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An optimization-based econometric framework for the evaluation of monetary policy
Rotemberg, Julio; Fuhrer, Jeffrey C. - In: NBER macroeconomics annual 12 (1997), pp. 297-346
Persistent link: https://www.econbiz.de/10001254157
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Theoretical analysis regarding a zero lower bound on nominal interest rates
McCallum, Bennett T. - 2000
Persistent link: https://www.econbiz.de/10001472851
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Some issues concerning interest rate pegging, price level determinacy, and the real bills doctrine
McCallum, Bennett T. - 1984
Persistent link: https://www.econbiz.de/10002406267
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Price level determinacy with an interest rate policy rule and rational expectations
McCallum, Bennett T. - 1980
Persistent link: https://www.econbiz.de/10009573663
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Some Issues Concerning Interest Rate Pegging, Price Level Determinacy, and the Real Bills Doctrine
McCallum, Bennett T. - 1984
In a recent paper, Canzoneri, Henderson, and Rogoff have shown that it is possible for the monetary authority to peg the nominal interest rate without creating price level indeterminacy in a simplified version of the 1975 Sargent-Wallace model. The present paper begins by reviewing that result,...
Persistent link: https://www.econbiz.de/10012477801
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Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations
McCallum, Bennett T. - 1980
This paper reconsiders a result obtained by Sargent and Wallace, namely, that price level indeterminacy obtains in their well-known model if the monetary authorities adopt a policy feedback rule for the interest rate rather than the money stock. Since the Federal Reserve seems often to have used...
Persistent link: https://www.econbiz.de/10012478574
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Some Issues Concerning Interest Rate Pegging, Price Level Determinacy, and the Real Bills Doctrine
McCallum, Bennett T. - 2021
In a recent paper, Canzoneri, Henderson, and Rogoff have shown that it is possible for the monetary authority to peg the nominal interest rate without creating price level indeterminacy in a simplified version of the 1975 Sargent-Wallace model. The present paper begins by reviewing that result,...
Persistent link: https://www.econbiz.de/10013219333
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Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations
McCallum, Bennett T. - 2021
This paper reconsiders a result obtained by Sargent and Wallace, namely, that price level indeterminacy obtains in their well-known model if the monetary authorities adopt a policy feedback rule for the interest rate rather than the money stock. Since the Federal Reserve seems often to have used...
Persistent link: https://www.econbiz.de/10013219724
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Monetary policy for an open economy : an alternative framework with optimizing agents and sticky prices
McCallum, Bennett T. - 2001
Persistent link: https://www.econbiz.de/10013423365
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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
We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … 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 …
Persistent link: https://www.econbiz.de/10014025677