Carl Walsh | University of California, Santa Cruz (original) (raw)
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Papers by Carl Walsh
The American Economic Review, 2016
FRBSF Economic Letter, 1988
RePEc: Research Papers in Economics, 1994
ABSTRACT
The New Palgrave Dictionary of Economics
NBER Macroeconomics Annual, 2000
Social Science Research Network, 2003
Oxford Economic Papers-new Series, Oct 1, 2005
RePEc: Research Papers in Economics, Feb 25, 2004
Central banks in the major industrialized economies implement policy by intervening in the money ... more Central banks in the major industrialized economies implement policy by intervening in the money market to achieve a target level for a short-term interest rate.1 Why central banks use a short-term interest rate as a policy instrument, and how they achieve the targeted value they set for this rate are topics to be discussed in chapter 11. The focus in this chapter is on the role of nancial markets and the linkages between the interest rate a¤ected directly by monetary policy and the broad range of market interest rates and credit conditions that a¤ect investment and consumption spending. After considering issues of price level determinacy and liquidity traps in section 2, the term structure of interest rates and the relationship between short-term and long-term interest rates are discussed in section 3. Recent work has linked the term structure models commonly used in the nance literature to the types of macro models commonly used to investigate monetary policy issues. These model...
We derive a linear-quadratic model that is consistent with sticky prices and search and matching ... more We derive a linear-quadratic model that is consistent with sticky prices and search and matching frictions in the labor market. We show that the second-order approximation to the welfare of the representative agent depends on inflation and "gaps" that involve current and lagged unemployment. Our approximation makes explicit how welfare costs are generated by the presence of search frictions. These costs are distinct from the costs associated with relative price dispersion and fluctuations in consumption that appear in standard new Keynesian models. We show the labor market structure has important implications for optimal monetary policy. (JEL E24, E31, E52)
Routledge eBooks, Apr 30, 2020
Inflation (Finance) ; Unemployment
The World Bank eBooks, Nov 30, 1999
The Economic Journal, May 1, 1998
New Zealand economic papers, 1979
Routledge eBooks, Apr 30, 2020
Routledge eBooks, Apr 30, 2020
University of Chicago Press eBooks, 2003
The American Economic Review, 2016
FRBSF Economic Letter, 1988
RePEc: Research Papers in Economics, 1994
ABSTRACT
The New Palgrave Dictionary of Economics
NBER Macroeconomics Annual, 2000
Social Science Research Network, 2003
Oxford Economic Papers-new Series, Oct 1, 2005
RePEc: Research Papers in Economics, Feb 25, 2004
Central banks in the major industrialized economies implement policy by intervening in the money ... more Central banks in the major industrialized economies implement policy by intervening in the money market to achieve a target level for a short-term interest rate.1 Why central banks use a short-term interest rate as a policy instrument, and how they achieve the targeted value they set for this rate are topics to be discussed in chapter 11. The focus in this chapter is on the role of nancial markets and the linkages between the interest rate a¤ected directly by monetary policy and the broad range of market interest rates and credit conditions that a¤ect investment and consumption spending. After considering issues of price level determinacy and liquidity traps in section 2, the term structure of interest rates and the relationship between short-term and long-term interest rates are discussed in section 3. Recent work has linked the term structure models commonly used in the nance literature to the types of macro models commonly used to investigate monetary policy issues. These model...
We derive a linear-quadratic model that is consistent with sticky prices and search and matching ... more We derive a linear-quadratic model that is consistent with sticky prices and search and matching frictions in the labor market. We show that the second-order approximation to the welfare of the representative agent depends on inflation and "gaps" that involve current and lagged unemployment. Our approximation makes explicit how welfare costs are generated by the presence of search frictions. These costs are distinct from the costs associated with relative price dispersion and fluctuations in consumption that appear in standard new Keynesian models. We show the labor market structure has important implications for optimal monetary policy. (JEL E24, E31, E52)
Routledge eBooks, Apr 30, 2020
Inflation (Finance) ; Unemployment
The World Bank eBooks, Nov 30, 1999
The Economic Journal, May 1, 1998
New Zealand economic papers, 1979
Routledge eBooks, Apr 30, 2020
Routledge eBooks, Apr 30, 2020
University of Chicago Press eBooks, 2003