Similar Search Results

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 … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

Persistent link: https://www.econbiz.de/10014025677

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 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/10012734227

Money and Inflation : Some Critical Issues

McCallum, Bennett T. - 2011

Persistent link: https://www.econbiz.de/10013118439

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

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

— with the most prominent contenders including price level, nominal income, and hybrid (inflation plus output gap) variables … — together with the issue of growth-rate vs. growing-level target path specifications. One conclusion is that inflation and …

Persistent link: https://www.econbiz.de/10014024217

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