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Monetary Policy in Economies with Little or No Money

McCallum, Bennett T. - 2003

The paper's arguments include: (1) Medium-of-exchange money will not disappear in the foreseeable future, although the quantity of base money may continue to decline. (2) In economies with very little money (e.g., no currency but bank settlement balances at the central bank), monetary policy...

Persistent link: https://www.econbiz.de/10012468860

Multiple-Solution Indeterminacies in Monetary Policy Analysis

McCallum, Bennett T. - 2003

This paper discusses four current topics in monetary policy analysis, each of which hinges on the possibility of multiple solutions in rational expectations (RE) models. In three of these cases--involving inflation forecast targeting, the zero-lower bound deflation trap, and the fiscal theory of...

Persistent link: https://www.econbiz.de/10012468861

Should Monetary Policy Respond Strongly to Output Gaps?

McCallum, Bennett T. - 2001

Much recent monetary policy analysis has featured stochastic simulations with small structural macroeconomic models that include: a spending vs. saving ( IS') sector; a price-adjustment sector; and an interest rate policy rule. The first two are frequently specified so as to reflect optimizing...

Persistent link: https://www.econbiz.de/10012470498

Monetary Policy for an Open Economy : An Alternative Framework with Optimizing Agents and Sticky Prices

McCallum, Bennett T. - 2001

The new open-economy macroeconomics' seeks to provide an improved basis for monetary and exchange-rate policy through … the construction of open-economy models that feature rational expectations, optimizing agents, and slowly adjusting prices … consumer goods but rather as raw-material inputs to the home economy's productive process. This treatment leads to a clean and …

Persistent link: https://www.econbiz.de/10012470551

Monetary Policy Analysis in Models Without Money

McCallum, Bennett T. - 2001

The following arguments are developed: (i) models without monetary aggregates do not imply that inflation is a non-monetary phenomenon and are not necessarily non-monetary models; (ii) theoretical considerations suggest that such models are misspecified, but the quantitative significance of this...

Persistent link: https://www.econbiz.de/10012470552

The Present and Future of Monetary Policy Rules

McCallum, Bennett T. - 2000

To consider the prospects, looking 20-30 years into the future, for monetary policymaking in accordance with policy rules, one must evaluate their present importance. That requires some definition of what constitutes rule-based monetary policy in practice, since no actual central bank will ever...

Persistent link: https://www.econbiz.de/10012470821

Timeless Perspectives vs. Discretionary Monetary Policy In Forward-Looking Models

McCallum, Bennett T. - 2000

This paper reviews the distinction between the timeless perspective and discretionary modes of monetary policymaking, the former representing rule-based policy as recently formalized by Woodford (1999b). In models with forward-looking expectations, this distinction is greater than in the models...

Persistent link: https://www.econbiz.de/10012470822

An Optimizing IS-LM Framework with Endogenous Investment

Casares, Miguel - 2000

Dynamic optimizing models with an IS-LM-type structure and slow price adjustments have been used for much recent monetary policy analysis, but usually with capital and investment treated as exogenous a significant restriction. This paper demonstrates that investment decisions can be endogenized...

Persistent link: https://www.econbiz.de/10012470829

Boom-and-bust cycles in emerging markets : how important is the exchange rate?

Siklos, Pierre L. - In: Journal of macroeconomics 56 (2018), pp. 172-187

Persistent link: https://www.econbiz.de/10012127657

Optimal continuation versus the timeless perspective in monetary policy

Jensen, Christian; McCallum, Bennett T. - In: Journal of money, credit and banking : JMCB 42 (2010) 6, pp. 1093-1107

Persistent link: https://www.econbiz.de/10008821690