Haldane, Andrew G; McCallum, Bennett T; Salmon, Chris - In: The Manchester School of Economic & Social Studies 64 (1996) Suppl., pp. 1-27
The authors conduct counterfactual stochastic simulations of B. T. McCallum's monetary policy rule for the United Kingdom. This rule targets nominal GDP using the monetary base as its instrument. It is able to secure a dramatic improvement in inflation performance compared with historical...