Narrow search
Showing 1 - 10 of 228
Cover Image
The future of central banking : a lesson from United States history
McCallum, Bennett T. - In: Monetary and economic studies 28 (2010), pp. 27-34
Persistent link: https://www.econbiz.de/10009405461
Cover Image
Monetary vs. fiscal policy effects : a review of the debate
McCallum, Bennett T. - 1985
Persistent link: https://www.econbiz.de/10002410774
Cover Image
Monetary versus fiscal policy effects : a review of the debate
McCallum, Bennett T. - In: The monetary versus fiscal policy debate : lessons from …, (pp. 1-29). 1986
Persistent link: https://www.econbiz.de/10001261166
Cover Image
Is the Fiscal Theory of the Price Level Learnable?
McCallum, Bennett T. - 2010
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/10013136352
Cover Image
Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination
McCallum, Bennett T. - 2021
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/10013215355
Cover Image
Inflation Targeting and the Liquidity Trap
McCallum, Bennett T. - 2021
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/10013222228
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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