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Monetary vs. Fiscal Policy Effects : A Review of the Debate

McCallum, Bennett T. - 1985

This paper reviews empirical findings, econometric issues,and theoretical results bearing upon the "monetary vs. fiscal policy" debate that began with the 1963 Friedrnan-Meiselman study.The main substantive conclusions are not very dramatic.The clearest is that an open-market increase in the...

Persistent link: https://www.econbiz.de/10012477529

Is the Fiscal Theory of the Price Level Learnable?

McCallum, Bennett T. - 2003

This paper presents a prototype model for development of the fiscal theory of the price level.' In this simple setting, the fiscal theory's distinctiveness relies upon adoption of a bubble solution, rather than the rational-expectations fundamentals solution. The paper then shows that the fiscal...

Persistent link: https://www.econbiz.de/10012468736

Inflation Targeting and the Liquidity Trap

McCallum, Bennett T. - 2001

This paper considers whether 'liquidity trap' issues have important bearing on the desirability of inflation targeting … perspective, a quantitative open-economy model is developed and the likelihood of encountering a liquidity trap is explored for … several policy rules. Also, it is emphasized that, if the usual interest rate instrument is immobilized by a liquidity trap …

Persistent link: https://www.econbiz.de/10012470499

Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination

McCallum, Bennett T. - 1998

The recently-developed fiscal theory of price level determination contends that there is an important class of policy rules in which there exists a unique rational expectations solution that shows the price level to be dependent upon fiscal policy and independent of monetary variables. The...

Persistent link: https://www.econbiz.de/10012472349

Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan

McCallum, Bennett T. - 2000

instrument and target variables. The time spans examined are 1962-1998 for the U.S. and U.K., and 1972-1998 for Japan. In …

Persistent link: https://www.econbiz.de/10012471025

Specification and Analysis of a Monetary Policy Rule for Japan

McCallum, Bennett T. - 1993

base control in Japan …

Persistent link: https://www.econbiz.de/10012474497

Monetary and fiscal theories of the price level: the irreconcilable differences

McCallum, Bennett T.; Nelson, Edward - Federal Reserve Bank of St. Louis - 2006

The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its defining characteristics. Some writers have emphasized implications regarding interest-rate pegging and determinacy of RE solutions, whereas others have stressed its capacity to...

Persistent link: https://www.econbiz.de/10005360634

Targeting vs. instrument rules for monetary policy

McCallum, Bennett T. (contributor); … - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002115955

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