Walsh, Carl E.
Overview
Works:  105 works in 365 publications in 6 languages and 5,880 library holdings 

Genres:  Handbooks, manuals, etc Case studies History 
Roles:  Author 
Classifications:  HG230.3, 330 
Publication Timeline
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Most widely held works by
Carl E Walsh
Monetary theory and policy by
Carl E Walsh(
Book
)
64 editions published between 1988 and 2011 in 3 languages and held by 1,136 WorldCat member libraries worldwide
Monetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium models of money, models of the shortrun real effects of monetary policy, and gametheoretic approaches to monetary policy. The book is designed for secondyear graduate students specializing in monetary economics, for economic researchers in need of a systematic summary of recent developments in the field, for economists working in policy institutions, and for central bank staff economists
64 editions published between 1988 and 2011 in 3 languages and held by 1,136 WorldCat member libraries worldwide
Monetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium models of money, models of the shortrun real effects of monetary policy, and gametheoretic approaches to monetary policy. The book is designed for secondyear graduate students specializing in monetary economics, for economic researchers in need of a systematic summary of recent developments in the field, for economists working in policy institutions, and for central bank staff economists
Principes d'économie moderne by
Joseph E Stiglitz(
Book
)
7 editions published between 2004 and 2014 in French and held by 289 WorldCat member libraries worldwide
Présente les principes fondamentaux de la micro et de la macroéconomie tout en montrant les liens entre les analyses théoriques et la réalité. Chaque chapitre comporte des applications pratiques, des encadrés portant sur les questions de politique économique associées aux thèmes traités, une synthèse des principaux points et une série d'exercices
7 editions published between 2004 and 2014 in French and held by 289 WorldCat member libraries worldwide
Présente les principes fondamentaux de la micro et de la macroéconomie tout en montrant les liens entre les analyses théoriques et la réalité. Chaque chapitre comporte des applications pratiques, des encadrés portant sur les questions de politique économique associées aux thèmes traités, une synthèse des principaux points et une série d'exercices
Economics by
Joseph E Stiglitz(
Book
)
28 editions published between 2002 and 2014 in English and Japanese and held by 279 WorldCat member libraries worldwide
Integrates contemporary economics into the traditional curriculum. This book offers coverage of the economics of information and imperfect markets. It emphasises on the critical role of capital markets in the macro economy
28 editions published between 2002 and 2014 in English and Japanese and held by 279 WorldCat member libraries worldwide
Integrates contemporary economics into the traditional curriculum. This book offers coverage of the economics of information and imperfect markets. It emphasises on the critical role of capital markets in the macro economy
Principles of macroeconomics by
Joseph E Stiglitz(
Book
)
15 editions published between 2002 and 2009 in English and Spanish and held by 202 WorldCat member libraries worldwide
CONTENIDO: El automóvil y la economía  Pensar como un economista  El comercio  La demanda, la oferta y el precio  Utilización de demanda y la oferta  Tiempo y riesgo  El sector público  La decisión de consumo  La oferta de trabajo y el ahorro  Una guía de inversión para estudiantes  Los costes de la empresa  La producción  El equilibrio competitivo  Monopolios y competencias imperfecta  Los oligopolios  Actitud de los poderes públicos hacia la competencia  El cambio tecnológico  La información imperfecta en el mercado de productos  Las imperfecciones del mercado de trabajo  La financiación, el control y la gestión de la empresa  Las externalidades y el medio ambiente  Impuestos, transferencias y redistribución  La toma pública de decisiones
15 editions published between 2002 and 2009 in English and Spanish and held by 202 WorldCat member libraries worldwide
CONTENIDO: El automóvil y la economía  Pensar como un economista  El comercio  La demanda, la oferta y el precio  Utilización de demanda y la oferta  Tiempo y riesgo  El sector público  La decisión de consumo  La oferta de trabajo y el ahorro  Una guía de inversión para estudiantes  Los costes de la empresa  La producción  El equilibrio competitivo  Monopolios y competencias imperfecta  Los oligopolios  Actitud de los poderes públicos hacia la competencia  El cambio tecnológico  La información imperfecta en el mercado de productos  Las imperfecciones del mercado de trabajo  La financiación, el control y la gestión de la empresa  Las externalidades y el medio ambiente  Impuestos, transferencias y redistribución  La toma pública de decisiones
Principles of microeconomics by
Joseph E Stiglitz(
Book
)
15 editions published between 2002 and 2006 in English and held by 190 WorldCat member libraries worldwide
"Cowritten by Joseph Stiglitz, winner of the Nobel Prize for his research on imperfect markets, and Carl E. Walsh, one of the leading monetary economists in the field, Principles of Microeconomics is the most modern and accurate text available."Publisher's website
15 editions published between 2002 and 2006 in English and held by 190 WorldCat member libraries worldwide
"Cowritten by Joseph Stiglitz, winner of the Nobel Prize for his research on imperfect markets, and Carl E. Walsh, one of the leading monetary economists in the field, Principles of Microeconomics is the most modern and accurate text available."Publisher's website
Makroökonomie : Band 2 zur Volkswirtschaftslehre by
Joseph E Stiglitz(
Book
)
2 editions published between 2008 and 2013 in German and held by 73 WorldCat member libraries worldwide
2 editions published between 2008 and 2013 in German and held by 73 WorldCat member libraries worldwide
Mikroökonomie by
Joseph E Stiglitz(
Book
)
1 edition published in 2010 in German and held by 44 WorldCat member libraries worldwide
1 edition published in 2010 in German and held by 44 WorldCat member libraries worldwide
Central bank institutional design and the output cost of disinflation : did the 1989 New Zealand Reserve Bank Act affect the
inflationoutput tradeoff? by
Michael M Hutchison(
Book
)
13 editions published in 1996 in English and held by 36 WorldCat member libraries worldwide
13 editions published in 1996 in English and held by 36 WorldCat member libraries worldwide
Inflation and central bank independence : is Japan really an outlier? by
Carl E Walsh(
Book
)
8 editions published in 1996 in English and held by 35 WorldCat member libraries worldwide
8 editions published in 1996 in English and held by 35 WorldCat member libraries worldwide
The impact of monetary targeting in the United States, 19761984 by
Carl E Walsh(
Book
)
7 editions published in 1987 in English and held by 25 WorldCat member libraries worldwide
This paper attempts to assess empirically the impact on output and inflation of monetary policy in the US. during the period of M1 targeting from 1976 to 1984. The impact of policy shocks on output and inflation, and the impact of aggregate demand, aggregate supply and money demand shocks on M1 and the Fed's target path, are examined through the use of impulse response functions. These response functions are based on an orthogonalization of VAR residuals derived from an estimated structural model. The VAR specification reflects the finding that M1 and the Fed's target for M1 are cointegrated. The evidence suggests that money supply shocks and shocks to M1 target have accounted for little of the observed volatility of output or inflation. However, the induced policy response to aggregate demand and supply shocks has contributed to subsequent inflation
7 editions published in 1987 in English and held by 25 WorldCat member libraries worldwide
This paper attempts to assess empirically the impact on output and inflation of monetary policy in the US. during the period of M1 targeting from 1976 to 1984. The impact of policy shocks on output and inflation, and the impact of aggregate demand, aggregate supply and money demand shocks on M1 and the Fed's target path, are examined through the use of impulse response functions. These response functions are based on an orthogonalization of VAR residuals derived from an estimated structural model. The VAR specification reflects the finding that M1 and the Fed's target for M1 are cointegrated. The evidence suggests that money supply shocks and shocks to M1 target have accounted for little of the observed volatility of output or inflation. However, the induced policy response to aggregate demand and supply shocks has contributed to subsequent inflation
Volkswirtschaftslehre by
Joseph E Stiglitz(
Book
)
5 editions published between 2008 and 2010 in German and Undetermined and held by 24 WorldCat member libraries worldwide
5 editions published between 2008 and 2010 in German and Undetermined and held by 24 WorldCat member libraries worldwide
Inside money and monetary neutrality by
Peter R Hartley(
Book
)
7 editions published in 1986 in English and held by 24 WorldCat member libraries worldwide
This paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well as temporary shocks tothe monetary base, are shown to have real effects even when private agents have complete information. When contemporaneous information on economic disturbances is incomplete, permanent shocks to the monetary base also have real effects. If our model is correct, it is invalid to reject equilibrium models of the business cycle on the grounds that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which incorporate inside money would yield a nonneutrality of portfolio and temporary base money supply shocks
7 editions published in 1986 in English and held by 24 WorldCat member libraries worldwide
This paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well as temporary shocks tothe monetary base, are shown to have real effects even when private agents have complete information. When contemporaneous information on economic disturbances is incomplete, permanent shocks to the monetary base also have real effects. If our model is correct, it is invalid to reject equilibrium models of the business cycle on the grounds that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which incorporate inside money would yield a nonneutrality of portfolio and temporary base money supply shocks
Testing for real effects of monetary policy regime shifts by
Carl E Walsh(
Book
)
6 editions published between 1986 and 1987 in English and held by 21 WorldCat member libraries worldwide
Huizinga and Mishkin (1986) have recently proposed a simple method for testing whether monetary policy regime changes have affected the exante real rate of interest. This paper shows that care must be taken in choosing the set of variables on which to project the expost real rate if inferences about the exante real rate are to be drawn. It is shown that Huizinga. and Mishkin's tests cannot distinguish between shifts in the real rate process and shifts in the inflation process
6 editions published between 1986 and 1987 in English and held by 21 WorldCat member libraries worldwide
Huizinga and Mishkin (1986) have recently proposed a simple method for testing whether monetary policy regime changes have affected the exante real rate of interest. This paper shows that care must be taken in choosing the set of variables on which to project the expost real rate if inferences about the exante real rate are to be drawn. It is shown that Huizinga. and Mishkin's tests cannot distinguish between shifts in the real rate process and shifts in the inflation process
Borrowing restrictions and wealth constraints : implications for aggregate consumption by
Carl E Walsh(
Book
)
6 editions published between 1985 and 1986 in English and held by 19 WorldCat member libraries worldwide
Recent empirical studies have found that consumption is more sensitive to current income than the lifecycle, permanent income hypothesis would predict. The present paper studies a model in which the fraction of consumers exhibiting excess sensitivity is endogenously determined. The presence of income uncertainty and restrictions on borrowing are shown to generate adistribution of consumption across individuals which is consistent with the recent empirical evidence. The aggregate marginal propensity to consume out of transitory income is directly related to the fraction of constrained consumers and exhibits positive serial correlation in the face of serially uncorrelated income shocks
6 editions published between 1985 and 1986 in English and held by 19 WorldCat member libraries worldwide
Recent empirical studies have found that consumption is more sensitive to current income than the lifecycle, permanent income hypothesis would predict. The present paper studies a model in which the fraction of consumers exhibiting excess sensitivity is endogenously determined. The presence of income uncertainty and restrictions on borrowing are shown to generate adistribution of consumption across individuals which is consistent with the recent empirical evidence. The aggregate marginal propensity to consume out of transitory income is directly related to the fraction of constrained consumers and exhibits positive serial correlation in the face of serially uncorrelated income shocks
Monetary information and interest rates by
Carl E Walsh(
Book
)
6 editions published in 1985 in English and held by 14 WorldCat member libraries worldwide
A model of interest rate movements in response to new information on the money stock is developed.The model, which incorporates several earlier approaches as special cases, makes explicit the manner in which estimated interest rate responses to money surprises depend on the relative variances of nominal and real disturbances, as well as on the monetary authority's policy and the credibility of that policy
6 editions published in 1985 in English and held by 14 WorldCat member libraries worldwide
A model of interest rate movements in response to new information on the money stock is developed.The model, which incorporates several earlier approaches as special cases, makes explicit the manner in which estimated interest rate responses to money surprises depend on the relative variances of nominal and real disturbances, as well as on the monetary authority's policy and the credibility of that policy
Interest rate volatility and monetary policy by
Carl E Walsh(
Book
)
7 editions published in 1982 in English and held by 12 WorldCat member libraries worldwide
In October 1979 the Federal Reserve shifted from an interest rate oriented operating procedure to a reserves oriented procedure. It is argued in this paper that part of the very large increase in interest rate volatility which resulted from the policy switch may have been due to shifts in the parameters of the money demand equation, shifts due to the adoptionof a reserve aggregates operating procedure. This result is derived by comparing rational expectations equilibria in a simple theoretical model under alternative policy rules. This allows the variance of interest rates to be explicitly expressed as a function of the policy rule
7 editions published in 1982 in English and held by 12 WorldCat member libraries worldwide
In October 1979 the Federal Reserve shifted from an interest rate oriented operating procedure to a reserves oriented procedure. It is argued in this paper that part of the very large increase in interest rate volatility which resulted from the policy switch may have been due to shifts in the parameters of the money demand equation, shifts due to the adoptionof a reserve aggregates operating procedure. This result is derived by comparing rational expectations equilibria in a simple theoretical model under alternative policy rules. This allows the variance of interest rates to be explicitly expressed as a function of the policy rule
Unanticipated money and interest rates by
V. Vance Roley(
Book
)
5 editions published in 1984 in English and held by 11 WorldCat member libraries worldwide
Evidence on the relationship between unanticipated money and interestrates has been provided by two types of studies. First, several researchers have investigated the relationship using quarterly data. Second, a number of researchers have examined the effect of money announcement surprises on interest rates. In both instances, the correlation between money surprises and interest rates has usually been found to be nonnegative. This paper first provides an interpretation of the correlation between unanticipated money and interest rates in terms of Federal Reserve policy objectives and operating procedures. Then, the correlation of unanticipated money and both short and longterm interest rates is examined over weekly intervals, combining several aspects of the previous quarterly and announcement studies. In addition, the distinction between unpredicted and unperceived money also is considered
5 editions published in 1984 in English and held by 11 WorldCat member libraries worldwide
Evidence on the relationship between unanticipated money and interestrates has been provided by two types of studies. First, several researchers have investigated the relationship using quarterly data. Second, a number of researchers have examined the effect of money announcement surprises on interest rates. In both instances, the correlation between money surprises and interest rates has usually been found to be nonnegative. This paper first provides an interpretation of the correlation between unanticipated money and interest rates in terms of Federal Reserve policy objectives and operating procedures. Then, the correlation of unanticipated money and both short and longterm interest rates is examined over weekly intervals, combining several aspects of the previous quarterly and announcement studies. In addition, the distinction between unpredicted and unperceived money also is considered
Optimal taxation by the monetary authority by
Carl E Walsh(
Book
)
6 editions published in 1984 in English and held by 11 WorldCat member libraries worldwide
Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steadystate equilibrium needs to consider the simultaneous choice of all the tax instruments controlled by the monetary authority. Such an analysis is carried out in this paper. It is shown that when the tax system is not indexed, the optimal nominal interest rate on the monetary authority's liabilities is likely to be zero. More importantly, any discussion of the payment of interest on reserves and currency must take into account the nature of the tax system and the rate of inflation in a nonindexed economy
6 editions published in 1984 in English and held by 11 WorldCat member libraries worldwide
Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steadystate equilibrium needs to consider the simultaneous choice of all the tax instruments controlled by the monetary authority. Such an analysis is carried out in this paper. It is shown that when the tax system is not indexed, the optimal nominal interest rate on the monetary authority's liabilities is likely to be zero. More importantly, any discussion of the payment of interest on reserves and currency must take into account the nature of the tax system and the rate of inflation in a nonindexed economy
Asset prices, substitution effects, and the impact of changes in asset stocks by
Carl E Walsh(
Book
)
4 editions published between 1980 and 1981 in English and held by 7 WorldCat member libraries worldwide
The standard result in macroeconomic models is that an increase in the stock of government debt has an ambiguous effect on aggregate demand. Models which have derived this result have assumed that all assets are gross substitutes. Some recent work within the framework of meanvariance portfolio models, however, seems to imply that the assumption that all assets are gross substitutes is sufficient to determine whether an increase in government debt is expansionary or contractionary. This apparent inconsistency is resolved by showing that gross substitutability is sufficient to sign the impact of a change in government debt only when money is riskless. To carry out the analysis, portfolio choice and equilibrium asset prices are characterized in a new way through the use of a distance function
4 editions published between 1980 and 1981 in English and held by 7 WorldCat member libraries worldwide
The standard result in macroeconomic models is that an increase in the stock of government debt has an ambiguous effect on aggregate demand. Models which have derived this result have assumed that all assets are gross substitutes. Some recent work within the framework of meanvariance portfolio models, however, seems to imply that the assumption that all assets are gross substitutes is sufficient to determine whether an increase in government debt is expansionary or contractionary. This apparent inconsistency is resolved by showing that gross substitutability is sufficient to sign the impact of a change in government debt only when money is riskless. To carry out the analysis, portfolio choice and equilibrium asset prices are characterized in a new way through the use of a distance function
Measurement error and the flow of funds accounts : estimates of household asset demand equations by
Carl E Walsh(
Book
)
4 editions published in 1981 in English and held by 7 WorldCat member libraries worldwide
In the household sector of the Flow of Funds Accounts, the difference between net acquisition of financial assets and net financial savings is equal to a statistical discrepancy which is often quite large relative to the reported changes in asset holdings. This means that the budget restrictions emphasized in the BrainardTobin approach to specifying asset demand equations are not satisfied by the data commonly used to estimate such equations. The view adopted in this paper is that the statistical discrepancy should be thought of as resulting from measurement error in the Flow of Funds data. By imposing a structure on the measurement error, a consistent estimator is developed and used to estimate asset demand equations for the household sector. The demand equations are similar in specification to those used by others so that the results allow a direct assessment of the effects of alternative treatments of the statistical discrepancy. The empirical results suggest that qualitative conclusions about the effects of financial flows and interest rates on asset demands are not affected by the way the statistical discrepancy is treated. Quantitative conclusions are, however, affected
4 editions published in 1981 in English and held by 7 WorldCat member libraries worldwide
In the household sector of the Flow of Funds Accounts, the difference between net acquisition of financial assets and net financial savings is equal to a statistical discrepancy which is often quite large relative to the reported changes in asset holdings. This means that the budget restrictions emphasized in the BrainardTobin approach to specifying asset demand equations are not satisfied by the data commonly used to estimate such equations. The view adopted in this paper is that the statistical discrepancy should be thought of as resulting from measurement error in the Flow of Funds data. By imposing a structure on the measurement error, a consistent estimator is developed and used to estimate asset demand equations for the household sector. The demand equations are similar in specification to those used by others so that the results allow a direct assessment of the effects of alternative treatments of the statistical discrepancy. The empirical results suggest that qualitative conclusions about the effects of financial flows and interest rates on asset demands are not affected by the way the statistical discrepancy is treated. Quantitative conclusions are, however, affected
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Related Identities
 Stiglitz, Joseph E. Author
 Stiglitz, Joseph E. Author
 Lafay, JeanDominique 1944
 National Bureau of Economic Research
 Nouguès, Françoise Translator
 Jovanovic, Franck (1972....). Collector
 Federal Reserve Bank of San Francisco
 Hutchison, Michael M. Author
 Hartley, Peter R. Author
 Roley, V. Vance Author
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Associated Subjects
Banks and banking, CentralEconometric models Board of Governors of the Federal Reserve System (U.S.) Canada Capital Consumption (Economics) Deflation (Finance)Econometric models Demand (Economic theory) Demand functions (Economic theory) Developing countries Economic development Economic history Economic policy Economics Equilibrium Federal Reserve banks Flow of funds Flow of fundsAccounting Income IncomeMathematical models Inflation (Finance)Econometric models InterestMathematical models Interest ratesEffect of inflation on Interest ratesMathematical models Japan Macroeconomics Microeconomics Monetary policy Monetary policyEconometric models Monetary policyMathematical models Monetary unions Money MoneyMathematical models Money supplyMathematical models New Zealand Nihon Ginkō Portfolio management Rational expectations (Economic theory) StocksPrices TaxationEffect of inflation on United States