Narrow search
Showing 1 - 10 of 394
Cover Image
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
Cover Image
Analysis of the monetary transmission mechanism : methodological issues
McCallum, Bennett T. - 1999
Persistent link: https://www.econbiz.de/10001421646
Cover Image
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
Cover Image
Analysis of the Monetary Transmission Mechanism : Methodological Issues
McCallum, Bennett T. - 2021
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/10013212576
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
The liquidity trap and the Pigou effect : a dynamic analysis with rational expectations
McCallum, Bennett T. - 1982
Persistent link: https://www.econbiz.de/10002410734
Cover Image
Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration
Goodfriend, Marvin; McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2007
The paper reconsiders the role of money and banking in monetary policy analysis by including a banking sector and money in an optimizing model otherwise of a standard type. The model is implemented quantitatively, with a calibration based on U.S. data. It is reasonably successful in providing an...
Persistent link: https://www.econbiz.de/10005084957