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Nominal Income Targeting in an Open-Economy Optimizing Model

McCallum, Bennett T. - 2000

conducting analysis in a macroeconomic model that is designed to respect both neoclassical theory and empirical regularities …

Persistent link: https://www.econbiz.de/10012471031

Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates

McCallum, Bennett T. - 2000

This paper explores several issues concerning a possible zero lower bound (ZLB) including its theoretical rationale; the magnitude of effects of low sustained inflation on real interest rates; the validity of analyzing monetary policy in models with no monetary variables; and the dynamic...

Persistent link: https://www.econbiz.de/10012471090

Analysis of the Monetary Transmission Mechanism : Methodological Issues

McCallum, Bennett T. - 1999

This paper argues that, in studying the monetary policy transmission process, more emphasis should be given to the systematic portion of policy behavior and correspondingly less to random shocks basically because shocks account for a very small fraction of policy-instrument variability. Analysis...

Persistent link: https://www.econbiz.de/10012471390

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Liquidity Traps : How to Avoid Them and How to Escape Them

Buiter, Willem H. - 1999

The paper considers ways of avoiding a liquidity trap and ways of getting out of one. Unless lower short nominal interest rates are associated with significantly lower interest volatility, a lower average rate of inflation, which will be associated with lower expected nominal interest rates,...

Persistent link: https://www.econbiz.de/10012471545

Fiscal Prerequisites for a Viable Managed Exchange Rate Regime : A Non-technical Eclectic Introduction

Buiter, Willem H. - 1986

borrowing. There is not yet any "deep structural" theory justifying the (exogenous) lower bounds on the stock of foreign … exchange reserves characteristic of the collapsing exchange rate literature. Absent such a theory of "international liquidity …

Persistent link: https://www.econbiz.de/10012477028

Death, Population Growth, Productivity Growth and Debt Neutrality

Buiter, Willem H. - 1986

Debt neutrality is said to occur if, given a program for public spending on current goods and services over time, the real equilibrium of the economy (private consumption, investment, relative prices, etc.) is independent of the pattern of government borrowing and lump-sum taxation over time....

Persistent link: https://www.econbiz.de/10012477043

Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

Buiter, Willem H. - 1986

The paper considers the response of a small, open dependent economy to a variety of fiscal and financial shocks as well as the influence of alternative budget balancing rules on the response of the system to such external shocks as a change in the world interest rate. The approach allows for...

Persistent link: https://www.econbiz.de/10012477047

The Optimal Inflation Rate in an Overlapping-Generations Economy with Land

McCallum, Bennett T. - 1986

This paper is concerned with the optimal inflation rate in an overlapping-generations economy in which (i) aggregate output is constrained by a standard neoclassical production function with diminishing marginal products for both capital and labor and (ii) the transaction-facilitating services...

Persistent link: https://www.econbiz.de/10012477183

On Consequences and Criticisms of Monetary Targeting

McCallum, Bennett T. - 1985

The purpose of this paper is to review and evaluate the most important existing criticisms of policy strategies that feature adherence to money stock targets. Four main categories of criticism (and counterargumerits) are analyzed. The first of these involves the claim that accurate money stock...

Persistent link: https://www.econbiz.de/10012477486

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