Bennett McCallum - Older Research
Available Working Papers:
(Published items as indicated)
Monetary Policy in Economies with Little or No Money
Multiple-Solution Indeterminacies in Monetary Policy Analysis
The Unique Minimum State Variable RE Solution is E-Stable in All Well Formulated Linear Models
The Fiscal Theory of the Price Level is Not Learnable
Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability
The Non-Optimality of Proposed Monetary Policy Rules Under Timeless-Perspective Commitment [with Christian Jensen] Monetary Policy Analysis (NBER Reporter, Spring 2002, pp. 7-9) An Optimizing IS-LM Framework with Endogenous Investment [with Miguel Casares] Timeless Perspective vs. Discretionary Monetary Policy in Forward-Looking Models [with Edward Nelson] Should Monetary Policy Respond Strongly to Output Gaps? (American Economic Review Papers and Proceedings 91 (May 2001), 258-262) Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices [with Edward Nelson] (Oxford Review of Economic Policy 16 (Winter 2000), 74-91.) Monetary Policy Analysis in Models Without Money (Federal Reserve Bank of St. Louis Review 83 (July/August 2001), 145-160) The Present and Future of Monetary Policy Rules (International Finance 3 (July 2000), 273-286) Theoretical Issues Pertaining to Monetary Unions Inflation Targeting and the Liquidity Trap (Inflation Targeting: Design, Performance, Challenges, ed. by N. Loayza and R. Soto. Central Bank of Chile, 2002) The Alleged Instability of Nominal Income Targeting Issues in the Design of Monetary Policy Rules (Handbook of Macroeconomics, Vol 1c, ed. by J.B. Taylor and M. Woodford. North-Holland, 1999) An Optimizing IS-LM Specification for Monetary Policy and Business Cycles Analysis [with Edward Nelson] (Journal of Money, Credit, and Banking 31 (August 1999, Part 2), 296-316)
Nominal Income Targeting in an Open-Economy Optimizing Model [with Edward Nelson] (Journal of Monetary Economics 43 (June 1999), 553-578) Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model [with Edward Nelson] (Monetary Policy Rules, ed. by John B. Taylor. Univ. of Chicago Press for NBER, 1999) Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination (Journal of Monetary Economics 47 (February 2001), 19-30) Role of the Minimal State Variable Criterion in Rational Expectations Models (International Tax and Public Finance 6 (November 1999), 621-639. Also, International Finance and Financial Crises: Essays in Honor of Robert P. Flood, Jr., ed. by Peter Isard, Assaf Razin, and Andrew K. Rose. Kluwer Academic Press, 1999) Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence (Journal of Economic Methodology 6 (July 1999), 171-198.) Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates (Journal of Money, Credit, and Banking 32 (November 2000, Part 2), 870-904) Analysis of the Monetary Transmission Mechanism: Methodological Issues (The Monetary Transmission Process: Recent Developments and Lessons for Europe, ed. by Deutsche Bundesbank. Palgrave Publishers, 2001) Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan (Federal Reserve Bank of Richmond Economic Quarterly 86 (Winter 2000), 49-79) Published Papers Available for Downloading: Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence Monetary Policy Analysis in Models Without Money Recent Developments in the Analysis of Monetary Policy Rules Neoclassical vs. Endogenous Growth Analysis: An Overview Unit Roots in Macroeconomic Time Series: Some Critical Issues Monetary versus Fiscal Policy Effects: A Review of the Debate Matlab files for RE calculations: Explanatory note Software for RE Analysis solvek.mimpo.m sim33p.mqzswitch.m reorder.m autocor.m modfile1.m dlsim.m dimpulse.m chile4.m impoch2.m
