Carl E. Walsh
|Carl E. Walsh|
|Born||June 30, 1949|
|Institution||University of California, Santa Cruz|
|Alma mater||University of California, Berkeley|
|Information at IDEAS / RePEc|
Carl Eugene Walsh (born June 30, 1949), is an American economist. He has been an economics professor at the University of California, Santa Cruz since 1987, and Distinguished Professor of Economics and chair of the Economics Department at the university since 2010. He has also served in several positions in the Federal Reserve System.
Early life and education
Walsh was a lecturer at the University of Auckland in New Zealand from 1976 to 1978 and assistant professor at Princeton University from 1979 to 1985. Walsh was senior economist at the Federal Reserve Bank of San Francisco from 1985 to 1987. Walsh moved to the University of California, Santa Cruz in 1987, becoming associate professor. Walsh was named full professor in 1991 and was named distinguished professor in 2010.
Walsh has held visiting appointments at several institutions, including UC Berkeley economics department (visiting lecturer, 1979; visiting assistant professor, 1985), the Federal Reserve Bank of Kansas City (visiting scholar, 1982-1983), the International Finance Division of the Federal Reserve Board (visiting scholar, July 1984), the Federal Reserve Bank of Philadelphia (visiting senior economist, 1984-1985), the UC Berkeley School of Business (visiting lecturer, 1986-1987), the Federal Reserve Bank of San Francisco (visiting scholar, 1987–present), and Stanford University (visiting professor, fall 1995). Walsh was vice provost of the UC Santa Cruz's Silicon Valley Initiatives from 2005 to 2007. He is a co-editor of the International Journal of Central Banking.
Walsh has become best known for his paper "Optimal Contracts for Central Bankers," published in 1995 in the American Economic Review. His theory is commonly referred to as the "Walsh Contract." In a 2004 speech, current Chairman of the Federal Reserve Ben S. Bernanke included "Optimal Contracts for Central Bankers" as one of the three most influential papers in macroeconomics over the past 25 years. His theory has also been questioned by Francisco Candel-Sánchez and Juan Cristóbal Campoy-Miñarro. In addition, Haizhou Huang and A. Jorge Padilla have commented on the concept.
Walsh has written several textbooks and has authored or coauthored numerous articles and chapters, mostly scientific.
- "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, 3rd edition, 2010. MIT Press. ISBN 0-262-01377-0. Standard graduate-level textbook for monetary economics.
- Economics, 4th edition, with Joseph E. Stiglitz, 2006. W. W. Norton. ISBN 0-393-92622-2. Modern introductory economics textbook.
- Principle of Microeconomics, 4th edition, with Joseph E. Stiglitz, 2006. W. W. Norton. ISBN 0-393-92623-0. Modern introductory microeconomics textbook.
- "Walsh, Carl E.". Library of Congress. Retrieved 27 October 2014.
(Carl Eugene Walsh; b. 06-30-1949; also author of N.Z. Reserve Bank pubs.)
- "Home Page of Carl E. Walsh" University of California, Santa Cruz.
- UC Santa Cruz Press Release: Distinguished economist appointed as interim leader for University of California, Santa Cruz, Extension
- Santa Cruz Sentinel: New UCSC business school considered for Silicon Valley
- Santa Cruz Sentinel: UC Santa Cruz takes off in Silicon Valley
- Optimal Contracts for Central Bankers by Carl Walsh, The American Economic Review, Vol. 85, No. 1. (Mar., 1995), pp. 150-167
- 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
- Is the Walsh Contract Really Optimal?
- Fiscal Policy and the Sub-Optimality of the Walsh Contract for Central Bankers Is the Walsh Contract Really Optimal?
- Official website at the University of California, Santa Cruz