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Christopher J. Waller

Emeritus

Education

Ph.D. Economics
Washington State University
1985

M.A. Economics
Washington State University
1984

B.S. Economics
Bemidji State University
1981

Contact Info

Fax: (314) 444-8731

Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442



Journal Publications

"Stabilization Policy at the Zero Lower Bound"
with  Paola Boel
International Economic Review, 11/2019, Vol. 60, No. 4, 4, pp. 1539-1563
Working Paper
https://doi.org/10.1111/iere.12396

"Liquidity Premiums on Government Debt and the Fiscal Theory of the Price Level"
with Aleksander Berentsen
Journal of Economic Dynamics & Control, April 2018, Vol. 89, pp. 173-182
Working Paper
https://doi.org/10.1016/j.jedc.2018.01.038

"Nominal Exchange Rate Determinacy under the Threat of Currency Counterfeiting"
with  Pere Gomis-Porqueras and  Timothy Kam
American Economic Journal-Macroeconomics, April 2017, Vol. 9, No. 2, pp. 256-273
Working Paper
https://doi.org/10.1257/mac.20150172

"Monetary Policy with Asset-Backed Money"
with David Andolfatto and Aleksander Berentsen
Journal of Economic Theory, July 2016, Vol. 164, pp. 166-186
Working Paper
https://doi.org/10.1016/j.jet.2015.08.006

"Optimal Stabilization Policy With Search Externalities"
with Aleksander Berentsen
Macroeconomic Dynamics, April 2015, Vol. 19, No. 3, pp. 669-700
Working Paper
https://doi.org/10.1017/s1365100513000564

"Optimal Stabilization Policy with Search Externalities"
with Aleksander Berentsen
Macroeconomic Dynamics, April 2015, Vol. 19, No. 3, pp. 669-700

"Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic"
with Aleksander Berentsen and  Alessandro Marchesiani
Review of Economic Dynamics, July 2014, Vol. 17, No. 3, pp. 523-542
Working Paper
https://doi.org/10.1016/j.red.2013.09.001

"The Shadow Economy as an Equilibrium Outcome"
with  Pere Gomis-Porqueras and  Adrian Peralta-Alva
Journal of Economic Dynamics & Control, April 2014, Vol. 41, pp. 1-19
Working Paper
https://doi.org/10.1016/j.jedc.2014.02.006

"Optimal Disclosure Policy and Undue Diligence"
with David Andolfatto and Aleksander Berentsen
Journal of Economic Theory, January 2014, Vol. 149, pp. 128-152
Working Paper
https://doi.org/10.1016/j.jet.2013.02.003

"Price-level Targeting and Stabilization Policy"
with Aleksander Berentsen
Journal of Money, Credit, and Banking, October 2011, Vol. 43, Supplement 2, pp. 559-580
Working Paper
https://doi.org/10.1111/j.1538-4616.2011.00452.x

"Random Matching and Money in the Neoclassical Growth Model: Some Analytical Results"
Macroeconomic Dynamics, September 2011, Vol. 15, Supplement 2, pp. 293-312
Working Paper
https://doi.org/10.1017/s1365100510000726

"Outside Bonds versus Inside Bonds: A Modigliani-Miller Type Result for Liquidity Constrained Economies"
with Aleksander Berentsen
Journal of Economic Theory, September 2011, Vol. 146, No. 5, pp. 1852-1887
Working Paper
https://doi.org/10.1016/j.jet.2011.06.016

"Money and Capital: A Quantitative Analysis"
with  S. Borağan Aruoba and  Randall Wright
Journal of Monetary Economics, March 2011, Vol. 58, No. 2, pp. 98-116
Working Paper
https://doi.org/10.1016/j.jmoneco.2011.03.003

"Introduction to the Special Issue on Money, Credit, and Liquidity"
with  Ed Nosal and  Randall Wright
Macroeconomic Dynamics, December 2010, Vol. 15, Supplement 1, pp. 1-9
https://doi.org/10.1017/s1365100510000982

"Intensive vs. Extensive Margin Tradeoffs in a Simple Monetary Search Model"
with  Sébastien Lotz and  Andrei Shevchenko
Annales d'Economie et de Statistiques (Annals of Economics and Statistics), April/June 2007, Vol. 86, pp. 138-148
https://doi.org/10.2307/20079198

"Bargaining and the Value of Money"
with  S. Borağan Aruoba and  Guillaume Rocheteau
Journal of Monetary Economics, November 2007, Vol. 54, No. 8, pp. 2636-2655
https://doi.org/10.1016/j.jmoneco.2007.07.003

"Money, Credit and Banking"
with Aleksander Berentsen and  Gabriele Camera
Journal of Economic Theory, July 2007, Vol. 135, No. 1, pp. 171-195
https://doi.org/10.1016/j.jet.2006.03.016

"Heterogeneity and Lotteries in Monetary Search Models"
with  Sébastien Lotz and  Andrei Shevchenko
Journal of Money, Credit, and Banking, March/April 2007, Vol. 39, No. 2-3, pp. 703-713
https://doi.org/10.1111/j.0022-2879.2007.00042.x

"Money and Risk Sharing"
with  Robert Reed
Journal of Money, Credit, and Banking, September 2006, Vol. 38, No. 6, pp. 1599-1618
https://doi.org/10.1353/mcb.2006.0087

"The Distribution of Money Balances and the Non-neutrality of Money"
with Aleksander Berentsen and  Gabriele Camera
International Economic Review, May 2005, Vol. 46, No. 2, pp. 465-487
https://doi.org/10.1111/j.1468-2354.2005.00329.x

"Currency Competition in a Fundamental Model of Money"
with  Gabriele Camera and  Ben Craig
Journal of International Economics, December 2004, Vol. 64, No. 2, pp. 521-544
https://doi.org/10.1016/j.jinteco.2003.09.002

"The Distribution of Money and Prices in an Equilibrium with Lotteries"
with Aleksander Berentsen and  Gabriele Camera
Economic Theory, November 2004, Vol. 24, No. 4, pp. 887-906
https://doi.org/10.1007/s00199-004-0485-5

"Dollarization and Currency Exchange"
with  Ben Craig
Journal of Monetary Economics, May 2004, Vol. 51, No. 4, pp. 671-689
https://doi.org/10.1016/j.jmoneco.2003.10.002

"Central Bank Design in General Equilibrium"
with James Bullard
Journal of Money, Credit, and Banking, February 2004, Vol. 36, No. 1, pp. 95-113
Working Paper
http://doi.org/10.1353/mcb.2004.0002

"Comment on ‘Search, Money and Capital: A Neoclassical Dichotomy'"
Journal of Money, Credit, and Banking, December 2003, Vol. 35, No. 6, Part 2, pp. 1111-1117
https://doi.org/10.1353/mcb.2004.0037

"A Jack of All Trades or a Master of One? Specialization, Trade and Money"
with  Gabriele Camera and  Robert Reed
International Economic Review, November 2003, Vol. 44, No. 4, pp. 1275-1294
https://doi.org/10.1111/1468-2354.t01-1-00109

"Can Monetizing Trade Lower Welfare? An Example"
with  Gabriele Camera and  Robert Reed
Economics Letters, November 2003, Vol. 81, No. 2, pp. 179-186
https://doi.org/10.1016/S0165-1765(03)00168-X

"Currency Restrictions, Government Transaction Policies and Currency Exchange"
with  Elisabeth Curtis
Economic Theory, January 2003, Vol. 21, No. 1, pp. 19-42
https://doi.org/10.1007/s00199-002-0271-1

"Corruption: Top Down or Bottom Up?"
with  Roy Gardner and  Thierry Verdier
Economic Inquiry, October 2002, Vol. 40, No. 4, pp. 688-703
https://doi.org/10.1093/ei/40.4.688

"Policy Boards and Policy Smoothing"
Quarterly Journal of Economics, February 2000, Vol. 115, No. 1, pp. 305-339
https://doi.org/10.1162/003355300554665

"A Search-Theoretic Model of Legal and Illegal Currency"
with  Elisabeth Curtis
Journal of Monetary Economics, February 2000, Vol. 45, No. 1, pp. 155-184
https://doi.org/10.1016/S0304-3932(99)00042-2

"Dual Currency Economies as Multiple Payment Systems"
with  Ben Craig
Federal Reserve Bank of Cleveland Economic Review, 2000, Vol. 36, No. 1, pp. 2-13

"Central Banking as a Political Principal-Agent Problem"
with  Michele Fratianni and  Jürgen von Hagen
Economic Inquiry, April 1997, Vol. 35, No. 2, pp. 378-393
https://doi.org/10.1111/j.1465-7295.1997.tb01917.x

"A Benefit-Cost Analysis of Disinflation"
with Christopher J. Neely
Contemporary Economic Policy, January 1997, Vol. 15, No. 1, pp. 50-64
https://doi.org/10.1111/j.1465-7287.1997.tb00454.x

"Central Bank Independence, Economic Behavior and Optimal Term Lengths"
with  Carl E. Walsh
American Economic Review, December 1996, Vol. 86, No. 5, pp. 1139-1153
https://doi.org/10.1257/aer.89.4.1056

"An Expository Model of Credit Rationing"
with  Steve Lewarne
Journal of Macroeconomics, Summer 1994, Vol. 16, No. 3, pp. 539-45
https://doi.org/10.1016/0164-0704(94)90022-1

"Discretionary Monetary Policy and Socially Efficient Wage Indexation"
with  David VanHoose
Quarterly Journal of Economics, November 1992, Vol. 107, No. 4, pp. 1451-1460
https://doi.org/10.2307/2118396

"The Choice of a Conservative Central Banker in a Multisector Economy"
American Economic Review, September 1992, Vol. 82, No. 4, pp. 1006-1012
https://doi.org/10.2307/2118396

"The Maastricht Way to EMU"
with  Michele Fratianni and  Jürgen von Hagen
Princeton University Essays in International Finance, June 1992, Vol. 187, pp. 1-46

"A Bargaining Model of Partisan Appointments to the Central Bank"
Journal of Monetary Economics, June 1992, Vol. 29, No. 3, pp. 411-428
https://doi.org/10.1016/0304-3932(92)90034-Y

"Discretion, Wage Indexation, and Inflation"
with  David VanHoose
Southern Economic Journal, October 1991, Vol. 58, No. 2, pp. 356-67
https://doi.org/10.2307/1060179

"Bashing and Coercion in Monetary Policy"
Economic Inquiry, January 1991, Vol. 29, No. 1, pp. 1-13
https://doi.org/10.1111/j.1465-7295.1991.tb01248.x

"Generalized Neoclassical Optimization: Concave Indifference Surfaces and Free Disposal"
with  L.E. Johnson and  S. Vogt
International Review of Economics and Business, September 1990, Vol. 37, pp. 837-850

"Administering the Window: A Game Theoretic Model of Discount Window Borrowing"
Journal of Monetary Economics, March 1990, Vol. 25, No. 2, pp. 273-287
https://doi.org/10.1016/0304-3932(90)90016-W

"Macroeconomic Policy Games and Central Bank Politics"
Journal of Money, Credit, and Banking, November 1989, Vol. 21, No. 4, pp. 422-431
https:/doi.org/10.2307/1992350

"Islands, Indexation, and Monetary Policy"
with  David VanHoose
Economic Inquiry, October 1989, Vol. 27, No. 4, pp. 705-718
https://doi.org/10.1111/j.1465-7295.1989.tb00797.x

"Efficiency Wages, Indexation, and Macroeconomic Stabilization"
Economics Letters, August 1989, Vol. 30, No. 2, pp. 125-128
https://doi.org/10.1016/0165-1765(89)90048-7

"Optimal Monetary Policy and Alternative Wage Indexation Schemes in a Model with Interest-Sensitive Labor Supply"
with  David VanHoose
Journal of Macroeconomics, Spring 1989, Vol. 11, No. 2, pp. 163-180
https://doi.org/10.1016/0164-0704(89)90035-9

"Endogenous Wage Indexation and Optimal Monetary Policy With and Without a Balanced Budget"
with  David VanHoose
Journal of Economics and Business, February 1989, Vol. 41, No. 1, pp. 21-31
https://doi.org/10.1016/0148-6195(89)90003-9

"Deficit Financing and the Role of the Central Bank - A Game Theoretic Approach"
Atlantic Economic Journal, July 1987, Vol. 15, pp. 25-32
https://doi.org/10.1007/BF02316843

"Reputation Building in a Monetary Policy Game"
Journal of Macroeconomics, Summer 1987, Vol. 9, No. 3, pp. 351-372
https://doi.org/10.1016/0164-0704(87)90002-4