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Details about Charles Carlstrom

This author is deceased (2016-01-15).

Access statistics for papers by Charles Carlstrom.

Last updated 2019-01-26. Update your information in the RePEc Author Service.

Short-id: pca42


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Working Papers

2015

  1. Macro Credit Policy and the Financial Accelerator
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
    See also Journal Article in Journal of Money, Credit and Banking (2016)

2014

  1. Optimal Contracts, Aggregate Risk, and the Financial Accelerator
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
    Also in Bank of England working papers, Bank of England (2014) Downloads

    See also Journal Article in American Economic Journal: Macroeconomics (2016)
  2. Targeting Long Rates in a Model with Segmented Markets
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (4)
    See also Journal Article in American Economic Journal: Macroeconomics (2017)

2013

  1. Estimating Contract Indexation in a Financial Accelerator Model
    Documentos de Investigación - Research Papers, Centro de Estudios Monetarios Latinoamericanos, CEMLA Downloads View citations (10)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2013) Downloads

    See also Journal Article in Journal of Economic Dynamics and Control (2014)
  2. Policy multipliers under an interest rate peg of deterministic versus stochastic duration
    Bank of England working papers, Bank of England Downloads

2012

  1. Fiscal multipliers under an interest rate peg of deterministic vs. stochastic duration
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (6)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2012) Downloads View citations (6)
  2. How inflationary is an extended period of low interest rates?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (7)
  3. Inflation and output in New Keynesian models with a transient interest rate peg
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (15)
    Also in Bank of England working papers, Bank of England (2012) Downloads View citations (15)
  4. Privately optimal contracts and suboptimal outcomes in a model of agency costs
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (2)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2012) Downloads View citations (1)

2011

  1. Indexed debt contracts and the financial accelerator
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (1)

2007

  1. Inflation persistence, inflation targeting and the Great Moderation
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads

2006

  1. Central bank independence and inflation: a note
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (1)
    See also Journal Article in Economic Inquiry (2009)
  2. Co-movement in sticky price models with durable goods
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (21)

2005

  1. Oil prices, monetary policy, and counterfactual experiments
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (5)
    See also Journal Article in Journal of Money, Credit and Banking (2006)

2004

  1. Asset prices, nominal rigidities, and monetary policy
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (3)
    See also Journal Article in Review of Economic Dynamics (2007)
  2. Thinking about monetary policy without money: a review of three books: Inflation Targeting, Monetary Theory and Policy, and Interest and Prices
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads

2003

  1. Capital trading, stock trading, and the inflation tax on equity: a note
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (2)
    See also Journal Article in Review of Economic Dynamics (2003)
  2. Comments on backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (1)
  3. Does It Matter (for Equilibrium Determinacy) What Price Index the Central Bank Targets?
    Boston College Working Papers in Economics, Boston College Department of Economics Downloads View citations (10)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2002) Downloads View citations (9)

    See also Journal Article in Journal of Economic Theory (2006)
  4. Investment and interest rate policy: a discrete time analysis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (14)
    See also Journal Article in Journal of Economic Theory (2005)

2002

  1. Imperfect capital markets and nominal wage rigidities
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (2)

2001

  1. Learning and the central bank
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (11)
    See also Journal Article in Journal of Monetary Economics (2004)
  2. Monetary policy in a world without perfect capital markets
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (5)
  3. Real indeterminacy in monetary models with nominal interest rate distortions: the problem with inflation targets
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (4)
    See also Journal Article in Review of Economic Dynamics (2001)
  4. Taylor rules in a model that satisfies the natural rate hypothesis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (7)
    See also Journal Article in American Economic Review (2002)
  5. Timing and real indeterminacy in monetary models
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (164)
    See also Journal Article in Journal of Monetary Economics (2001)

2000

  1. Forward-looking versus backward-looking Taylor rules
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (61)
  2. Monetary shocks, agency costs, and business cycles
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (9)
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (2001)
  3. Money growth rules and price level determinacy
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (3)
    See also Journal Article in Review of Economic Dynamics (2003)
  4. Optimal Monetary Policy in a Small Open Economy: A General Equilibrium Analysis
    Working Papers Central Bank of Chile, Central Bank of Chile Downloads View citations (2)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1999) Downloads View citations (8)
    Working Papers, London School of Economics - Centre for Labour Economics (1999) View citations (2)

    See also Chapter (2002)

1998

  1. Price-level and interest-rate targeting in a model with sticky prices
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (10)

1996

  1. Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (9)
    See also Journal Article in American Economic Review (1997)
  2. Marginal tax rates and income inequality in a life-cycle model
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (4)
    See also Journal Article in American Economic Review (1999)

1995

  1. Computable general-equilibrium models and monetary policy advice
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (9)
    See also Journal Article in Journal of Money, Credit and Banking (1995)
  2. Interest rate rules vs. money growth rules: a welfare comparison in a cash-in-advance economy
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (62)
    See also Journal Article in Journal of Monetary Economics (1995)
  3. Marginal tax rates and income inequality: a quantitative-theoretic analysis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (2)

1993

  1. Loan sales as a response to market-based capital constraints
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (11)
    See also Journal Article in Journal of Banking & Finance (1995)

1992

  1. The efficiency and welfare effects of tax reform: are fewer tax brackets better than more?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
    Also in Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1992) Downloads

    See also Journal Article in Economic Review (1994)

1991

  1. Bracket creep in the age of indexing: have we solved the problem?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (8)
  2. Inflation, personal taxes, and real output: a dynamic analysis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (16)
    See also Journal Article in Journal of Money, Credit and Banking (1991)
  3. Magnification effects and acyclical real wages
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
  4. Zero inflation: transition costs and shoe-leather benefits
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (5)
    See also Journal Article in Contemporary Economic Policy (1993)

1990

  1. Inflation and the personal tax code: assessing indexation
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads View citations (2)

1989

  1. A two-sector implicit contracting model with procyclical quits and involuntary layoffs
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads

1988

  1. Money, inflation and sectoral shifts
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads

1987

  1. Implicit contracts, on-the-job search and involuntary unemployment
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
  2. Monetary policy in an economy with nominal wage contracts
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
  3. Turnover wages and adverse selection
    Working Papers (Old Series), Federal Reserve Bank of Cleveland Downloads
    See also Journal Article in Economic Review (1989)

Journal Articles

2017

  1. Targeting Long Rates in a Model with Segmented Markets
    American Economic Journal: Macroeconomics, 2017, 9, (1), 205-42 Downloads View citations (10)
    See also Working Paper (2014)

2016

  1. Macro Credit Policy and the Financial Accelerator
    Journal of Money, Credit and Banking, 2016, 48, (8), 1725-1751 Downloads
    See also Working Paper (2015)
  2. Optimal Contracts, Aggregate Risk, and the Financial Accelerator
    American Economic Journal: Macroeconomics, 2016, 8, (1), 119-47 Downloads View citations (8)
    See also Working Paper (2014)
  3. The Natural Rate of Interest in Taylor Rules
    Economic Commentary, 2016, (March) Downloads View citations (5)

2015

  1. Do Forecasters Agree on a Taylor Rule?
    Economic Commentary, 2015, (September) Downloads View citations (3)

2014

  1. Adding Double Inertia to Taylor Rules to Improve Accuracy
    Economic Commentary, 2014, (May) Downloads View citations (1)
  2. Estimating contract indexation in a Financial Accelerator Model
    Journal of Economic Dynamics and Control, 2014, 46, (C), 130-149 Downloads View citations (16)
    See also Working Paper (2013)
  3. Fiscal Multipliers under an Interest Rate Peg of Deterministic versus Stochastic Duration
    Journal of Money, Credit and Banking, 2014, 46, (6), 1293-1312 Downloads View citations (19)
  4. Using an Improved Taylor Rule to Predict When Policy Changes Will Occur
    Economic Commentary, 2014, (March) Downloads View citations (3)

2012

  1. Gaps versus growth rates in the Taylor Rule
    Economic Commentary, 2012, (Oct) View citations (2)

2010

  1. Monetary policy in a world with interest on reserves
    Economic Commentary, 2010, (Jun) Downloads
  2. NOMINAL RIGIDITIES, RESIDENTIAL INVESTMENT, AND ADJUSTMENT COSTS
    Macroeconomic Dynamics, 2010, 14, (01), 136-148 Downloads View citations (21)
  3. Optimal Monetary Policy in a Model with Agency Costs
    Journal of Money, Credit and Banking, 2010, 42, (s1), 37-70 Downloads View citations (57)

2009

  1. CENTRAL BANK INDEPENDENCE AND INFLATION: A NOTE
    Economic Inquiry, 2009, 47, (1), 182-186 Downloads View citations (27)
    See also Working Paper (2006)
  2. Conducting monetary policy when interest rates are near zero
    Economic Commentary, 2009, (Oct) Downloads View citations (1)
  3. Inflation Persistence, Monetary Policy, and the Great Moderation
    Journal of Money, Credit and Banking, 2009, 41, (4), 767-786 Downloads View citations (21)
  4. Monetary policy shocks, Choleski identification, and DNK models
    Journal of Monetary Economics, 2009, 56, (7), 1014-1021 Downloads View citations (37)

2008

  1. Explaining apparent changes in the Phillips curve: the Great Moderation and monetary policy
    Economic Commentary, 2008, (Feb) View citations (7)
  2. Explaining apparent changes in the Phillips curve: trend inflation isn't constant
    Economic Commentary, 2008, (Jan) View citations (2)
  3. Inertial Taylor rules: the benefit of signaling future policy
    Review, 2008, (May), 193-203 Downloads View citations (3)
    Also in Policy Discussion Papers, 2007, (Apr) (2007) Downloads View citations (2)

2007

  1. Asset Prices, Nominal Rigidities, and Monetary Policy
    Review of Economic Dynamics, 2007, 10, (2), 256-275 Downloads View citations (48)
    See also Working Paper (2004)

2006

  1. Central bank independence: the key to price stability?
    Economic Commentary, 2006, (Sep) Downloads View citations (1)
  2. Does it matter (for equilibrium determinacy) what price index the central bank targets?
    Journal of Economic Theory, 2006, 128, (1), 214-231 Downloads View citations (24)
    See also Working Paper (2003)
  3. Milton Friedman, teacher, 1912-2006
    Economic Commentary, 2006, (Dec) Downloads View citations (1)
  4. Oil Prices, Monetary Policy, and Counterfactual Experiments
    Journal of Money, Credit and Banking, 2006, 38, (7), 1945-1958 Downloads View citations (34)
    See also Working Paper (2005)

2005

  1. Considerable period of time: the case of signaling future policy
    Economic Commentary, 2005, (Nov) Downloads View citations (1)
  2. Introduction to monetary policy and capital accumulation
    Journal of Economic Theory, 2005, 123, (1), 1-3 Downloads View citations (5)
  3. Investment and interest rate policy: a discrete time analysis
    Journal of Economic Theory, 2005, 123, (1), 4-20 Downloads View citations (93)
    See also Working Paper (2003)
  4. Oil prices, monetary policy, and the macroeconomy
    Economic Commentary, 2005, (Jul) Downloads View citations (3)
    Also in Policy Discussion Papers, 2005, (Apr) (2005) Downloads View citations (5)

2004

  1. Comments on "Optimal fiscal and monetary policy under imperfect competition"
    Journal of Macroeconomics, 2004, 26, (2), 219-222 Downloads View citations (1)
  2. Expected inflation and TIPS
    Economic Commentary, 2004, (Nov) Downloads View citations (7)
  3. Hyperinflationary Equilibria and Timing: A Note
    Journal of Money, Credit and Banking, 2004, 36, (6), 1115-20
  4. Learning and the central bank
    Journal of Monetary Economics, 2004, 51, (2), 327-338 Downloads View citations (24)
    See also Working Paper (2001)
  5. Thinking about Monetary Policy without Money
    International Finance, 2004, 7, (2), 325-347 Downloads View citations (5)

2003

  1. Capital Trading, Stock Trading, and the Inflation Tax on Equity: A Note
    Review of Economic Dynamics, 2003, 6, (4), 987-990 Downloads View citations (1)
    See also Working Paper (2003)
  2. Money Growth Rules and Price Level Determinacy
    Review of Economic Dynamics, 2003, 6, (2), 263-275 Downloads View citations (25)
    See also Working Paper (2000)
  3. The Taylor rule: a guidepost for monetary policy?
    Economic Commentary, 2003, (Jul) Downloads View citations (3)

2002

  1. Monetary policy rules and stability: inflation targeting versus price-level targeting
    Economic Commentary, 2002, (Feb) Downloads View citations (4)
  2. Stock prices and output growth: an examination of the credit channel
    Economic Commentary, 2002, (Aug) Downloads View citations (6)
  3. Taylor Rules in a Model that Satisfies the Natural-Rate Hypothesis
    American Economic Review, 2002, 92, (2), 79-84 Downloads View citations (7)
    See also Working Paper (2001)

2001

  1. Monetary policy and asset prices with imperfect credit markets
    Economic Review, 2001, (Q IV), 51-59 Downloads View citations (4)
  2. Monetary policy and self-fulfilling expectations: the danger of forecasts
    Economic Review, 2001, (Q I), 9-19 Downloads View citations (7)
  3. Monetary shocks, agency costs, and business cycles
    Carnegie-Rochester Conference Series on Public Policy, 2001, 54, (1), 1-27 Downloads View citations (31)
    See also Working Paper (2000)
  4. Perils of price deflations: an analysis of the Great Depression
    Economic Commentary, 2001, (Feb) Downloads
  5. Real Indeterminacy in Monetary Models with Nominal Interest Rate Distortions
    Review of Economic Dynamics, 2001, 4, (4), 767-789 Downloads View citations (39)
    See also Working Paper (2001)
  6. Timing and real indeterminacy in monetary models
    Journal of Monetary Economics, 2001, 47, (2), 285-298 Downloads View citations (147)
    See also Working Paper (2001)

2000

  1. The fiscal theory of the price level
    Economic Review, 2000, (Q I), 22-32 Downloads View citations (32)

1999

  1. Forecasts and sunspots: looking back for a better future
    Economic Commentary, 1999, (Nov) Downloads View citations (3)
  2. Marginal Tax Rates and Income Inequality in a Life-Cycle Model
    American Economic Review, 1999, 89, (5), 1197-1215 Downloads View citations (32)
    See also Working Paper (1996)
  3. Money growth and inflation: does fiscal policy matter?
    Economic Commentary, 1999, (Apr) Downloads View citations (6)

1998

  1. A Note on the Role of Countercyclical Monetary Policy
    Journal of Political Economy, 1998, 106, (4), 860-889 Downloads View citations (13)
  2. Agency costs and business cycles
    Economic Theory, 1998, 12, (3), 583-597 Downloads View citations (78)
  3. Government-subsidized training: a plan for prosperity?
    Economic Commentary, 1998, (May) Downloads
  4. Regional variations in white-black earnings
    Economic Review, 1998, (Q II), 10-22 Downloads View citations (1)

1997

  1. Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis
    American Economic Review, 1997, 87, (5), 893-910 Downloads View citations (621)
    See also Working Paper (1996)

1996

  1. Interest rate rules for seasonal and business cycles
    Economic Commentary, 1996, (Jul) Downloads View citations (1)
  2. The benefits of interest rate targeting: a partial and a general equilibrium analysis
    Economic Review, 1996, (Q II), 2-14 Downloads View citations (2)

1995

  1. A conference on liquidity, monetary policy, and financial intermediation
    Economic Review, 1995, (Q IV), 2-9 Downloads
  2. A monetary policy paradox
    Economic Commentary, 1995, (Aug) Downloads View citations (3)
  3. Absolute priority rule violations in bankruptcy
    Economic Review, 1995, (Q IV), 21-30 Downloads View citations (7)
  4. Computable General Equilibrium Models and Monetary Policy Advice
    Journal of Money, Credit and Banking, 1995, 27, (4), 1472-93 Downloads View citations (15)
    Also in Proceedings, 1994, 1472-1505 (1994) View citations (1)

    See also Working Paper (1995)
  5. Interest rate rules vs. money growth rules a welfare comparison in a cash-in-advance economy
    Journal of Monetary Economics, 1995, 36, (2), 247-267 Downloads View citations (44)
    See also Working Paper (1995)
  6. Liquidity, Monetary Policy, and Financial Intermediation: Introduction
    Journal of Money, Credit and Banking, 1995, 27, (4), 1199-1208 Downloads
  7. Loan sales as a response to market-based capital constraints
    Journal of Banking & Finance, 1995, 19, (3-4), 627-646 Downloads View citations (34)
    See also Working Paper (1993)

1994

  1. The economics of health care reform
    Economic Commentary, 1994, (Sep) Downloads
  2. The efficiency and welfare effects of tax reform: are fewer tax brackets better than more?
    Economic Review, 1994, (Q IV), 30-42 Downloads View citations (1)
    See also Working Paper (1992)
  3. The government's role in the health care industry: past, present, and future
    Economic Commentary, 1994, (Jun) Downloads

1993

  1. Enterprise liability: a prescription for health care reform?
    Economic Commentary, 1993, (Jul) Downloads
  2. Examining the microfoundations of market incentives for asset-backed lending
    Economic Review, 1993, (Q I), 27-38 Downloads View citations (2)
  3. Using bracket creep to raise revenue: a bad idea whose time has passed
    Economic Review, 1993, (Q II), 2-11 Downloads View citations (7)
  4. ZERO INFLATION: TRANSITION COSTS AND SHOE LEATHER BENEFITS
    Contemporary Economic Policy, 1993, 11, (1), 9-17 Downloads View citations (5)
    See also Working Paper (1991)

1992

  1. Securitization: more than just a regulatory artifact
    Economic Commentary, 1992, (May) Downloads View citations (1)

1991

  1. A conference on price stability
    Economic Review, 1991, (Q IV), 2-9 Downloads View citations (1)
  2. Government consumption, taxation, and economic activity
    Economic Review, 1991, (Q III), 18-29 Downloads View citations (5)
  3. Inflation, Personal Taxes, and Real Output: A Dynamic Analysis
    Journal of Money, Credit and Banking, 1991, 23, (3), 547-71 Downloads View citations (18)
    Also in Proceedings, 1991, 547-579 (1991) View citations (16)

    See also Working Paper (1991)
  4. The effect of war expenditures on U.S. output
    Economic Commentary, 1991, (Feb) Downloads

1990

  1. Does the Fed cause Christmas?
    Economic Commentary, 1990, (Jan) Downloads View citations (1)

1989

  1. Turnover, wages, and adverse selection
    Economic Review, 1989, (Q I), 18-28 Downloads
    See also Working Paper (1987)
  2. Why we don't know whether money causes output
    Economic Review, 1989, (Q III), 27-39 Downloads

1988

  1. Bank runs, deposit insurance, and bank regulation, part I
    Economic Commentary, 1988, (Feb) Downloads
    Also in Economic Commentary, 1988, (Feb) (1988) Downloads

Chapters

2002

  1. Optimal Monetary Policy in a Small, Open Economy: A General Equilibrium Analysis
    Chapter 10 in Monetary Policy: Rules and Transmission Mechanisms, 2002, vol. 4, pp 275-298 Downloads View citations (1)
    See also Working Paper (2000)

Software Items

 
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