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Christopher J. Waller

Executive Vice President and Director of Research

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

For media inquiries, contact:
Karen Mracek
mediainquiries@stls.frb.org
Phone: (314) 444-3911




Forthcoming Publications

"Stabilization Policy at the Zero Lower Bound"
with Paola Boel
International Economic Review


Journal Publications

"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

"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