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Michael Woodford's contributions to monetary economics
McCallum, Bennett T. - In: The science and practice of monetary policy today : the …, (pp. 3-8). 2010
Persistent link: https://www.econbiz.de/10003920583
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Are bond-financed deficits inflationary? : a Ricardian analysis
McCallum, Bennett T. - 1982
Persistent link: https://www.econbiz.de/10002410500
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Monetary vs. fiscal policy effects : a review of the debate
McCallum, Bennett T. - 1985
Persistent link: https://www.econbiz.de/10002410774
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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 …
Persistent link: https://www.econbiz.de/10013136352
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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 …
Persistent link: https://www.econbiz.de/10013215355
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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 as a strategy for monetary policy. From a theoretical perspective, it has been suggested that 'expectation trap' and 'indeterminacy' dangers are created by variants of inflation...
Persistent link: https://www.econbiz.de/10013222228
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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 …
Persistent link: https://www.econbiz.de/10012468736
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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 as a strategy for monetary policy. From a theoretical perspective, it has been suggested that 'expectation trap' and 'indeterminacy' dangers are created by variants of inflation...
Persistent link: https://www.econbiz.de/10012470499
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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 …
Persistent link: https://www.econbiz.de/10012472349
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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