The dynamics of the movement of the cerebrospinal fluid (CSF) may play an important role in the genesis of pathological neurological conditions such as syringomyelia, which is characterized by the presence of a cyst (syrinx) in the spinal cord. In order to provide sound theoretical grounds for the hypotheses that attribute the formation and growth of the syrinx to impediments to the normal movement of the CSF, it is necessary to understand various modes through which CSF pulse in the spinal column propagates. Analytical models of small-amplitude wave propagation in fluid-filled coaxial tubes, where the outer tube represents dura, the inner tube represents the spinal cord, and the fluid is the CSF, have been used to that end. However, so far, the tendency was to model one of the two tubes as rigid and to neglect the effect of finite thickness of the tube walls. The aim of this study is to extend the analysis in order to address these two potentially important issues. To that end, classical linear small-amplitude analysis of wave propagation was applied to a system consisting of coaxial tubes of finite thickness filled with inviscid incompressible fluid. General solutions to the governing equations for the case of harmonic waves in the long wave limit were replaced with the boundary conditions to yield the characteristic (dispersion) equation for the system. The four roots of the characteristic equation correspond to four modes of wave propagation, of which the first three are associated with significant motion of the CSF. For the normal range of parameters the speeds of the four modes are , , , and , which are well within the range of values previously reported in experimental and theoretical studies. The modes with the highest and the lowest speeds of propagation can be attributed to the dura and the spinal cord, respectively, whereas the remaining two modes involve some degree of coupling between the two. When the thickness of the spinal cord, is reduced below its normal value, the first mode becomes dominant in terms of the movement of the CSF, and its speed drops significantly. This suggests that the syrinx may be characterized by an abnormally low speed of the CSF pulse.