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 2023-10-07. Update your information in the RePEc Author Service.

Short-id: pwa23

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Working Papers

2022

1. Inflation Surges and Monetary Policy
   IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan View citations (5)
   See also Journal Article Inflation Surges and Monetary Policy, Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan (2022) View citations (5) (2022)
2. Seemingly Irresponsible but Welfare Improving Fiscal Policy at the Lower Bound
   Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) View citations (6)

2020

3. The Role of Money in Monetary Policy at the Lower Bound
   Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) View citations (2)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (3)
   See also Journal Article The Role of Money in Monetary Policy at the Lower Bound, Journal of Money, Credit and Banking, Blackwell Publishing (2023) View citations (5) (2023)
4. Worker heterogeneity, selection, and employment dynamics in the face of aggregate demand and pandemic shocks
   CEPR Discussion Papers, C.E.P.R. Discussion Papers

2019

5. Alternatives to Inflation Targeting in Low Interest Rate Environments
   IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan View citations (9)

2018

6. Monetary policy operating procedures, lending frictions, and employment
   Working Papers, Banco Central de Reserva del Perú View citations (2)
   Also in Working Papers, Peruvian Economic Association (2018)

2017

7. Discussion of "Leaning Against the Wind When Credit Bites Back"
   Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz View citations (1)

2015

8. Goals and Rules in Central Bank Design
   CESifo Working Paper Series, CESifo View citations (20)
   Also in Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2015) View citations (16)

2014

9. Multiple Objectives and Central Bank Tradeoffs Under Flexible Inflation Targeting
   Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz View citations (10)
   Also in CESifo Working Paper Series, CESifo (2014) View citations (10)

2010

10. Business Cycles and Labor Market Flows with Sequential Screening
    2010 Meeting Papers, Society for Economic Dynamics
11. The Welfare Consequences of Monetary Policy and the Role of the Labor Market: a Tax Interpretation
    Cahiers de recherche, HEC Montréal, Institut d'économie appliquée View citations (4)
    Also in Cahiers de recherche, CIRPEE (2010) View citations (4)

2009

12. Monetary Policy And Key Unobservables: Evidence From Large Industrial And Selected Inflation-Targeting Countries
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (2)
    See also Chapter Monetary Policy and Key Unobservables: Evidence from Large Industrial and Selected Inflation-Targeting Countries, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2009) View citations (2) (2009)
13. The welfare consequences of monetary policy
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (5)
14. Welfare-based optimal monetary policy with unemployment and sticky prices: a linear-quadratic framework
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (4)
    See also Journal Article Welfare-Based Optimal Monetary Policy with Unemployment and Sticky Prices: A Linear-Quadratic Framework, American Economic Journal: Macroeconomics, American Economic Association (2011) View citations (97) (2011)

2008

15. Monetary Policy Under Uncertainty and Learning: An Overview
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (8)
    See also Chapter Monetary Policy under Uncertainty and Learning: An Overview, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2009) View citations (25) (2009)
    Journal Article Monetary Policy Under Uncertainty and Learning: An Overview, Journal Economía Chilena (The Chilean Economy), Central Bank of Chile (2008) View citations (3) (2008)

2007

16. Inflation Targeting and the Role of Real Objectives
    Research and Policy Notes, Czech National Bank, Research and Statistics Department View citations (1)
17. Optimal Economic Transparency
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz View citations (101)
    See also Journal Article Optimal Economic Transparency, International Journal of Central Banking, International Journal of Central Banking (2007) View citations (102) (2007)
18. Vacancies, Unemployment, and the Phillips Curve
    2007 Meeting Papers, Society for Economic Dynamics View citations (10)
    Also in Kiel Working Papers, Kiel Institute for the World Economy (IfW Kiel) (2007) View citations (10)
    See also Journal Article Vacancies, unemployment, and the Phillips curve, European Economic Review, Elsevier (2008) View citations (95) (2008)

2006

19. Transparency, Flexibility, and Inflation Targeting
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (12)
    See also Chapter Transparency, Flexibility, and Inflation Targeting, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2007) View citations (7) (2007)

2005

20. Parameter misspecification and robust monetary policy rules
    Working Paper Series, European Central Bank View citations (26)

2004

21. Implications of a Changing Economic Structure for the Strategy of Monetary Policy
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz View citations (18)
    Also in Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz (2004) View citations (18)
    See also Journal Article Implications of a changing economic structure for the strategy of monetary policy, Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City (2003) View citations (50) (2003)

2003

22. 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 (5)
    Also in Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2003) View citations (16)
    See also Journal Article Labor Market Search, Sticky Prices, and Interest Rate Policies, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2005) View citations (317) (2005)

2001

23. Speed Limit Policies: The Output Gap and Optimal Monetary Policy
    CESifo Working Paper Series, CESifo View citations (21)
    See also Journal Article Speed Limit Policies: The Output Gap and Optimal Monetary Policy, American Economic Review, American Economic Association (2003) View citations (280) (2003)

1997

24. 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

25. The lender of last resort function under a currency board: the case of Argentina
    Policy Research Working Paper Series, The World Bank View citations (42)
    See also Journal Article The lender of last resort function under a currency board: The case of Argentina, Open Economies Review, Springer (1996) View citations (37) (1996)

1994

26. 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 (9)
27. 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 (4)
    See also Journal Article Is New Zealand's Reserve Bank Act of 1989 an Optimal Central Bank Contract?, Journal of Money, Credit and Banking, Blackwell Publishing (1995) View citations (58) (1995)

1993

28. 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 (7)
    See also Journal Article Optimal contracts for independent central bankers: private information, performance measures and reappointment, Proceedings, Federal Reserve Bank of San Francisco (1993) View citations (6) (1993)

1992

29. Presidential popularity, presidential policies
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (1)
    See also Journal Article Presidential popularity, presidential policies, FRBSF Economic Letter, Federal Reserve Bank of San Francisco (1992) (1992)

1988

30. Seigniorage and tax smoothing in the United States: 1914-1986
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (2)
    See also Journal Article Seigniorage and tax smoothing in the United States 1914-1986, Journal of Monetary Economics, Elsevier (1990) View citations (19) (1990)
31. 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 (45)
    See also Journal Article Testing Intertemporal Budget Constraints: Theory and Applications to U.S. Federal Budget and Current Account Deficits, Journal of Money, Credit and Banking, Blackwell Publishing (1991) View citations (450) (1991)

1987

32. Common trends, the government's budget constraint, and revenue smoothing
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (2)
    See also Journal Article Common trends, the government's budget constraint, and revenue smoothing, Journal of Economic Dynamics and Control, Elsevier (1988) View citations (268) (1988)
33. 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 (1)
34. Testing for Real Effects of Monetary Policy Regime Shifts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
35. 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

36. 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)
37. Inside Money and Monetary Neutrality
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    Also in Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco (1986) View citations (1)
    See also Journal Article Inside money and monetary neutrality, Journal of Macroeconomics, Elsevier (1991) View citations (9) (1991)

1985

38. Monetary Information and Interest Rates
    NBER Working Papers, National Bureau of Economic Research, Inc
39. Real Interest Rate, Credit Markets, and Economic Stabilization
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article Real interest rates, credit markets and economic stabilization, Journal of Macroeconomics, Elsevier (1987) View citations (3) (1987)

1984

40. Optimal Taxation by the Monetary Authority
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
41. Unanticipated Money and Interest Rates
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    See also Journal Article Unanticipated Money and Interest Rates, American Economic Review, American Economic Association (1984) View citations (5) (1984)

1983

42. Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements, The Quarterly Journal of Economics, President and Fellows of Harvard College (1985) View citations (29) (1985)

1982

43. Interest Rate Volatility and Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    See also Journal Article Interest Rate Volatility and Monetary Policy, Journal of Money, Credit and Banking, Blackwell Publishing (1984) View citations (18) (1984)

1981

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

1980

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

Undated

46. 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 View citations (2)

Journal Articles

2023

1. The Role of Money in Monetary Policy at the Lower Bound
   Journal of Money, Credit and Banking, 2023, 55, (4), 681-716 View citations (5)
   See also Working Paper The Role of Money in Monetary Policy at the Lower Bound, Working Paper Series (2020) View citations (2) (2020)

2022

2. Inflation Surges and Monetary Policy
   Monetary and Economic Studies, 2022, 40, 39-66 View citations (5)
   See also Working Paper Inflation Surges and Monetary Policy, IMES Discussion Paper Series (2022) View citations (5) (2022)
3. Peter J. Boettke, Alexander William Salter, and Daniel J. Smith: Money and the rule of law: generality and predictability in monetary institutions
   Business Economics, 2022, 57, (2), 78-80
4. Worker Heterogeneity, Selection, and Unemployment Dynamics in a Pandemic
   Journal of Money, Credit and Banking, 2022, 54, (S1), 113-155 View citations (2)

2019

5. Alternatives to Inflation Targeting in Low Interest Rate Environments Keynote Speech by Carl E. Walsh
   Monetary and Economic Studies, 2019, 37, 41-70 View citations (3)

2015

6. Day Two Keynote Address: Goals and Rules in Central Bank Design
   International Journal of Central Banking, 2015, 11, (4), 295-352 View citations (18)

2013

7. Announcements and the Role of Policy Guidance
   Review, 2013, (Nov), 575-600 View citations (1)
   Also in Review, 2008, 90, (Jul), 421-442 (2008) View citations (8)

2012

8. Monetary policy and labor market frictions: A tax interpretation
   Journal of Monetary Economics, 2012, 59, (2), 180-195 View citations (33)
9. Screening and Labor Market Flows in a Model with Heterogeneous Workers
   Journal of Money, Credit and Banking, 2012, 44, (s2), 31-71 View citations (7)
   Also in Journal of Money, Credit and Banking, 2012, 44, 31-71 (2012) View citations (21)

2011

10. Central Bank Independence Revisited
    Economic Papers, 2011, 30, (1), 18-22 View citations (9)
11. Monetary–Fiscal Interactions: How to Improve Policy Outcomes?
    Economic Papers, 2011, 30, (1), 1-5 View citations (2)
12. The Future of Inflation Targeting
    The Economic Record, 2011, 87, (s1), 23-36 View citations (12)
13. Welfare-Based Optimal Monetary Policy with Unemployment and Sticky Prices: A Linear-Quadratic Framework
    American Economic Journal: Macroeconomics, 2011, 3, (2), 130-62 View citations (97)
    See also Working Paper Welfare-based optimal monetary policy with unemployment and sticky prices: a linear-quadratic framework, Working Paper Series (2009) View citations (4) (2009)

2010

14. Commentary: Using Models for Monetary Policy Analysis
    International Journal of Central Banking, 2010, 6, (1), 259-270

2009

15. Inflation Targeting: What Have We Learned?
    International Finance, 2009, 12, (2), 195-233 View citations (151)
16. Using monetary policy to stabilize economic activity
    Proceedings - Economic Policy Symposium - Jackson Hole, 2009, 245-296 View citations (22)

2008

17. Monetary Policy Under Uncertainty and Learning: An Overview
    Journal Economía Chilena (The Chilean Economy), 2008, 11, (3), 5-19 View citations (3)
    See also Chapter Monetary Policy under Uncertainty and Learning: An Overview, Central Banking, Analysis, and Economic Policies Book Series, 2009, 13, 001-025 (2009) View citations (25) (2009)
    Working Paper Monetary Policy Under Uncertainty and Learning: An Overview, Working Papers Central Bank of Chile (2008) View citations (8) (2008)
18. Vacancies, unemployment, and the Phillips curve
    European Economic Review, 2008, 52, (8), 1494-1521 View citations (95)
    See also Working Paper Vacancies, Unemployment, and the Phillips Curve, 2007 Meeting Papers (2007) View citations (10) (2007)

2007

19. Optimal Economic Transparency
    International Journal of Central Banking, 2007, 3, (1), 5-36 View citations (102)
    See also Working Paper Optimal Economic Transparency, Santa Cruz Department of Economics, Working Paper Series (2007) View citations (101) (2007)

2006

20. Optimal monetary policy with the cost channel
    Journal of Monetary Economics, 2006, 53, (2), 199-216 View citations (379)

2005

21. Comment on ‘Market discipline and monetary policy’ by Carl Walsh: a reply
    Oxford Economic Papers, 2005, 57, (4), 740-741
22. Endogenous objectives and the evaluation of targeting rules for monetary policy
    Journal of Monetary Economics, 2005, 52, (5), 889-911 View citations (49)
23. INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY
    Macroeconomic Dynamics, 2005, 9, (3), 462-468 View citations (57)
24. Labor Market Search, Sticky Prices, and Interest Rate Policies
    Review of Economic Dynamics, 2005, 8, (4), 829-849 View citations (317)
    See also Working Paper Labor Market Search, Sticky Prices, and Interest Rate Policies, Santa Cruz Center for International Economics, Working Paper Series (2003) View citations (5) (2003)
25. Optimal fiscal policy in a monetary union - comments
    Proceedings, 2005

2004

26. October 6, 1979
    FRBSF Economic Letter, 2004, (dec3)
27. Precautionary policies
    FRBSF Economic Letter, 2004, (feb.13) View citations (3)
28. Robustly Optimal Instrument Rules and Robust Control: An Equivalence Result
    Journal of Money, Credit and Banking, 2004, 36, (6), 1105-13 View citations (45)
29. The productivity and jobs connection: the long and the short run of it
    FRBSF Economic Letter, 2004, (jul16)

2003

30. Accountability, Transparency, and Inflation Targeting
    Journal of Money, Credit and Banking, 2003, 35, (5), 829-49 View citations (54)
31. 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 View citations (6)
32. Implications of a changing economic structure for the strategy of monetary policy
    Proceedings - Economic Policy Symposium - Jackson Hole, 2003, 297-348 View citations (50)
    See also Working Paper Implications of a Changing Economic Structure for the Strategy of Monetary Policy, Santa Cruz Department of Economics, Working Paper Series (2004) View citations (18) (2004)
33. Minding the speed limit
    FRBSF Economic Letter, 2003, (may30) View citations (8)
34. Monetary policy and uncertainty: adapting to a changing economy -a symposium, Jackson Hole, Wyoming, August 28-30, 2003
    Proceedings - Economic Policy Symposium - Jackson Hole, 2003 View citations (4)
35. Speed Limit Policies: The Output Gap and Optimal Monetary Policy
    American Economic Review, 2003, 93, (1), 265-278 View citations (280)
    See also Working Paper Speed Limit Policies: The Output Gap and Optimal Monetary Policy, CESifo Working Paper Series (2001) View citations (21) (2001)

2002

36. Are contemporary central banks transparent about economic models and objectives and what difference does it make? - commentary
    Review, 2002, 84, (Jul), 37-46 View citations (1)
37. Teaching Inflation Targeting: An Analysis for Intermediate Macro
    The Journal of Economic Education, 2002, 33, (4), 333-346 View citations (42)
38. The changing budget picture
    FRBSF Economic Letter, 2002, (mar22)
39. The role of fiscal policy
    FRBSF Economic Letter, 2002, (sep6)
40. When should central bankers be fired?
    Economics of Governance, 2002, 3, (1), 1-21 View citations (15)

2001

41. The science (and art) of monetary policy
    FRBSF Economic Letter, 2001, (may4)
42. Transparency in monetary policy
    FRBSF Economic Letter, 2001, (sep7) View citations (4)

2000

43. Credibilidad, desinflación y contratos del Banco Central: qué se ha cumplido de la ley del Banco de la Reserva Federal en Nueva Zelanda?
    Revista ESPE - Ensayos sobre Política Económica, 2000, 18, (36-37), 105-135
    Also in Revista ESPE - Ensayos Sobre Política Económica, 2000, 18, (36-37), 105-135 (2000)
44. Market Discipline and Monetary Policy
    Oxford Economic Papers, 2000, 52, (2), 249-71 View citations (16)
45. Monetary Policy Design: Institutional Developments from a Contractual Perspective
    International Finance, 2000, 3, (3), 375-389 View citations (5)
46. Should central banks stabilize prices?
    FRBSF Economic Letter, 2000, (aug11)
47. Uncertainty and monetary policy
    FRBSF Economic Letter, 2000, (mar17)

1999

48. Announcements, Inflation Targeting and Central Bank Incentives
    Economica, 1999, 66, (262), 255-269
49. Changes in the business cycle
    FRBSF Economic Letter, 1999, (may14) View citations (1)
50. Projecting budget surpluses
    FRBSF Economic Letter, 1999, (sep10) View citations (1)

1998

51. Central bank inflation targeting
    FRBSF Economic Letter, 1998, (may22)
52. The Output-Inflation Tradeoff and Central Bank Reform: Evidence from New Zealand
    Economic Journal, 1998, 108, (448), 703-25 View citations (65)
53. The natural rate, NAIRU, and monetary policy
    FRBSF Economic Letter, 1998, (sep18) View citations (5)
54. The new output-inflation trade-off
    FRBSF Economic Letter, 1998, (feb6) View citations (3)
55. U.S. inflation targeting: pro and con
    FRBSF Economic Letter, 1998, (may29) View citations (8)

1997

56. Inflation and Central Bank Independence: Is Japan Really an Outlier?
    Monetary and Economic Studies, 1997, 15, (1), 89-117 View citations (11)
57. Nobel views on inflation and unemployment
    FRBSF Economic Letter, 1997, (jan10)
58. The Old Lady of Threadneedle Street gets her independence
    FRBSF Economic Letter, 1997, (sep12)

1996

59. Accountability in practice: recent monetary policy in New Zealand
    FRBSF Economic Letter, 1996, (sep9) View citations (1)
60. Central-Bank Independence, Economic Behavior, and Optimal Term Lengths
    American Economic Review, 1996, 86, (5), 1139-53 View citations (52)
61. The lender of last resort function under a currency board: The case of Argentina
    Open Economies Review, 1996, 7, (1), 625-650 View citations (37)
    See also Working Paper The lender of last resort function under a currency board: the case of Argentina, Policy Research Working Paper Series (1996) View citations (42) (1996)

1995

62. Bank credit and economic activity
    Conference Series ; [Proceedings], 1995, 39, 83-125 View citations (2)
63. 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 (58)
    See also Working Paper Is New Zealand's Reserve Bank Act of 1989 an optimal central bank contract?, Pacific Basin Working Paper Series (1994) View citations (4) (1994)
64. Optimal Contracts for Central Bankers
    American Economic Review, 1995, 85, (1), 150-67 View citations (722)
65. Output-inflation tradeoffs and central bank independence
    FRBSF Economic Letter, 1995, (sep22) View citations (5)
66. Unemployment
    FRBSF Economic Letter, 1995, (sep8) View citations (2)

1994

67. A primer on monetary policy. Part 1, goals and instruments
    FRBSF Economic Letter, 1994, (aug5)
68. A primer on monetary policy. Part II, targets and indicators
    FRBSF Economic Letter, 1994, (aug19)
69. Is there a cost to having an independent central bank?
    FRBSF Economic Letter, 1994, (feb4) View citations (2)

1993

70. Central bank strategies, credibility, and independence: A review essay
    Journal of Monetary Economics, 1993, 32, (2), 287-302 View citations (12)
71. Federal Reserve independence and the Accord of 1951
    FRBSF Economic Letter, 1993, (may28) View citations (1)
72. Optimal contracts for independent central bankers: private information, performance measures and reappointment
    Proceedings, 1993, (Mar) View citations (6)
    See also Working Paper Optimal contracts for independent central bankers: private information, performance measures and reappointment, Working Papers in Applied Economic Theory (1993) View citations (7) (1993)
73. What caused the 1990-1991 recession?
    Economic Review, 1993, 33-48 View citations (7)

1992

74. A generalized method of moments approach to estimating a "Structural vector autoregression"
    Journal of Macroeconomics, 1992, 14, (2), 199-232 View citations (4)
75. EMU and the ECB
    FRBSF Economic Letter, 1992, (jun5)
76. 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 (26)
77. Presidential popularity, presidential policies
    FRBSF Economic Letter, 1992, (jan31)
    See also Working Paper Presidential popularity, presidential policies, Working Papers in Applied Economic Theory (1992) View citations (1) (1992)

1991

78. Inside money and monetary neutrality
    Journal of Macroeconomics, 1991, 13, (3), 395-416 View citations (9)
    See also Working Paper Inside Money and Monetary Neutrality, NBER Working Papers (1986) View citations (3) (1986)
79. Public preferences and inflation
    FRBSF Economic Letter, 1991, (aug30)
80. 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 (450)
    See also Working Paper Testing intertemporal budget constraints: theory and applications to U. S. federal budget and current account deficits, Working Papers in Applied Economic Theory (1988) View citations (45) (1988)
81. The credit crunch and the real bills doctrine
    FRBSF Economic Letter, 1991, (may3)

1990

82. Credibility, commitment and inflation policy
    FRBSF Economic Letter, 1990, (nov23)
83. Japan's experience with flexible exchange rates
    FRBSF Economic Letter, 1990, (may4)
84. Seigniorage and tax smoothing in the United States 1914-1986
    Journal of Monetary Economics, 1990, 25, (1), 97-112 View citations (19)
    See also Working Paper Seigniorage and tax smoothing in the United States: 1914-1986, Working Papers in Applied Economic Theory (1988) View citations (2) (1988)

1989

85. Do deficits cause inflation?
    FRBSF Economic Letter, 1989, (jul21)
86. Interest rate smoothing
    FRBSF Economic Letter, 1989, (apr14) View citations (1)
87. Optimal inflation
    FRBSF Economic Letter, 1989, (aug4) View citations (1)
88. Postwar stability: fact or fiction
    FRBSF Economic Letter, 1989, (oct13) View citations (1)

1988

89. Common trends, the government's budget constraint, and revenue smoothing
    Journal of Economic Dynamics and Control, 1988, 12, (2-3), 425-444 View citations (268)
    See also Working Paper Common trends, the government's budget constraint, and revenue smoothing, Working Papers in Applied Economic Theory (1987) View citations (2) (1987)
90. Deregulation in New Zealand
    FRBSF Economic Letter, 1988, (oct14)
91. Do deficits matter?
    FRBSF Economic Letter, 1988, (jan15)
92. Financial intermediation, monetary policy, and equilibrium business cycles
    Economic Review, 1988, (Fall), 19-28
93. Monetary policy in New Zealand
    FRBSF Economic Letter, 1988, (oct21)
94. Testing for Real Effects of Monetary Policy Regime Shifts: A Note
    Journal of Money, Credit and Banking, 1988, 20, (3), 393-401 View citations (10)

1987

95. Financial deregulation and monetary policy in New Zealand
    Proceedings, 1987, 279-301 View citations (1)
96. Interest rates and exchange rates
    FRBSF Economic Letter, 1987, (jun5)
97. Monetary targeting and inflation: 1976-1984
    Economic Review, 1987, (Win), 5-16
98. PORTFOLIO SUBSTITUTION AND RECENT M1 BEHAVIOR
    Contemporary Economic Policy, 1987, 5, (1), 54-63 View citations (5)
99. Policy coordination and financial intermediaries
    Economic Review, 1987, (Win), 31-45
100. Real interest rates, credit markets and economic stabilization
     Journal of Macroeconomics, 1987, 9, (1), 95-108 View citations (3)
     See also Working Paper Real Interest Rate, Credit Markets, and Economic Stabilization, NBER Working Papers (1985) View citations (1) (1985)
101. The trade balance and the economic outlook
     FRBSF Economic Letter, 1987, (mar6)
102. Three questions concerning nominal and real interest rates
     Economic Review, 1987, (Fall), 5-19 View citations (8)
103. \\"Real\\" business cycles
     FRBSF Economic Letter, 1987, (jan30)

1986

104. Base drift
     FRBSF Economic Letter, 1986, (feb7)
105. Forecasting oil prices
     FRBSF Economic Letter, 1986, (dec5)
106. In Defense of Base Drift
     American Economic Review, 1986, 76, (4), 692-700 View citations (16)
107. Measuring money
     FRBSF Economic Letter, 1986, (may30)
108. New views of the business cycle: has the past emphasis on money been misplaced?
     Business Review, 1986, (Jan), 3-13 View citations (3)
109. Projecting deficits
     FRBSF Economic Letter, 1986, (aug1)
110. Selling government assets
     FRBSF Economic Letter, 1986, (may16)
111. Tax reform
     FRBSF Economic Letter, 1986, (jul11)

1985

112. 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 (3)
113. Examining the recent surge in M1
     FRBSF Economic Letter, 1985, (nov15)
114. Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements
     The Quarterly Journal of Economics, 1985, 100, (Supplement), 1011-1039 View citations (29)
     See also Working Paper Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements, NBER Working Papers (1983) (1983)
115. Revisions in the \"flash\" estimates of GNP growth: measurement error or forecast error?
     Economic Review, 1985, (Fall), 5-13 View citations (1)

1984

116. Interest Rate Volatility and Monetary Policy
     Journal of Money, Credit and Banking, 1984, 16, (2), 133-50 View citations (18)
     See also Working Paper Interest Rate Volatility and Monetary Policy, NBER Working Papers (1982) View citations (2) (1982)
117. Unanticipated Money and Interest Rates
     American Economic Review, 1984, 74, (2), 49-54 View citations (5)
     See also Working Paper Unanticipated Money and Interest Rates, NBER Working Papers (1984) View citations (4) (1984)

1983

118. Asset prices, asset stocks and rational expectations
     Journal of Monetary Economics, 1983, 11, (3), 337-349 View citations (3)
119. Should the Federal Reserve establish a real interest rate target?
     Economic Review, 1983, 68, (Jun), 22-33 View citations (1)
120. Taxation of Interest Income, Deregulation and the Banking Industry
     Journal of Finance, 1983, 38, (5), 1529-42 View citations (8)

1982

121. Asset substitutability and monetary policy: An alternative characterization
     Journal of Monetary Economics, 1982, 9, (1), 59-71 View citations (7)
122. The Federal Reserve's operating procedures and interest rate fluctuations
     Economic Review, 1982, 67, (May), 8-18 View citations (2)
123. The effects of alternative operating procedures on economic and financial relationships
     Proceedings - Economic Policy Symposium - Jackson Hole, 1982, 133-180 View citations (4)

Books

2010

1. Monetary Theory and Policy, Third Edition, vol 1
   MIT Press Books, The MIT Press View citations (322)

2003

2. Monetary Theory and Policy, 2nd Edition, vol 1
   MIT Press Books, The MIT Press View citations (589)

Chapters

2016

1. Goals versus Rules as Central Bank Performance Measures
   Chapter 3 in Central Bank Governance & Oversight Reform, 2016

2009

2. Monetary Policy and Key Unobservables: Evidence from Large Industrial and Selected Inflation-Targeting Countries
   Chapter 9 in Monetary Policy under Uncertainty and Learning, 2009, vol. 13, pp 285-370 View citations (2)
   See also Working Paper Monetary Policy And Key Unobservables: Evidence From Large Industrial And Selected Inflation-Targeting Countries, Central Bank of Chile (2009) View citations (2) (2009)
3. Monetary Policy under Uncertainty and Learning: An Overview
   Chapter 1 in Monetary Policy under Uncertainty and Learning, 2009, vol. 13, pp 001-025 View citations (25)
   See also Journal Article Monetary Policy Under Uncertainty and Learning: An Overview, Central Bank of Chile (2008) View citations (3) (2008)
   Working Paper Monetary Policy Under Uncertainty and Learning: An Overview, Central Bank of Chile (2008) View citations (8) (2008)

2007

4. Transparency, Flexibility, and Inflation Targeting
   Chapter 7 in Monetary Policy under Inflation Targeting, 2007, vol. 11, pp 227-263 View citations (7)
   See also Working Paper Transparency, Flexibility, and Inflation Targeting, Central Bank of Chile (2006) View citations (12) (2006)

1999

5. Academic Views of Capital Flows: An Expanding Universe
   A chapter in Capital Flows and the International Financial System, 1999 View citations (4)
6. Capital Flows and Exchange Rates
   A chapter in Capital Flows and the International Financial System, 1999 View citations (6)

1995

7. 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 (12)

Software Items

2003

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