseholdAsset Demand Equations
    NBER Working Papers, National Bureau of Economic Research, Inc

1980

32. Asset Prices, Substitution Effects, and the Impact of Changes in Asset Stocks
    NBER Working Papers, National Bureau of Economic Research, Inc

Undated

33. Central Bank Institutional Design and the Output Cost of Disinflation: Did the 1989 New Zealand Reserve Bank Act Affect the Inflation-Output Tradeoff?
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics

Journal Articles

2008

1. Announcements and the role of policy guidance
   Review, 2008, (Jul), 421-442
2. Monetary Policy Under Uncertainty and Learning: An Overview
   Journal Economía Chilena (The Chilean Economy), 2008, 11, (3), 5-19
   See also Working Paper (2008)
3. Vacancies, unemployment, and the Phillips curve
   European Economic Review, 2008, 52, (8), 1494-1521 View citations
   See also Working Paper (2007)

2007

4. Optimal Economic Transparency
   International Journal of Central Banking, 2007, 3, (1), 5-36 View citations

2006

5. Optimal monetary policy with the cost channel
   Journal of Monetary Economics, 2006, 53, (2), 199-216 View citations

2005

6. Comment on ‘Market discipline and monetary policy’ by Carl Walsh: a reply
   Oxford Economic Papers, 2005, 57, (4), 740-741
7. Endogenous objectives and the evaluation of targeting rules for monetary policy
   Journal of Monetary Economics, 2005, 52, (5), 889-911 View citations
8. INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY
   Macroeconomic Dynamics, 2005, 9, (03), 462-468 View citations
9. Labor Market Search, Sticky Prices, and Interest Rate Policies
   Review of Economic Dynamics, 2005, 8, (4), 829-849 View citations
   See also Working Paper (2003)
10. Optimal fiscal policy in a monetary union - comments
    Proceedings, 2005

2004

11. October 6, 1979
    FRBSF Economic Letter, 2004, (Dec 3)
12. Precautionary policies
    FRBSF Economic Letter, 2004, (Feb. 13) View citations
13. Robustly Optimal Instrument Rules and Robust Control: An Equivalence Result
    Journal of Money, Credit and Banking, 2004, 36, (6), 1105-13 View citations
14. The productivity and jobs connection: the long and the short run of it
    FRBSF Economic Letter, 2004, (Jul 16)

2003

15. Accountability, Transparency, and Inflation Targeting
    Journal of Money, Credit and Banking, 2003, 35, (5), 829-49 View citations
16. Comment on: The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan
    Journal of Monetary Economics, 2003, 50, (5), 1103-1108
17. Implications of a changing economic structure for the strategy of monetary policy
    Proceedings, 2003, 297-348 View citations
    See also Working Paper (2004)
18. Minding the speed limit
    FRBSF Economic Letter, 2003, (May 30) View citations
19. Monetary policy and uncertainty: adapting to a changing economy -a symposium, Jackson Hole, Wyoming, August 28-30, 2003
    Proceedings, 2003
20. Speed Limit Policies: The Output Gap and Optimal Monetary Policy
    American Economic Review, 2003, 93, (1), 265-278 View citations
    See also Working Paper (2001)

2002

21. Are contemporary central banks transparent about economic models and objectives and what difference does it make? - commentary
    Review, 2002, (Jul), 37-46
22. Teaching Inflation Targeting: An Analysis for Intermediate Macro
    Journal of Economic Education, 2002, 33, (4), 333-346 View citations
23. The changing budget picture
    FRBSF Economic Letter, 2002, (Mar 22)
24. The role of fiscal policy
    FRBSF Economic Letter, 2002, (Sep 6)
25. When should central bankers be fired?
    Economics of Governance, 2002, 3, (1), 1-21 View citations

2001

26. The science (and art) of monetary policy
    FRBSF Economic Letter, 2001, (May 4)
27. Transparency in monetary policy
    FRBSF Economic Letter, 2001, (Sep 7) View citations

2000

28. CREDIBILIDAD, DESINFLACIÓN Y CONTRATOS DEL BANCO CENTRAL: QUÉ SE HA CUMPLIDO DE LA LEY DEL BANCO DE LA RESERVA FEDERAL EN NUEVA ZELANDA
    ENSAYOS SOBRE POLÍTICA ECONÓMICA, 2000
29. Market Discipline and Monetary Policy
    Oxford Economic Papers, 2000, 52, (2), 249-71 View citations
30. Monetary Policy Design: Institutional Developments from a Contractual Perspective
    International Finance, 2000, 3, (3), 375-89
31. Should central banks stabilize prices?
    FRBSF Economic Letter, 2000, (Aug 11)
32. Uncertainty and monetary policy
    FRBSF Economic Letter, 2000, (Mar 17)

1999

33. Announcements, Inflation Targeting and Central Bank Incentives
    Economica, 1999, 66, (262), 255-69 View citations
34. Changes in the business cycle
    FRBSF Economic Letter, 1999, (May 14)
35. Projecting budget surpluses
    FRBSF Economic Letter, 1999, (Sep 10) View citations

1998

36. Central bank inflation targeting
    FRBSF Economic Letter, 1998, (May 22)
37. The Output-Inflation Tradeoff and Central Bank Reform: Evidence from New Zealand
    Economic Journal, 1998, 108, (448), 703-25 View citations
38. The natural rate, NAIRU, and monetary policy
    FRBSF Economic Letter, 1998, (Sep 18) View citations
39. The new output-inflation trade-off
    FRBSF Economic Letter, 1998, (Feb 6) View citations
40. U.S. inflation targeting: pro and con
    FRBSF Economic Letter, 1998, (May 29) View citations

1997

41. Inflation and Central Bank Independence: Is Japan Really an Outlier?
    Monetary and Economic Studies, 1997, 15, (1), 89-117 View citations
42. Nobel views on inflation and unemployment
    FRBSF Economic Letter, 1997, (Jan 10)
43. The Old Lady of Threadneedle Street gets her independence
    FRBSF Economic Letter, 1997, (Sep 12)

1996

44. Accountability in practice: recent monetary policy in New Zealand
    FRBSF Economic Letter, 1996, (Sep 9) View citations
45. Central-Bank Independence, Economic Behavior, and Optimal Term Lengths
    American Economic Review, 1996, 86, (5), 1139-53 View citations
46. The lender of last resort function under a currency board: The case of Argentina
    Open Economies Review, 1996, 7, (1), 625-650 View citations
    See also Working Paper (1996)

1995

47. How is bank lending related to output? bank credit and economic activity
    Conference Series ; [Proceedings], 1995, 83-125
48. Is New Zealand's Reserve Bank Act of 1989 an Optimal Central Bank Contract?
    Journal of Money, Credit and Banking, 1995, 27, (4), 1179-91 View citations
    See also Working Paper (1994)
49. Optimal Contracts for Central Bankers
    American Economic Review, 1995, 85, (1), 150-67 View citations
50. Output-inflation tradeoffs and central bank independence
    FRBSF Economic Letter, 1995, (Sep 22)
51. Unemployment
    FRBSF Economic Letter, 1995, (Sep 8) View citations

1994

52. A primer on monetary policy. Part 1, goals and instruments
    FRBSF Economic Letter, 1994, (Aug 5)
53. A primer on monetary policy. Part II, targets and indicators
    FRBSF Economic Letter, 1994, (Aug 19)
54. Is there a cost to having an independent central bank?
    FRBSF Economic Letter, 1994, (Feb 4) View citations

1993

55. Central bank strategies, credibility, and independence: A review essay
    Journal of Monetary Economics, 1993, 32, (2), 287-302 View citations
56. Federal Reserve independence and the Accord of 1951
    FRBSF Economic Letter, 1993, (May 28)
57. Optimal contracts for independent central bankers: private information, performance measures and reappointment
    Proceedings, 1993, (Mar) View citations
    See also Working Paper (1993)
58. What caused the 1990-1991 recession?
    Economic Review, 1993, 33-48 View citations

1992

59. A generalized method of moments approach to estimating a "Structural vector autoregression"
    Journal of Macroeconomics, 1992, 14, (2), 199-232 View citations
60. EMU and the ECB
    FRBSF Economic Letter, 1992, (Jun 5)
61. Empirical evidence on the insulation properties of fixed and flexible exchange rates: The Japanese experience
    Journal of International Economics, 1992, 32, (3-4), 241-263 View citations
62. Presidential popularity, presidential policies
    FRBSF Economic Letter, 1992, (Jan 31)
    See also Working Paper (1992)

1991

63. Inside money and monetary neutrality
    Journal of Macroeconomics, 1991, 13, (3), 395-416 View citations
    See also Working Paper (1986)
64. Public preferences and inflation
    FRBSF Economic Letter, 1991, (Aug 30)
65. Testing Intertemporal Budget Constraints: Theory and Applications to U.S. Federal Budget and Current Account Deficits
    Journal of Money, Credit and Banking, 1991, 23, (2), 206-23 View citations
    See also Working Paper (1988)
66. The credit crunch and the real bills doctrine
    FRBSF Economic Letter, 1991, (May 3)

1990

67. Credibility, commitment and inflation policy
    FRBSF Economic Letter, 1990, (Nov 23)
68. Japan's experience with flexible exchange rates
    FRBSF Economic Letter, 1990, (May 4)
69. Seigniorage and tax smoothing in the United States 1914-1986
    Journal of Monetary Economics, 1990, 25, (1), 97-112 View citations
    See also Working Paper (1988)

1989

70. Do deficits cause inflation?
    FRBSF Economic Letter, 1989, (Jul 21)
71. Interest rate smoothing
    FRBSF Economic Letter, 1989, (Apr 14) View citations
72. Optimal inflation
    FRBSF Economic Letter, 1989, (Aug 4) View citations
73. Postwar stability: fact or fiction
    FRBSF Economic Letter, 1989, (Oct 13) View citations

1988

74. Common trends, the government's budget constraint, and revenue smoothing
    Journal of Economic Dynamics and Control, 1988, 12, (2-3), 425-444 View citations
    See also Working Paper (1987)
75. Deregulation in New Zealand
    FRBSF Economic Letter, 1988, (Oct 14)
76. Do deficits matter?
    FRBSF Economic Letter, 1988, (Jan 15)
77. Financial intermediation, monetary policy, and equilibrium business cycles
    Economic Review, 1988, (Fall), 19-28
78. Monetary policy in New Zealand
    FRBSF Economic Letter, 1988, (Oct 21)
79. Testing for Real Effects of Monetary Policy Regime Shifts: A Note
    Journal of Money, Credit and Banking, 1988, 20, (3), 393-401

1987

80. "Real" business cycles
    FRBSF Economic Letter, 1987, (Jan 30)
81. Financial deregulation and monetary policy in New Zealand
    Proceedings, 1987, 279-301
82. Interest rates and exchange rates
    FRBSF Economic Letter, 1987, (Jun 5)
83. Monetary targeting and inflation: 1976-1984
    Economic Review, 1987, (Win), 5-16
84. PORTFOLIO SUBSTITUTION AND RECENT M1 BEHAVIOR
    Contemporary Economic Policy, 1987, 5, (1), 54-63
85. Policy coordination and financial intermediaries
    Economic Review, 1987, (Win), 31-45
86. Real interest rates, credit markets and economic stabilization
    Journal of Macroeconomics, 1987, 9, (1), 95-108 View citations
    See also Working Paper (1988)
87. The trade balance and the economic outlook
    FRBSF Economic Letter, 1987, (Mar 6)
88. Three questions concerning nominal and real interest rates
    Economic Review, 1987, (Fall), 5-19 View citations

1986

89. Base drift
    FRBSF Economic Letter, 1986, (Feb 7)
90. Forecasting oil prices
    FRBSF Economic Letter, 1986, (Dec 5)
91. In Defense of Base Drift
    American Economic Review, 1986, 76, (4), 692-700 View citations
92. Measuring money
    FRBSF Economic Letter, 1986, (May 30)
93. New views of the business cycle: has the past emphasis on money been misplaced?
    Business Review, 1986, (Jan), 3-13 View citations
94. Projecting deficits
    FRBSF Economic Letter, 1986, (Aug 1)
95. Selling government assets
    FRBSF Economic Letter, 1986, (May 16)
96. Tax reform
    FRBSF Economic Letter, 1986, (Jul 11)

1985

97. A Rational Expectations Model of Term Premia with Some Implications for Empirical Asset Demand Equations
    Journal of Finance, 1985, 40, (1), 63-83 View citations
98. Examining the recent surge in M1
    FRBSF Economic Letter, 1985, (Nov 15)
99. Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements
    The Quarterly Journal of Economics, 1985, 100, (5), 1011-39 View citations
    See also Working Paper (1986)
100. Revisions in the "flash" estimates of GNP growth: measurement error or forecast error?
     Economic Review, 1985, (Fall), 5-13 View citations

1984

101. Interest Rate Volatility and Monetary Policy
     Journal of Money, Credit and Banking, 1984, 16, (2), 133-50 View citations
     See also Working Paper (1982)
102. Unanticipated Money and Interest Rates
     American Economic Review, 1984, 74, (2), 49-54 View citations
     See also Working Paper (1984)

1983

103. Asset prices, asset stocks and rational expectations
     Journal of Monetary Economics, 1983, 11, (3), 337-349 View citations
104. Should the Federal Reserve establish a real interest rate target?
     Economic Review, 1983, (Jun), 22-33 View citations
105. Taxation of Interest Income, Deregulation and the Banking Industry
     Journal of Finance, 1983, 38, (5), 1529-42 View citations

1982

106. Asset substitutability and monetary policy: An alternative characterization
     Journal of Monetary Economics, 1982, 9, (1), 59-71 View citations
107. The Federal Reserve's operating procedures and interest rate fluctuations
     Economic Review, 1982, (May), 8-18
108. The effects of alternative operating procedures on economic and financial relationships
     Proceedings, 1982, 133-180 View citations

Books

2003

1. Monetary Theory and Policy, 2nd Edition, vol 1
   MIT Press Books, The MIT Press

Chapters

1999

1. Academic Views of Capital Flows: An Expanding Universe
   A chapter in Capital Flows and the International Financial System, 1999 View citations

1995

2. Recent Central-Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy
   A chapter in NBER Macroeconomics Annual 1995, Volume 10, 1995, pp 237-252 View citations

Software Items

2003

1. Matlab codes for various monetary models
   QM&RBC Codes, Quantitative Macroeconomics & Real Business Cycles