Carl E. Walsh
Encyclopedia
Carl Eugene Walsh 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 at the university since 2010. He has also served in several positions in the Federal Reserve System
.
Walsh's work is primarily in the fields of central banking and monetary policy
.
in mathematics
and economics in 1971 and his Ph.D.
in economics in 1976, both from the University of California, Berkeley
.
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 is an international research fellow at Kiel Institute for the World Economy
.
. 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-Miñarroy. In addition, Haizhou Huang and A. Jorge Padilla have commented on the concept.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
. He has been an economics professor at the University of California, Santa Cruz
University of California, Santa Cruz
The University of California, Santa Cruz, also known as UC Santa Cruz or UCSC, is a public, collegiate university; one of ten campuses in the University of California...
since 1987, and Distinguished Professor of Economics and chair of the Economics Department at the university at the university since 2010. He has also served in several positions in the Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
.
Walsh's work is primarily in the fields of central banking and monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
.
Early life and education
Walsh received his A.B.Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in mathematics
Mathematics
Mathematics is the study of quantity, space, structure, and change. Mathematicians seek out patterns and formulate new conjectures. Mathematicians resolve the truth or falsity of conjectures by mathematical proofs, which are arguments sufficient to convince other mathematicians of their validity...
and economics in 1971 and his Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in economics in 1976, both from the University of California, Berkeley
University of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
.
Career
Walsh was a lecturer at the University of AucklandUniversity of Auckland
The University of Auckland is a university located in Auckland, New Zealand. It is the largest university in the country and the highest ranked in the 2011 QS World University Rankings, having been ranked worldwide...
in New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
from 1976 to 1978 and assistant professor at Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
from 1979 to 1985. Walsh was senior economist at the Federal Reserve Bank of San Francisco
Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states-—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--plus the Northern Mariana Islands, American Samoa,...
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
Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico. The Bank has branches in Denver, Oklahoma City, and Omaha. The current president is...
(visiting scholar, 1982-1983), the International Finance Division of the Federal Reserve Board (visiting scholar, July 1984), the Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, the 9 southern counties of New Jersey, and Delaware...
(visiting senior economist, 1984-1985), the UC Berkeley School of Business
Haas School of Business
The Walter A. Haas School of Business, also known as the Haas School of Business or simply Haas, is one of 14 schools and colleges at the University of California, Berkeley....
(visiting lecturer, 1986-1987), the Federal Reserve Bank of San Francisco
Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states-—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--plus the Northern Mariana Islands, American Samoa,...
(visiting scholar, 1987-present), and Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
(visiting professor, fall 1995). Walsh was vice provost
Provost (education)
A provost is the senior academic administrator at many institutions of higher education in the United States, Canada and Australia, the equivalent of a pro-vice-chancellor at some institutions in the United Kingdom and Ireland....
of the UC Santa Cruz's Silicon Valley Initiatives
University of California, Santa Cruz Silicon Valley Initiatives
UCSC Silicon Valley Initiatives comprise a set of educational and research activities which together increase the presence of the University of California in Silicon Valley...
from 2005 to 2007. He is a co-editor of the International Journal of Central Banking
International Journal of Central Banking
The International Journal of Central Banking is an economic research journal which began in the 2004 decision of several Central Banks to create a professional journal for policymakers and researchers in the field of monetary policy...
.
Walsh is an international research fellow at Kiel Institute for the World Economy
Kiel Institute for the World Economy
The Kiel Institute for the World Economy is located in Kiel, Germany, and one of the leading economic research institutes in Germany. It is engaged in research and consulting with regard to global economic affairs, economic education and documentation...
.
Work
Walsh has become best known for his paper "Optimal Contracts for Central Bankers," published in 1995 in the American Economic ReviewAmerican Economic Review
The American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
. His theory is commonly referred to as the "Walsh Contract." In a 2004 speech, current Chairman of the Federal Reserve
Chairman of the Federal Reserve
The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chairman of the Fed," or in market circles "Fed Chairman" or "Fed Chief"...
Ben S. Bernanke included "Optimal Contracts for Central Bankers" as one of the three most influential papers in macroeconomics
Macroeconomics
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
over the past 25 years. His theory has also been questioned by Francisco Candel-Sánchez and Juan Cristóbal Campoy-Miñarroy. In addition, Haizhou Huang and A. Jorge Padilla have commented on the concept.
Selected publications
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 ReviewAmerican Economic ReviewThe American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
. Origins of the "Walsh Contract." - Monetary Theory and Policy, 3rd edition, 2010. MIT PressMIT PressThe MIT Press is a university press affiliated with the Massachusetts Institute of Technology in Cambridge, Massachusetts .-History:...
. ISBN 0262013770. Standard graduate-level textbook for monetary economics. - Economics, 4th edition, with Joseph E. StiglitzJoseph E. StiglitzJoseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal . He is also the former Senior Vice President and Chief Economist of the World Bank...
, 2006. W. W. NortonW. W. NortonW. W. Norton & Company is an independent American book publishing company based in New York City. It is well known for its "Norton Anthologies", particularly the Norton Anthology of English Literature and the "Norton Critical Editions" series of texts which are frequently assigned in university...
. ISBN 0393926222. Modern introductory economics textbook. - Principle of Microeconomics, 4th edition, with Joseph E. StiglitzJoseph E. StiglitzJoseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal . He is also the former Senior Vice President and Chief Economist of the World Bank...
, 2006. W. W. NortonW. W. NortonW. W. Norton & Company is an independent American book publishing company based in New York City. It is well known for its "Norton Anthologies", particularly the Norton Anthology of English Literature and the "Norton Critical Editions" series of texts which are frequently assigned in university...
. ISBN 0393926230. Modern introductory microeconomics textbook.
External links
- Official website at the University of California, Santa Cruz