NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Bennett T. McCallum

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

Working Papers and Chapters

August 2012Refining Linear Rational Expectations Models and Equilibria
with Seonghoon Cho: w18348
A Continuity Refinement for Rational Expectations Solutions
w18323
July 2012Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models
w18215
Comment on "Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation"
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
May 2011Should Central Banks Raise their Inflation Targets? Some Relevant Issues
w17005

Published: Bennett T. McCallum, 2011. "Should central banks raise their inflation targets? Some relevant issues," Economic Quarterly, Federal Reserve Bank of Richmond, issue 2Q, pages 111-131. citation courtesy of

January 2010Is the Spurious Regression Problem Spurious?
w15690

Published: McCallum, Bennett T., 2010. "Is the spurious regression problem spurious?," Economics Letters, Elsevier, vol. 107(3), pages 321-323, June. citation courtesy of

August 2009Causality, Structure, and the Uniqueness of Rational Expectations Equilibria
w15234

Published: Bennett T. Mccallum, 2011. "Causality, Structure And The Uniqueness Of Rational Expectations Equilibria," Manchester School, University of Manchester, vol. 79(s1), pages 551-566, 06. citation courtesy of

April 2009Comment on "On the Need for a New Approach to Analyzing Monetary Policy"
in NBER Macroeconomics Annual 2008, Volume 23, Daron Acemoglu, Kenneth Rogoff and Michael Woodford, editors
December 2008Inflation Determination with Taylor Rules: Is New Keynesian Analysis Critically Flawed?
w14534

Published: McCallum, Bennett T., 2009. "Inflation determination with Taylor rules: Is new-Keynesian analysis critically flawed?," Journal of Monetary Economics, Elsevier, vol. 56(8), pages 1101-1108, November. citation courtesy of

July 2008Reconsideration of the P-Bar Model of Gradual Price Adjustment
w14163

Published: McCallum, Bennett T., 2008. "Reconsideration of the P-bar model of gradual price adjustment," European Economic Review, Elsevier, vol. 52(8), pages 1480-1493, November. citation courtesy of

Determinacy, Learnability, and Plausibility in Monetary Policy Analysis: Additional Results
w14164

Published: Bennett T. McCallum, 2009. "Determinacy, Learnability, and Plausibility in Monetary Policy Analysis: Additional Results," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.), Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 7, pages 203-225 Central Bank of Chile.

June 2007Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration
with Marvin Goodfriend: w13207

Published:

September 2006A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap
in Monetary Policy with Very Low Inflation in the Pacific Rim, NBER-EASE, Volume 15, Takatoshi Ito and Andrew K. Rose, editors
August 2006E-Stability vis-a-vis Determinacy Results for a Broad Class of Linear Rational Expectations Models
w12441

Published: McCallum, Bennett T., 2007. "E-stability vis-a-vis determinacy results for a broad class of linear rational expectations models," Journal of Economic Dynamics and Control, Elsevier, vol. 31(4), pages 1376-1391, April. citation courtesy of

March 2006Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences
with Edward Nelson: w12089

Published: Bennett T. McCallum & Edward Nelson, 2005. "Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences," Oxford Review of Economic Policy, Oxford University Press, vol. 21(4), pages 565-583, Winter. citation courtesy of

January 2005A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap
w11056

Published: A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap, Bennett T. McCallum . in Monetary Policy with Very Low Inflation in the Pacific Rim, NBER-EASE, Volume 15, Ito and Rose. 2006

July 2004Targeting vs. Instrument Rules for Monetary Policy
with Edward Nelson: w10612

Published: McCallum, Bennett T. and Edward Nelson. "Targeting Versus Instrument Rules For Monetary Policy," FRB St. Louis - Review, 2005, v87(5,Sep/Oct), 597-611. citation courtesy of

On the Relationship Between Determinate and MSV Solutions in Linear RE Models
t0297

Published: McCallum, Bennett T. "On The Relationship Between Determinate And CSV Solutions In Linear Re Models," Economics Letters, 2004, v84(1,Jul), 55-60.

September 2003Is the Fiscal Theory of the Price Level Learnable?
w9961

Published: Scottish Journal of Political Economy, Vol. 50, no. 5 (November 2003): 634-649 citation courtesy of

The Unique Minimum State Variable RE Solution is E-Stable in All Well Formulated Linear Models
w9960

Published: McCallum, Bennett T. "On The Relationship Between Determinate And CSV Solutions In Linear Re Models," Economics Letters, 2004, v84(1,Jul), 55-60.

July 2003Multiple-Solution Indeterminacies in Monetary Policy Analysis
w9837

Published: McCallum, Bennett T. "Multiple-Solution Indeterminacies In Monetary Policy Analysis," Journal of Monetary Economics, 2003, v50(5,Jul), 1153-1175. citation courtesy of

Monetary Policy in Economies with Little or No Money
w9838

Published: Bennett T. McCallum, 2004. "Monetary Policy In Economies With Little Or No Money," Pacific Economic Review, Blackwell Publishing, vol. 9(2), pages 81-92, 06. citation courtesy of

September 2002Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability
w9218

Published: Minford, Patrick (ed.) Money Matters: Essays in Honour of Alan Walters. Edward Elgar Publishing, 2004.

April 2002The Non-Optimality of Proposed Monetary Policy Rules Under Timeless-Perspective Commitment
with Christian Jensen: w8882

Published: Jensen, Christian and Bennett T. McCallum. "The Non-Optimality Of Proposed Monetary Policy Rules Under Timeless Perspective Commitment," Economics Letters, 2002, v77(2,Oct), 163-168. citation courtesy of

April 2001Inflation Targeting and the Liquidity Trap
w8225

Published:

  • Bennett McCallum, 2001. "Inflation targeting and the liquidity trap," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  • Bennett McCallum, 2002. "Inflation Targeting and the Liquidity Trap," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 9, pages 395-438 Central Bank of Chile.

Should Monetary Policy Respond Strongly to Output Gaps?
w8226

Published: McCallum, Bennett T. "Should Monetary Policy Respond Strongly To Output Gaps?," American Economic Review, 2001, v91(2,May), 258-262. citation courtesy of

March 2001Monetary Policy Analysis in Models Without Money
w8174

Published: McCallum, Bennett T. "Recent Developments In Monetary Policy Analysis: The Roles Of Theory And Evidence," FRB Richmond - Economic Review, 2002, v88(1,Winter), 67-96. citation courtesy of

Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices
with Edward Nelson: w8175

Published: McCallum, Bennett T & Nelson, Edward, 2000. "Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 74-91, Winter. citation courtesy of

September 2000An Optimizing IS-LM Framework with Endogenous Investment
with Miguel Casares: w7908

Published: Casares, Miguel & McCallum, Bennett T., 2006. "An optimizing IS-LM framework with endogenous investment," Journal of Macroeconomics, Elsevier, vol. 28(4), pages 621-644, December. citation courtesy of

Timeless Perspectives vs. Discretionary Monetary Policy In Forward-Looking Models
with Edward Nelson: w7915

Published: Bennett T. McCallum & Edward Nelson, 2004. "Timeless perspective vs. discretionary monetary policy in forward-looking models," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 43-56. citation courtesy of

The Present and Future of Monetary Policy Rules
w7916

Published: McCallum, Bennett T, 2000. "The Present and Future of Monetary Policy Rules," International Finance, Blackwell Publishing, vol. 3(2), pages 273-86, July. citation courtesy of

June 2000Nominal Income Targeting in an Open-Economy Optimizing Model
with Edward Nelson: w6675

Published: Journal of Monetary Economics, vol43, no. 3, 1999, pp 553-578. citation courtesy of

Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan
w7725

Published: Economic Quarterly - Federal Reserve Bank of Richmond, Vol. 86/1 (Winter 2000): pp. 49-79 citation courtesy of

April 2000Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
w7677

Published:

March 2000Role of the Minimal State Variable Criterion
w7087

Published: International Tax and Public Finance, vol 6, no. 4, pp. 621-639, 1999.

October 1999Theoretical Issues Pertaining to Monetary Unions
w7393

Published: Capie, F.H. and G.E. Wood. Monetary Unions: Theory, History, and Public Choice. London: Routledge, 2003.

Analysis of the Monetary Transmission Mechanism: Methodological Issues
w7395

Published: With Marvin S. Goodfriend, published as "Theoretical Analysis of the Demandfor Money", FRBR, Vol. 74, no. 1 (1988): 16-24.

April 1999Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence
w7088

Published:

January 1999Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model
with Edward Nelson
in Monetary Policy Rules, John B. Taylor, editor
June 1998Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model
with Edward Nelson: w6599

Published:

April 1998Solutions to Linear Rational Expectations Models: A Compact Exposition
t0232

Published: McCallum, Bennett T. "Solutions To Linear Rational Expectations Models: A Compact Exposition," Economics Letters, 1998, v61(2,Nov), 143-147.

March 1998Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination
w6456

Published: Journal of Monetary Economics, Vol. 47, no. 1 (February 2001): 19-30 citation courtesy of

November 1997The Alleged Instability of Nominal Income Targeting
w6291

Published: Published as "Nominal Income Targeting in an Open-Economy Optimizing Model", Journal of Monetary Economics, Vol. 43, no. 3 (June 1999): 553-578.

April 1997Issues in the Design of Monetary Policy Rules
w6016

Published:

  • McCallum, Bennett T., 1999. "Issues in the design of monetary policy rules," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 23, pages 1483-1530 Elsevier.
  • McCallum, Bennett T. "Recent Developments In The Analysis Of Monetary Policy Rules," FRB Saint Louis - Review, 1999, v81(6,Nov/Dec), 3-11.

January 1997An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis
with Edward Nelson: w5875

Published: Journal of Money, Credit, and Banking, Vol. 31, no. 3, part 1, pp. 296-316, August 1999 citation courtesy of

November 1996Neoclassical vs. Endogenous Growth Analysis: An Overview
w5844

Published: Bennett T. McCallum, 1996. "Neoclassical vs. endogenous growth analysis: an overview," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 41-71. citation courtesy of

May 1996Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General
w5579
Crucial Issues Concerning Central Bank Independence
w5597

Published: Journal of Monetary Economics, Vol. 39, no. 1 (June 1997): 99-112. citation courtesy of

March 1995Two Fallacies Concerning Central Bank Independence
w5075

Published: American Economic Review Papers and Proceedings, vol. 85, no. 2, pp. 207- 211 (May 1995). citation courtesy of

November 1994Monetary Policy and the Term Structure of Interest Rates
w4938

Published:

  • Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 91, no. 4, (Fall 2005), pp. 1-21 citation courtesy of
  • Published as "An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis", Journal of Money, Credit and Banking, Vol. 31, no. 3, part 1, (August 1999): 296-316.

April 1994Monetary Policy Rules and Financial Stability
w4692

Published: Financial Stability in a Changing Environment, Kuniho Sawamoto, Zeuta Makajima and Hiroo Taguchi, eds., pp. 389-421, (New York: St. Martin's Press, 1995).

A Semi-Classical Model of Price Level Adjustment
w4706

Published: Carnegie-Rochester Conference Series on Public Policy, vol. 41, pp. 251-284 December 1994 citation courtesy of

September 1993Specification and Analysis of a Monetary Policy Rule for Japan
w4449

Published: Bank of Japan Monetary and Economic Studies, vol. 1, no. 2, November 1993p. 1-45 citation courtesy of

May 1993Macroeconomics After Two Decades of Rational Expectations
w4367

Published: Journal of Economic Education, Vol. 25, no. 3, pp. 219-234, (Summer 1994).

Unit Roots in Macroeconomic Time Series: Some Critical Issues
w4368

Published: Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 79, No. 2, pp. 13-44, (Spring 1993). citation courtesy of

December 1992Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies
w4233

Published: Journal of International Money and Finance, Vol. 13, no. 3, pp. 259-275. (June 1994) citation courtesy of

July 1992A Reconsideration of the Uncovered Interest Parity Relationship
w4113

Published: Journal of Monetary Economics, vol. 33, (1994), pp 105-132 citation courtesy of

June 1990Money and Prices in Colonial America: A New Test of Competing Theories
w3383

Published: Journal of Political Economy, Vol. 100, No. 1, pp. 143-161, (1992). citation courtesy of

November 1989Could A Monetary Base Rule Have Prevented the Great Depression?
w3162

Published:

July 1989Targets, Indicators, and Instruments of Monetary Policy
w3047

Published: Monetary Policy for a Changing Financial Environment, edited by William S. Haraf and Phillip Cagan, pp. 44-70 and 193-197. Washington, DC: The AEI Press, 1990.

June 1988The Optimal Inflation Rate in an Overlapping-Generations Economy with Land
w1892

Published:

  • Barnett, William and Kenneth J. Singleton (eds.) New Approaches to Monetary Economics: Proceedings of the Second International Symposium in Economic Theory and Econometrics. New York: Cambridge University Press, 1987.
  • "The Optimal Inflation Rate in an Overlapping-Generations Economy with Land ." From New Approaches to Monetary Economics, edited by William A. Barnett and Kenneth J. Singleton, pp. 325-339, New York: Cambridge University Press, 1987.

February 1988The Role of Demand Management in the Maintenance of Full Employment
w2520

Published: McCallum, Bennett T. "The Role of Demand Management in the Maintenance of Full Employment." from Keynes and Economic Policy, ed. by Walter Eltis and Peter Sinclair, Macmillan: London, 1989.

1988Real Business Cycle Models
w2480

Published: Modern Business Cycle Theory, edited by Robert J. Barro, pp. 16-50. Cambridge, MA: Harvard University Press, 1989.

July 1987Inflation: Theory and Evidence
w2312

Published: Handbook of Monetary Economics, Vol. II, edited by Benjamin M. Friedman and Frank H. Hahn, pp. 963-1012. Amsterdam: Elsevier Science Publishers B.V. , 1990.

February 1987The Development of Keynesian Macroeconomics
w2156

Published: McCallum, Bennett T. "The Development of Keynesian Macroeconomics," American Economic Review, Vol. 77, No. 2, May 1987, pp. 125-129. citation courtesy of

1987Money: Theoretical Analysis of the Demand for Money
with Marvin S. Goodfriend: w2157

Published:

  • McCallum, Bennett T. and Marvin S. Goodfriend. "Demand for Money: Theoreticl Studies," The New Palgrave: A Dictionary of Economics, ed. by J. Eatwell, P. Newman and M. Milgate. London: The Macmillan Press and New York: Stockton Press, 1987.
  • McCallum, Bennett T. and Marvin S. Goodfriend. "Theoretical Analysis Of The Demand For Money," FRB Richmond - Economic Review, 1988, v74(1), 16-24.

October 1986Some Issues Concerning Interest Rate Pegging, Price Level Determinacy, and the Real Bills Doctrine
w1294

Published: McCallum, Bennett T. "Some Issues Concerning Interest Rate Pegging, Price Level Determinacy, and the Real Bills Doctrine," Journal of Monetary Economics, Vol. 17, No. 1, pp. 135-160, January 1986. citation courtesy of

June 1986On "Real" and "Sticky-Price" Theories of the Business Cycle
w1933

Published: McCallum, Bennett T. "On 'Real' and 'Sticky-Price' Theories of the Business Cycle," Journal of Money, Credit, and Banking, Vol. 18, No. 4, November 1986, pp. 397-414. citation courtesy of

April 1985On Consequences and Criticisms of Monetary Targeting
w1596

Published: McCallum, Bennett T. "On Consequences and Criticisms of Monetary Targeting," Journal of Money, Credit and Banking, Vol. 17, No. 4, Part 2, Nov. 1985,pp. 570-597. citation courtesy of

March 1985Bank Deregulation, Accounting Systems of Exchange, and the Unit of Account: A Critical Review
w1572

Published: McCallum, Bennett T. "Bank Deregulation, Accounting Systems of Exchange, and the Unit of Account: A Critical Review." Carnegie-Rochester Conference Series on Public Policy, Vol. 23, (1985), pp. 13-45. citation courtesy of

February 1985Monetary vs. Fiscal Policy Effects: A Review of the Debate
w1556

Published:

  • McCallum, Bennett T. "Monetary vs. Fiscal Policy Effects: A Review of the Debate." The Monetary vs. Fiscal Policy Debate, edited by R. W. Hafer, pp . 9-29. Totowa, NJ: Rowman & Allanheld, Publishers, 1986.
  • McCallum, Bennett T. "Monetary Policy Without Monetary Aggregates," FRB Saint Louis - Review, 1994, v76(2), 216-218.

November 1984Credibility and Monetary Policy
w1490

Published:

  • McCallum, Bennett T. "Credibility and Monetary Policy." Price Stability and Public Policy, pp. 105-128. Kansas City, MO: Federal Reserve Bank of Kansas City, (1984).
  • Bennett T. McCallum, 1984. "Credibility and monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 105-135. citation courtesy of

February 1984Monetarist Rules in the Light of Recent Experience
w1277

Published: McCallum, Bennett T. "Monetarist Rules in the Light of Recent Experience." American Economic Review, Vol. 74, No. 2, (May 1984), pp. 388-391. citation courtesy of

June 1983A Linearized Version of Lucas's Neutrality Model
w1160

Published: McCallum, Bennett T. "A Linearized Version of Lucas's Neutrality Model." Canadian Journal of Economics, Vol. 17, No. 1, (February 1984), pp. 138-145. citation courtesy of

On Low-Frequency Estimates of "Long-Run" Relationships in Macro- economics
w1162

Published: McCallum, Bennett T. "On Low-Frequency Estimates of "Long-Run" Relationships in Macroeconomics." Journal of Monetary Economics, Vol. 14, No. 1, (July 1984), pp. 3-14. citation courtesy of

December 1982Macroeconomics After a Decade of Rational Expectations: Some Critical Issues
w1050

Published: McCallum, Bennett T. "Macroeconomics After a Decade of Rational Expectations: Some Critical Issues." Published separately as the Henry Thronton Lecture for 1982 by The City University, London, Also published in Federal Reserve Bank of Richmond Economic Review, Vol. 68, No. 6, Nov./Dec. 1982),pp.3-12 citation courtesy of

September 1982The Role of Overlapping-Generations Models in Monetary Economics
w0989

Published: Carnegie-Rochester Conference Series on Public Policy, edited by Karl Brunner and Allan H. Meltzer, Vol. 18, pp. 9-44, (Spring 1983). Amsterdam: North-Holland Publishing Co. citation courtesy of

June 1982Are Bond-Financed Deficits Inflationary? A Ricardian Analysis
w0905

Published: McCallum, Bennett T. "Are Bond-Financed Deficits Inflationary? A Ricardian Analysis." Journal of Political Economy, Vol. 92, No. 1, (February 1984), pp. 123-135. citation courtesy of

May 1982Money Stock Control with Reserve and Interest Rate Instruments Under Rational Expectations
with James G. Hoehn: w0893

Published: McCallum, Bennett T. and James G. Hoehn. "Instrument Choice for Money Stock Control with Contemporaneous and Lagged Reserve Requirements." Journal of Money, Credit, and Banking, Vol. 15, No. 1, (February 1983), pp. 96-1 01.

The Liquidity Trap and the Pigou Effect: A Dynamic Analysis with Rational Expectations
w0894

Published: McCallum, Bennett T. "The Liquidity Trap and the Pigou Effect: A Dynamic Analysis with Rational Expectations." Economica, Vol. 50, No. 200, (November 1983), pp. 395-405. citation courtesy of

February 1982Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations
w0559

Published: McCallum, Bennett T. "Price Level Determinacy With an Interest Rate Policy Rule and Rational Expectations." Journal of Monetary Economics, Vol. 8, No. 3, (November 1981), pp. 319-329. citation courtesy of

June 1981On Non-Uniqueness in Rational Expectations Models: An Attempt at Perspective
w0684

Published: McCallum, Bennett T. "On Non-Uniqueness in Rational Expectations Models: An Attempt at Perspective." Journal of Monetary Economics, Vol. 11, No. 2, (March 1983) pp. 139-168. citation courtesy of

February 1981Monetarist Principles and the Money Stock Growth Rule
w0630

Published: McCallum, Bennett T. "Monetarist Principles and the Money Stock Growth Rule ." The American Economic Review, Vol. 71, No. 2, (May 1981), pp. 134-138. citation courtesy of

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