Carl E. Walsh

Carl Eugene Walsh is a Professor of Economics (1987-) and Vice Provost of the Silicon Valley Initiatives (2005-) at the University of California, Santa Cruz as well as Economist at the Federal Reserve Bank of San Francisco (1985-).

Academic Life

Carl Walsh is a Professor of Economics at UCSC. He joined the faculty in 1987, having been an Assistant Professor at Princeton University as well as a Visiting Professor at Stanford University and UC Berkeley. He is also Vice Provost of the Silicon Valley Initiatives at UCSC (2005-). [ [http://www.ucsc.edu/news_events/press_releases/text.asp?pid=990 UC Santa Cruz Press Release: Distinguished economist appointed as interim leader for University of California, Santa Cruz, Extension] ] [ [http://www.santacruzsentinel.com/archive/2007/March/25/local/stories/02local.htm Santa Cruz Sentinel: New UCSC business school considered for Silicon Valley] ] [ [http://www.santacruzsentinel.com/archive/2007/March/25/local/stories/01local.htm Santa Cruz Sentinel: UC Santa Cruz takes off in Silicon Valley] ]

Federal Reserve

He is a Visiting Scholar (1987-) and was previously a Senior Economist (1985-1987) at the Federal Reserve Bank of San Francisco. He was also a Visiting Senior Economist at the Federal Reserve Bank of Philadelphia from 1984 to 1985, a Visiting Scholar in the International Finance Division of the Federal Reserve Board in July, 1984, and a Visiting Scholar at the Federal Reserve Bank of Kansas City from 1982 to 1983.

Educational Background

He received his Ph.D. in Economics in 1976 and A.B. in Mathematics and Economics in 1971 from the University of California, Berkeley. He has written two textbooks and has authored or coauthored numerous articles and chapters, mostly scientific.

Walsh Contract

Carl Walsh has become best known for his paper "Optimal Contracts for Central Bankers" published in 1995 by the "American Economic Review". [ [http://econ.ucsc.edu/faculty/walshc/OptimalContracts.pdf Optimal Contracts for Central Bankers by Carl Walsh, "The American Economic Review", Vol. 85, No. 1. (Mar., 1995), pp. 150-167] ] His theory is commonly referred to as the "Walsh Contract." The subject has been debated by numerous economists including current Chairman of the Federal Reserve Ben S. Bernanke. [ [http://www.federalreserve.gov/Boarddocs/speeches/2004/20041008/default.htm The Federal Reserve Board: Remarks by Governor Ben S. Bernanke To the Conference on Reflections on Monetary Policy 25 Years after October 1979, Federal Reserve Bank of St. Louis, St. Louis, Missouri, October 8, 2004] ] His theory has also been questioned by Francisco Candel-Sánchez and Juan Cristóbal Campoy-Miñarroy. [ [http://ideas.repec.org/a/kap/pubcho/v120y2004i1_2p29-39.html Is the Walsh Contract Really Optimal?] ] In addition, Haizhou Huang and A. Jorge Padilla have commented on the concept. [ [http://ideas.repec.org/p/fth/cemfdt/9522.html Fiscal Policy and the Sub-Optimality of the Walsh Contract for Central Bankers Is the Walsh Contract Really Optimal?] ]

elected Publications

*"Optimal Contracts for Central Bankers," March, 1995, Vol. 85, No. 1, pp. 150-167. "American Economic Review". Origins of the "Walsh Contract."
*Monetary Theory and Policy, 2nd edition, 2003. MIT Press. ISBN 0262232316. Standard graduate-level textbook.
*Economics, 4th edition, with Joseph E. Stiglitz, 2006. W. W. Norton. ISBN 0393926222. Modern introductory economics textbook.
*Principles of Microeconomics, 4th edition, with Joseph E. Stiglitz, 2006. W. W. Norton. ISBN 0393926230. Modern introductory microeconomics textbook.

External links

* [http://econ.ucsc.edu/~walshc/ Prof. Walsh's Home Page]
* [http://econ.ucsc.edu/faculty/walshc/Select.htm Prof. Walsh's Selected Recent Publications]
* [http://www.ucsc.edu/ UC Santa Cruz]
* [http://econ.ucsc.edu/ UC Santa Cruz Department of Economics]

ee also

*Macroeconomics
*Monetary Policy
*Monetary Theory
*International finance
*Inflation

References