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Chapter 3. Money and Inflation : Some Critical Issues
McCallum, Bennett T.; Nelson, Edward - In: Handbook of monetary economics : volume 3, (pp. 97-153). 2010
aggregates at all. We begin by considering the body of thought known as the “quantity theory of money.” The quantity theory … the nominal money stock. The nominal homogeneity conditions that deliver the quantity-theory result are the same as those … that deliver monetary neutrality, an important principle behind policy formulation. The quantity theory implies a ceteris …
Persistent link: https://www.econbiz.de/10014025677
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Monetary and Fiscal Theories of the Price Level : The Irreconcilable Differences
McCallum, Bennett T. - 2006
The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its … appeared to provide a theory whose implications differ greatly from conventional monetary analysis; accordingly we review …
Persistent link: https://www.econbiz.de/10012734227
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Chapter 23 Issues in the design of monetary policy rules
McCallum, Bennett T. - In: Handbook of macroeconomics : volume 1, part C, (pp. 1483-1530). 1999
policies; and the recently-developed fiscal theory of the price level. …
Persistent link: https://www.econbiz.de/10014024217
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New Zealand's monetary policy arrangements : some critical issues
McCallum, Bennett T. - 1995
Persistent link: https://www.econbiz.de/10000918267
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New Zealand's monetary policy arrangements : some critical issues
McCallum, Bennett T. - 1995
Persistent link: https://www.econbiz.de/10000653485
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Should Central Banks Raise their Inflation Targets? Some Relevant Issues
McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2011
Should central banks, because of the zero-lower-bound problem, raise their inflation-rate targets? Several arguments are relevant. (1) In the absence of the ZLB, the optimal steady-state inflation rate, according to standard New Keynesian reasoning, lies between the Friedman-rule value of...
Persistent link: https://www.econbiz.de/10009019693
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A Monetary Impulse Measure for Medium-Term Policy Analysis
McCallum, Bennett T. - 2006
The paper presents a measure of monetary impulse that is intended to reflect the medium-term inflationary implications of a nation`s current monetary policy. The measure consists of the growth rate of the monetary base, adjusted for reserve requirement changes and augmented by an implicit...
Persistent link: https://www.econbiz.de/10012781588
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Money and Inflation : Some Critical Issues
McCallum, Bennett T. - 2011
aggregates at all. We begin by considering the body of thought known as the "quantity theory of money." The quantity theory … the nominal money stock. The nominal homogeneity conditions that deliver the quantity-theory result are the same as those … that deliver monetary neutrality, an important principle behind policy formulation. The quantity theory implies a ceteris …
Persistent link: https://www.econbiz.de/10013118439
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Base Money Rules in the UK
Haldane, Andrew; McCallum, Bennett T.; Salmon, Chris - 1998
This paper assesses the performance of a simple monetary policy rule - McCallum's rule. This rule targets nominal income using the monetary base as its instrument whilst making an allowance for any on-going changes in money velocity. The paper conducts a range of historical counterfactual...
Persistent link: https://www.econbiz.de/10014064063
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Alternatives to the Fed?
McCallum, Bennett T. - 2013
There are three main alternatives to the Federal Reserve that need to be discussed. These are the gold standard, private competitive supply of money, and the Yeager-Greenfield plan for an automatically stabilized unit of account. I will attempt to provide some relevant considerations in this article
Persistent link: https://www.econbiz.de/10013083121