NBER Working Papers and Publications
| June 2013 | 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
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| August 2012 | Refining Linear Rational Expectations Models and Equilibria
with Seonghoon Cho: w18348
Published: Cho, Seonghoon & McCallum, Bennett T., 2015. "Refining linear rational expectations models and equilibria," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 160-169. citation courtesy of 
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| A Continuity Refinement for Rational Expectations Solutions
w18323
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| July 2012 | Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models
w18215
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| May 2011 | Should 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
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| January 2010 | Is 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
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| August 2009 | Causality, 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
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| April 2009 | Comment 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
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| December 2008 | Inflation 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
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| July 2008 | Reconsideration 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
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| 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.
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| June 2007 | Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration
with Marvin Goodfriend: w13207
Published:
- Goodfriend, Marvin & McCallum, Bennett T., 2007. "Banking and interest rates in monetary policy analysis: A quantitative exploration," Journal of Monetary Economics, Elsevier, vol. 54(5), pages 1480-1507, July. citation courtesy of
- Marvin Goodfriend & Bennett T. McCallum, 2007. "Banking and interest rates in monetary policy analysis: a quantitative exploration," Proceedings, Federal Reserve Bank of San Francisco. citation courtesy of
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| September 2006 | A 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
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| August 2006 | E-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
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| March 2006 | Monetary 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
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| January 2005 | A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap
w11056
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| July 2004 | Targeting 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
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| 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.
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| September 2003 | Is 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
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| 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.
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| July 2003 | Multiple-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
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| 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
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| September 2002 | Consistent 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.
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| April 2002 | The 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
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| March 2002 | Monetary Policy Analysis
NBER Reporter Spring 02
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| April 2001 | Inflation 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.
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| 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
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| March 2001 | Monetary 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
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| 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
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| September 2000 | An 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
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| 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
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| 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
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| June 2000 | Nominal 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
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| 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
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| April 2000 | Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
w7677
Published:
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| March 2000 | Role of the Minimal State Variable Criterion
w7087
Published: International Tax and Public Finance, vol 6, no. 4, pp. 621-639, 1999.
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| October 1999 | Theoretical Issues Pertaining to Monetary Unions
w7393
Published: Capie, F.H. and G.E. Wood. Monetary Unions: Theory, History, and Public Choice. London: Routledge, 2003.
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| 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.
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| April 1999 | Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence
w7088
Published:
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| January 1999 | Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model
with Edward Nelson
in Monetary Policy Rules, John B. Taylor, editor
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| June 1998 | Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model
with Edward Nelson: w6599
Published: Proceedings, Federal Reserve Bank of San Francisco, March 1998 citation courtesy of
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| April 1998 | Solutions 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.
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| March 1998 | Indeterminacy, 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
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| November 1997 | The 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.
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| April 1997 | Issues 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.
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| January 1997 | An 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
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| November 1996 | Neoclassical 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
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| May 1996 | Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General
w5579
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| Crucial Issues Concerning Central Bank Independence
w5597
Published: Journal of Monetary Economics, Vol. 39, no. 1 (June 1997): 99-112. citation courtesy of
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| March 1995 | Two 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
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| Rules for Monetary Policy
NBER Reporter Reporter_archive
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| November 1994 | Monetary 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.
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| April 1994 | Monetary 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).
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| 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
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| September 1993 | Specification 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
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| May 1993 | Macroeconomics After Two Decades of Rational Expectations
w4367
Published: Journal of Economic Education, Vol. 25, no. 3, pp. 219-234, (Summer 1994).
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| 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
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| December 1992 | Specification 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
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| July 1992 | A Reconsideration of the Uncovered Interest Parity Relationship
w4113
Published: Journal of Monetary Economics, vol. 33, (1994), pp 105-132 citation courtesy of
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| June 1990 | Money 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
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| November 1989 | Could A Monetary Base Rule Have Prevented the Great Depression?
w3162
Published:
- Journal of Monetary of Economics, Vol. 26, No. 1, pp. 3-26, (1990).
- McCallum, Bennett T., 1990. "Could a monetary base rule have prevented the great depression?," Journal of Monetary Economics, Elsevier, vol. 26(1), pages 3-26, August. citation courtesy of
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| July 1989 | Targets, 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.
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| February 1988 | The 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.
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| 1988 | Real Business Cycle Models
w2480
Published: Modern Business Cycle Theory, edited by Robert J. Barro, pp. 16-50. Cambridge, MA: Harvard University Press, 1989.
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| July 1987 | Inflation: 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.
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| February 1987 | The 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
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| Money: 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.
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| June 1986 | On "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
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| April 1986 | The 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.
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| April 1985 | On 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
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| March 1985 | Bank 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
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| February 1985 | Monetary 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.
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| November 1984 | Credibility 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
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| March 1984 | Some 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
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| February 1984 | Monetarist 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
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| June 1983 | A 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
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| 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
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| December 1982 | Macroeconomics 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
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| September 1982 | The 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
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| June 1982 | Are 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
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| May 1982 | Money 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.
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| 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
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| June 1981 | On 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
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| February 1981 | Monetarist 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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| October 1980 | Price 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
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