Journal Article
Indeterminancy from inflation forecast targeting : problem or pseudo-problem?
McCallum, Bennett T. (2009-01)
Contemporary literature on monetary policy analysis concludes that use of an interest rate policy rule that responds to expected inflation in some future period may generate indeterminacy - a multiplicity of stable rational expectations (RE) solutions. By contrast, this article argues that in these analyses only one of the solutions possesses the property of learnability, which is necessary for the plausibility of any RE solution since its absence implies that there is no way for individuals to obtain enough information to form expectations that would support the solution in question. Thus ...
Economic Quarterly , Volume 95 , Issue Win , Pages 25-51

Journal Article
Monetary policy and the term structure of interest rates
McCallum, Bennett T. (2005-10)
Economic Quarterly , Volume 91 , Issue Fall , Pages 1-21

Working Paper
Identification of inflation-unemployment tradeoffs in the 1970s
McCallum, Bennett T. (1994)
Working Paper Series, Macroeconomic Issues , Paper 94-16

Conference Paper
Comments on paper by Hess, Small, and Brayton
McCallum, Bennett T. (1993)
Proceedings , Paper 1, pt. 2

Journal Article
Unit roots in macroeconomic time series: some critical issues
McCallum, Bennett T. (1993-04)
Economic Quarterly , Issue Spr , Pages 13-44

Working Paper
Targeting vs. instrument rules for monetary policy
McCallum, Bennett T.; Nelson, Edward (2004)
Svensson (2003) argues strongly that specific targeting rules*first order optimality conditions for a specific objective function and model*are normatively superior to instrument rules for the conduct of monetary policy. That argument is based largely upon four main objections to the latter plus a claim concerning the relative interest-instrument variability entailed by the two approaches. The present paper considers the four objections in turn, and advances arguments that contradict all of them. Then in the paper*s analytical sections, it is demonstrated that the variability claim is ...
Working Papers , Paper 2004-011

Journal Article
Japanese monetary policy, 1991-2001
McCallum, Bennett T. (2003-01)
Economic Quarterly , Volume 89 , Issue Win , Pages 1-31

Journal Article
Commentary on \\"targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson?\\"
Nelson, Edward; McCallum, Bennett T. (2005-09)
The following are comments in response to Lars Svensson's "Targeting versus Instrument Rules for Monetary Policy: What Is Wrong with McCallum and Nelson?"
Review , Volume 87 , Issue Sep , Pages 627-632

Conference Paper
Monetary policy without monetary aggregates (conference panel discussion)
McCallum, Bennett T. (1994-03)
Proceedings , Issue Mar , Pages 216-218

Conference Paper
Banking and interest rates in monetary policy analysis: a quantitative exploration
Goodfriend, Marvin; McCallum, Bennett T. (2007)
Proceedings