C
Carl E. Walsh
Researcher at University of California, Santa Cruz
Publications - 182
Citations - 10028
Carl E. Walsh is an academic researcher from University of California, Santa Cruz. The author has contributed to research in topics: Monetary policy & Inflation targeting. The author has an hindex of 41, co-authored 182 publications receiving 9806 citations. Previous affiliations of Carl E. Walsh include National Bureau of Economic Research & Center for Economic Studies.
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Monetary Theory and Policy
TL;DR: In this article, empirical evidence on money and output is presented, including the Tobin effect and the MIU approximation problems, and a general equilibrium framework for monetary analysis is presented.
Posted Content
Optimal contracts for central bankers
TL;DR: The authors adopts a principal-agent framework to determine how a central banker's incentives should be structured to induce the socially optimal policy, and shows that the optimal contract ties the rewards of the central banker to realized inflation.
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Testing Intertemporal Budget Constraints: Theory and Applications to U. S. Federal Budget and Current Account Deficits
Bharat Trehan,Carl E. Walsh +1 more
TL;DR: In this paper, the authors extend previous tests of intertemporal budget balance and present value relationships by expanding the set of allowable deficit processes and by deriving a testable condition that is sufficient to ensure inter-term budget balance as long as the expected discount rate is strictly positive.
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Common trends, the government's budget constraint, and revenue smoothing
TL;DR: In this article, it was shown that the requirement that the government's budget be balanced in present value terms is equivalent to the condition that government expenditures inclusive of interest, tax receipts and seignorage be cointegrated.
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Optimal Monetary Policy with the Cost Channel
TL;DR: In this paper, a cost channel for monetary policy is introduced into the standard new Keynesian framework, and the authors explore its implications for optimal monetary policy and show that its presence alters the optimal policy problem in important ways.