Bennett McCallum | Academic Influence

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Bennett McCallum

Economics

#1504

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#1733

Historical Rank

#660

USA Rank

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Economics

Bennett McCallum's Degrees

Bachelors Economics University of Pennsylvania

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Why Is Bennett McCallum Influential?

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According to Wikipedia, Bennett Tarlton McCallum was an American monetary economist. He was H. J. Heinz Professor of Economics at Carnegie Mellon University's Tepper School of Business. He is known for the McCallum Rule, a monetary policy proposal advocating targeting the growth rate of the monetary base.

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Bennett McCallum's Published Works

Number of citations in a given year to any of this author's works

Total number of citations to an author for the works they published in a given year. This highlights publication of the most important work(s) by the author

Published Works

Robustness properties of a rule for monetary policy (1988) (678)
An Optimizing Is-Lm Specification for Monetary Policy and Business Cycle Analysis (1997) (633)
Issues in the Design of Monetary Policy Rules (1997) (607)
Nominal Income Targeting in an Open-Economy Optimizing Model (1999) (540)
A Reconsideration of the Uncovered Interest Parity Relationship (1992) (498)
Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration (2007) (477)
Two Fallacies Concerning Central Bank Independence (1995) (459)
Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model (1998) (444)
Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates (1976) (413)
Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices (2000) (334)
Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations (1980) (296)
The Political Business Cycle: An Empirical Test (1978) (280)
Crucial Issues Concerning Central Bank Independence (1996) (277)
Timeless Perspective vs. Discretionary Monetary Policy in Forward-Looking Models (2000) (272)
Monetary Policy Analysis in Models Without Money (2001) (270)
Monetary Economics: Theory and Policy (1989) (269)
Are Bond-financed Deficits Inflationary? A Ricardian Analysis (1982) (266)
Should Monetary Policy Respond Strongly to Output Gaps? (2001) (261)
Rational Expectations and Macroeconomic Stabilization Policy: An Overview (1980) (242)
Monetary Policy and the Term Structure of Interest Rates (1994) (224)
Real Business Cycle Models (1988) (195)
Demand for Money: Theoretical Studies (1989) (191)
Specification and Analysis of a Monetary Policy Rule for Japan (1993) (179)
The Role of Overlapping-Generations Models in Monetary Economics (1982) (163)
Some Issues Concerning Interest Rate Pegging, Price Level Determinacy, and the Real Bills Doctrine (1984) (156)
On "Real" and "Sticky-Price" Theories of the Business Cycle (1986) (156)
The case for rules in the conduct of monetary policy: A concrete example (1987) (153)
Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination (1998) (143)
Relative Asymptotic Bias from Errors of Omission and Measurement (1972) (143)
Role of the Minimal State Variable Criterion in Rational Expectations Models (1999) (138)
Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General (1996) (125)
On Low-Frequency Estimates of "Long-Run" Relationships in Macro- Economics (1983) (120)
Multiple-Solution Indeterminacies in Monetary Policy Analysis (2003) (118)
Solutions to Linear Rational Expectations Models: A Compact Exposition (1998) (118)
Rational Expectations and the Estimation of Econometric Models: AnAlternative Procedure (1976) (117)
Targeting vs. Instrument Rules for Monetary Policy (2004) (106)
The effectiveness of fiscal feedback rules and automatic stabilizers under rational expectations (1979) (104)
Inflation: Theory and Evidence (1987) (102)
E-Stability Vis-a-Vis Determinacy Results for a Broad Class of Linear Rational Expectations Models (2006) (101)
Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence (1999) (100)
Unit Roots in Macroeconomic Time Series: Some Critical Issues (1993) (100)
A reconsideration of Sims' evidence concerning monetarism (1983) (100)
Could a Monetary Base Rule Have Prevented the Great Depression? (1989) (99)
Chapter 23 Issues in the design of monetary policy rules (1999) (94)
On Consequences and Criticisms of Monetary Targeting (1985) (91)
Bank Deregulation, Accounting Systems of Exchange, and the Unit of Account: a Critical Review (1985) (90)
Inflation Targeting and the Liquidity Trap (2001) (88)
Targets, Indicators, and Instruments of Monetary Policy (1989) (87)
The Non-Optimality of Proposed Monetary Policy Rules Under Timeless-Perspective Commitment (2002) (83)
Monetarist Rules in the Light of Recent Experience (1984) (80)
Recent Developments in the Analysis of Monetary Policy Rules (1999) (79)
Japanese Monetary Policy, 1991-2001 (2003) (79)
Neoclassical vs. Endogenous Growth Analysis: An Overview (1996) (79)
Price-Level Stickiness and the Feasibility of Monetary Stabilization Policy with Rational Expectations (1977) (73)
Inflation Targeting for the United States (2007) (70)
Money and Inflation: Some Critical Issues (2010) (68)
Stickiness: A comment (1998) (67)
Credibility and Monetary Policy (1984) (65)
Inflation Determination with Taylor Rules: Is New Keynesian Analysis Critically Flawed? (2008) (63)
Theoretical Issues Pertaining to Monetary Unions (1999) (59)
Artificial Orthogonalization in Regression Analysis (1970) (59)
The Alleged Instability of Nominal Income Targeting (1997) (57)
Targeting versus Instrument Rules for Monetary Policy (2005) (54)
Money: Theoretical Analysis of the Demand for Money (1987) (54)
On the Observational Inequivalence of Classical and Keynesian Models (1979) (53)
Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy (1978) (53)
Discretion versus policy rules in practice: two critical points: A comment (1993) (53)
The Present and Future of Monetary Policy Rules (2000) (49)
The Current State of the Policy-Ineffectiveness Debate (1979) (49)
Is the Fiscal Theory of the Price Level Learnable? (2003) (47)
Money and Prices in Colonial America: A New Test of Competing Theories (1990) (45)
A Semi-Classical Model of Price Level Adjustment (1994) (45)
Software for RE Analysis (2001) (45)
Theoretical Analysis of the Demand for Money (1986) (45)
Macroeconomics after a Decade of Rational Expectations: Some Critical Issues (1982) (44)
Role of the Minimal State Variable Criterion (2000) (44)
Instrument Choice for Money Stock Control with Contemporaneous and Lagged Reserve Requirements: A Note (1983) (42)
Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences (2005) (39)
The Optimal Inflation Rate in an Overlapping-Generations Economy with Land (1986) (39)
Monetary Policy Rules and Financial Stability (1994) (38)
International Monetary Economics (1996) (36)
Rational Expectations and the Natural Rate Hypothesis: Some Evidence for the United Kingdom (1975) (36)
Is the Spurious Regression Problem Spurious? (2010) (36)
SINGAPORE'S EXCHANGE RATE-CENTERED MONETARY POLICY REGIME AND ITS RELEVANCE FOR CHINA (2006) (35)
The Role of Speculation in the Canadian Forward Exchange Market: Some Estimates Assuming Rational Expectations (1977) (35)
ARE BOND FINANCED DEFICITS INFLATIONARY (1984) (32)
Monetary Policy in Economies with Little or No Money (2003) (32)
Monetarism, Rational Expectations, Oligopolistic Pricing, and the MPS Econometric Model (1979) (30)
On the Relationship between Determinate and Msv Solutions in Linear Re Models (2004) (30)
The Bitcoin Revolution (2015) (28)
Simultaneous Equation Econometrics: The Missing Example (2006) (28)
Wage Rate Changes and the Excess Demand for Labour: An Alternative Formulation (1974) (28)
New Classical Macroeconomics: A Sympathetic Account (1989) (27)
Monetarist Principles and the Money Stock Growth Rule (1981) (26)
The Unique Minimum State Variable Re Solution is E-Stable in All Well Formulated Linear Models (2003) (25)
Monetary Policy in East Asia: the Case of Singapore (2007) (24)
Long-Run Monetary Neutrality and Contemporary Policy Analysis: Keynote Speech (2004) (23)
Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies (1992) (22)
Misconceptions Regarding Rules vs. Discretion for Monetary Policy (2004) (22)
The Effect of Demand on Prices in British Manufacturing: Another View (1970) (21)
A Monetary Impulse Measure for Medium-Term Policy Analysis (1994) (20)
Competitive Price Adjustments: An Empirical Study (1974) (20)
Postwar developments in business cycle theory: a moderately classical perspective (1988) (20)
On Low-Frequency Estimates of (1983) (20)
How Important is Money in the Conduct of Monetary Policy? A Comment (2008) (19)
A Structural Estimation and Interpretation of the New Keynesian Macro Model (2003) (19)
[An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy]: Comment (1997) (18)
The Significance of Rational Expectations Theory (1980) (18)
Optimal Continuation versus the Timeless Perspective in Monetary Policy (2010) (18)
Chapter 3 – Money and Inflation: Some Critical Issues☆ (2010) (18)
Should Central Banks Raise Their Inflation Targets? Some Relevant Issues (2011) (18)
Dating, discounting, and the robustness of the Lucas-Sargent proposition (1978) (17)
Nominal GDP targeting: Policy rule or discretionary splurge?☆ (2015) (17)
What Is the Proper Perspective for Monetary Policy Optimality (2005) (16)
Friedman's Missing Equation: Another Approach (1973) (16)
China's Exchange Rate and Monetary Policy (2004) (16)
Targeting versus Instrument Rules for Monetary Policy: What Is Wrong with McCallum and Nelson?/Commentary (2005) (16)
Monetary vs. Fiscal Policy Effects: a Review of the Debate (1985) (15)
Japanese Monetary Policy (2001) (14)
Estimating the long-run relationship between interest rates and inflation: A reply (1986) (14)
Rejoinder to Cochrane (2009) (14)
The Development of Keynesian Macroeconomics (1987) (14)
"Specification and Analysis of a Monetary Policy Rule for Japan" Reply to Comments by Kunio Okina (1993) (13)
A monetary policy ineffectiveness result in a model with a predetermined price level (1979) (12)
The Liquidity Trap and the Pigou Effect: A Dynamic Analysis with Rational Expectations (1982) (12)
ON HOMOTHETICITY OF PRODUCTION FUNCTIONS (1971) (12)
PRICE SETTING AND THE STEADY-STATE EFFECTS OF INFLATION BY MIGUEL CASARES May 2002 (2002) (12)
The Use of Policy Rules in Monetary Policy Analysis (2002) (12)
On macroeconomic instability from a monetarist policy rule (1978) (11)
Michael Woodford's Interest and Prices: A Review Article (2005) (11)
A Linearized Version of Lucas&Apos;S Neutrality Model (1983) (10)
Chapter 18 Inflation: Theory and evidence (1990) (10)
Identification of inflation-unemployment tradeoffs in the 1970s (1994) (10)
Refining Linear Rational Expectations Models and Equilibria (2012) (10)
The relative impact of monetary and fiscal policy instruments: Some structure-based estimates (1974) (10)
Targeting vs (2004) (9)
Japanese Monetary Policy Again (2001) (9)
Should Central Banks Raise their Inflation Targets (2010) (9)
Inventory Holdings, Rational Expectations, and the Law of Supply and Demand (1972) (9)
Another weakness of “determinacy” as a selection criterion for rational expectations models (2009) (9)
Macroeconomics after Two Decades of Rational Expectations (1993) (8)
Money Stock Control with Reserve and Interest Rate Instruments Under Rational Expectations (1982) (8)
Monetary Policy Analysis (2001) (8)
Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models (2012) (8)
Reconsideration of the P-Bar Model of Gradual Price Adjustment (2008) (8)
Macroeconomics and finance: The role of the stock market: A comment on the Fischer/Merton paper (1984) (8)
Rules for Monetary Policy (1995) (8)
Panel discussion I: what have we learned since October 1979? (2005) (8)
Monetary Versus Fiscal Policy Effects: A Review of the Debate (1984) (7)
Rational Expectations: Introduction (1980) (7)
Determinacy, Learnability, and Plausibility in Monetary Policy Analysis: Additional Results (2008) (7)
AN INTERVIEW WITH ROBERT E. LUCAS, JR. (1999) (7)
Alternatives to the Fed? (2010) (6)
Money, cycles, and exchange rates: Essays in honor of Allan H. Meltzer (1988) (6)
Misconceptions Regarding the Zero Lower Bound on Interest Rates (2006) (6)
Indeterminacy from Inflation Forecast Targeting: Problem or Pseudo-Problem? (2009) (6)
Relevant Technological Externalities in the Linear Production Model (1967) (5)
Commentary : How Should Central Banks Reduce Inflation ? — Conceptual Issues (1996) (5)
Policy-Rule Retrospective on the Greenspan Era (2006) (5)
A Note Concerning Asymptotic Covariance Expressions (1973) (5)
Monetary Policy in a Very Open Economy: Some Major Analytical Issues (2014) (5)
Athey , Atkeson , and Kehoe , “ The Optimal Degree of Monetary Policy Discretion ” (2003) (5)
Michael Woodford’s Contributions to Monetary Economics (2010) (4)
The Monetary Policy Transmission Mechanism in Industrial Countries (2004) (4)
Indeterminacy, causality, and the foundations of monetary policy analysis (2010) (4)
The Instability of Kaldorian Models (1969) (4)
Hahn's Theoretical Viewpoint on Unemployment: A Comment (1980) (4)
The Role of Demand Management in the Maintenance of Full Employment (1988) (4)
2009 International Conference "Financial System and Monetary Policy Implementation," Keynote Speech, The Role of "Determinacy" in Monetary Policy Analysis (2009) (4)
The Fiscal Theory of the Price Level is Not Learnable (2002) (4)
Is Singapore the Model for China's New Exchange Rate Policy? (2005) (3)
On signal extraction and non-certainty-equivalence in optimal monetary policy rules, comments (2000) (3)
Money wage changes and the excess demand for labour: international evidence on a new approach (1974) (3)
Commentary on "targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson?" (2005) (3)
Comments on Eric Swanson's Paper, "On Signal Extraction and Non-Certainty Equivalence in Optimal Monetary Policy Rules" (2000) (3)
The United States Deserves a Monetary Standard (2000) (3)
Reply to comments by Benjamin Friedman (1988) (3)
The Future of Central Banking: A Lesson from United States History (2010) (3)
ON ESTIMATION ASSUMING NON‐EXISTENT AUTOCORRELATION (1976) (3)
A Continuity Refinement for Rational Expectations Solutions (2012) (3)
Choice of Target for Monetary Policy (1995) (3)
Sluggish Price Adjustments and the Effectiveness of Monetary Policy under Rational Expectations: A Reply (1981) (3)
A NOTE ON EMPIRICAL TESTS AND ALTERNATIVE VERSIONS OF THE NATURAL RATE HYPOTHESIS (1976) (2)
Testing for the Role of Speculation in the Forward Exchange Market: A Reply (1979) (2)
Monetary Policy without Monetary Aggregates (1994) (2)
Money and Inflation (2008) (2)
‘A model of commodity money’ by Thomas J. Sargent and Neil Wallace (1983) (2)
"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Concluding Panel Discussion: Sustained Economic Growth and Central Banking (2004) (2)
What Have We Learned since October 1979 (2005) (2)
Simultaneous Equation Econometrics : Some Weak-Instrument and Time-Series Issues (2008) (2)
The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment," Concluding Panel Discussion: Financial Markets and the Real Economy in a Low Interest Rate Environment (2006) (2)
Base Money Rules in the United Kingdom (2010) (1)
Determinacy and Learnability in Monetary Policy Analysis: Additional Results (2007) (1)
Monetary Policy Rules and the Japanese Deflation (2002) (1)
Monetary Policy Rules for the Phillipines: An Introductory Study (1997) (1)
The Wall Street Journal Position on Exchange Rates (2002) (1)
Comment on "On the Need for a New Approach to Analyzing Monetary Policy" (2009) (1)
The Place of Milton Friedman in the History of Economic Thought (2016) (1)
Basic Calvo and P-Bar Models of Price Adjustment: A Comparison (2007) (1)
John F. Muth and the Creation of Rational Expectations: Amendments, Corrections, and Extensions (2016) (1)
A comment on the Sargent paper (1980) (1)
Inflation and output fluctuations: A comment on the Dutton and Neumann papers (1978) (1)
Seasonality and monetary policy: A comment (1991) (1)
FORMULATION AND TESTING OF THE TARGET RETURN PRICING HYPOTHESIS (1969) (1)
Monetary policy without monetary aggregates (conference panel discussion) (1994) (1)
Discussion of “ Should Central Banks Raise Their Inflation Targets ? (2010) (1)
Nominal GDP Targeting: Policy Rule or Ad-Hoc Splurge? (2013) (1)
Recent Developments and Issues in Monetary Policy Analysis (2001) (1)
Rejoinder to John Cochrane (2009) (0)
Monetarism: Jerome L. Stein, ed., (North-Holland Publishing Company, Amsterdam, 1976) pp. ix+342, $38.00. (1978) (0)
in which an explanatory variable reflects values of an endogenous variable that are expected, by market participants who form expectations rationally, to prevail in the future. In the simplest case, such a relationship may be expressed as (1976) (0)
How can monetary policy be improved (1994) (0)
Reply to Bryant and Wallace (1983) (0)
Two Versions of John Taylor's Model of Nominal Price Adjustment (2007) (0)
ON THE RATIONALITY OF ADAPTIVE EXPECTATIONS (1972) (0)
Comments on paper by Hess, Small, and Brayton (1993) (0)
IMES DISCUSSION PAPER SERIES (2009) (0)
How Should the Fed Respond to Large Fiscal Deficits (2005) (0)
The Fourteenth International Conference "Growth, Integration and Monetary Policy in East Asia," Concluding Panel Discussion: Growth, Integration, and Monetary Policy in East Asia (2007) (0)
THE GLOBAL IMPACT OF CHINESE GROWTH * Asia Pacific Economic Papers 399 / 2013 March 2013 (2013) (0)
Winter 2003 Japanese Monetary Policy , 1991-2001 (2015) (0)
The Role of Rules in Monetary Policy (2003) (0)
The sensitivity of empirical studies to alternative measures of the monetary base and reserves - commentary (1996) (0)
The Twelfth International Conference "Incentive Mechanisms for Economic Policymakers," Concluding Panel Discussion: Macroeconomic Policy and Central Banking (2005) (0)
Comment on "Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation" (2012) (0)
Analysis of Borrowing Behavior (2005) (0)
The 2004 Nobel Prize in Economics (2004) (0)
Economic Quarterly (2011) (0)
Federal Reserve Bank of St. Louis Review, Annual Index, 2005 (2005) (0)
Comments on "Empirical predictions of the new monetary economics: Perspectives on velocity" (1990) (0)
How should central banks reduce inflation? conceptual issues (commentary) (1996) (0)
Monetary Policy Analysis. (Research Summaries) (2002) (0)
Federal Reserve Bank of Philadelphia Working Paper No. 01-12 Expectations and the Effects of Monetary Policy Expectations and the Effects of Monetary Policy Expectations and the Effects of Monetary Policy Expectations and the Effects of Monetary Policy (2001) (0)
Base Money Rules in the UK (1996) (0)
Reply to a Comment by Hans-E. Loef (1989) (0)
Commentary on " The Sensitivity of Empirical Studies to Alternative Measures of the Monetary Base and Reserves" (0)
Comments on Levin and Taylor, "Falling Behind the Curve" (2012) (0)
Long-Run Stability with a Backward Bending Supply Curve (1972) (0)
Working Paper 84-2 THE FORMULATION OF MONETARY POLICY (2001) (0)
G 97 / 6 The Alleged Instability of Nominal Income Targeting (1997) (0)
Economic Depression and Inflation Targeting Policy: Analytical Issues Concerning Japanese Monetary Policy, 1995–2013 (2014) (0)
Topics Concerning the Effectiveness of Stabilization Policies (2005) (0)
U A Conference Panel Discussion (1994) (0)

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