Working Paper
Inside money and monetary neutrality
Walsh, Carl E.; Hartley, Peter R. (1986)
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, ...
Working Papers in Applied Economic Theory , Paper 86-01

Journal Article
Forecasting oil prices
Walsh, Carl E. (1986)
FRBSF Economic Letter

Working Paper
Borrowing restrictions and wealth constraints: implications for aggregate consumption
Walsh, Carl E. (1986)
Recent empirical studies have found that consumption is more sensitive to current income than simple versions of the life-cycle, 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 a distribution of consumption across individuals which is consistent with the recent empirical evidence. The aggregate fraction of consumers facing a binding borrowing constraint is shown to exhibit positive ...
Working Papers in Applied Economic Theory , Paper 86-06

Journal Article
U.S. inflation targeting: pro and con
Walsh, Carl E.; Rudebusch, Glenn D. (1998)
FRBSF Economic Letter

Journal Article
Selling government assets
Walsh, Carl E. (1986)
FRBSF Economic Letter

Journal Article
Minding the speed limit
Walsh, Carl E. (2003)
FRBSF Economic Letter

Journal Article
Credibility, commitment and inflation policy
Walsh, Carl E. (1990)
FRBSF Economic Letter

Journal Article
Is there a cost to having an independent central bank?
Walsh, Carl E. (1994)
FRBSF Economic Letter

Journal Article
The credit crunch and the real bills doctrine
Walsh, Carl E. (1991)
FRBSF Economic Letter

Journal Article
Monetary targeting and inflation: 1976-1984
Walsh, Carl E. (1987-01)
Economic Review , Issue Win , Pages 5-16