Bennett McCallum

PHONE

412-268-2347

OFFICE

POS - Posner Hall - Room 256B

AREA OF EXPERTISE

Economics

EDUCATION

Rice University - Ph D - 1969
Harvard University - MBA - 1963
Rice University - BS - 1958
Rice University - BA - 1957

TEACHING AND RESEARCH INTERESTS

Monetary economics, history of economic thought, monetary history.

USEFUL LINKS

Carnegie-Rochester Conference

BIOGRAPHY

Bennett McCallum is the H.J. Heinz Professor of Economics in the Tepper School of Business (formerly the Graduate School of Industrial Administration) at Carnegie Mellon University. His other positions include those of a research associate of the National Bureau of Economic Research, a Fellow of the Econometric Society, and a member of the Shadow Open Market Committee. Over the years 1981-2011 he was a consultant at the Federal Reserve Bank of Richmond and during 2003-2010 he served as Honorary Advisor to the Institute for Monetary and Economic Studies of the Bank of Japan. Professor McCallum has been a consultant to the Federal Reserve Board and a visiting scholar at the Federal Reserve Bank of St. Louis, the International Monetary Fund, the Bank of Japan, and the Reserve Bank of New Zealand. He is the author of Monetary Economics: Theory and Policy (Macmillan, 1989) and International Monetary Economics (Oxford Univ. Press, 1996) and has published over 200 papers on a variety of topics in monetary economics, macroeconomics, and econometrics. He currently serves on the editorial boards of the Journal of Money, Credit, and Banking and Economics Letters. He is a former co-editor of the American Economic Review and from 1995 through 2010 was co-editor of the Carnegie-Rochester Conference Series on Public Policy.

PUBLICATIONS

• Economic Depression and Inflation Targeting Policy of Japan

• The Bitcoin Revolution

Cato Journal 27

• The Place of Milton Friedman in the History of Economic Thought
  Milton Friedman: Contributions to Economics and Public Policy

Oxford University Press

• Analytical Issues Concerning Japanese Monetary Policy, 1995-2013

International Journal of Economic Policy Studies 9

• Nominal GDP Targeting: Policy Rule or Discretionary Splurge?

Journal of Financial Stability, 2014

• Monetary Policy in a Very Open Economy: Some Major Analytical Issues

Pacific Economic Review 19(1), 2014; 27-60

• Recent Issues Concerning Monetary Policy Reform
  In Search of a Monetary Constitution Revisited

Cato Institute

• Causality, Structure, And The Uniqueness Of Rational Expectations Equilibria

Manchester School 79, 2011; 551-566

• Should Central Banks Raise their Inflation Targets: Some Relevant Issues

Economic Quarterly, Federal Reserve Bank of Richmond 97(2), 2011; 111-131

• Alternatives to the Fed

Cato Journal 30(November 2010), 2010; 439-449

• Optimal Continuation Versus The Timeless Perspective In Monetary Policy

(author(s): Christian Jensen, Bennett McCallum) Journal Of Money Credit And Banking 42(6), 2010; 1093-1107

• Is The Spurious Regression Problem Spurious?

Economics Letters 107(3), 2010; 321-323

• Indeterminacy, Causality, and the Foundations of Monetary Policy Analysis

Swiss Journal of Economics and Statistics 146, 2010; 107-120

• Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
  Recent Developments in Monetary Policy

Edward Elgar, 2009

• Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
  Recent Developments in Monetary Policy

Edward Elgar, 2009

• Inflation Determination With Taylor Rules: Is New-Keynesian Analysis Critically Flawed?

Journal Of Monetary Economics 56(8), 2009; 1101-1108

• Rejoinder To Cochrane

Journal Of Monetary Economics 56(8), 2009; 1114-1115

• Another Weakness Of Determinacy As A Selection Criterion For Rational Expectations Models

Economics Letters 104(1), 2009; 17-19

• How Important Is Money In The Conduct Of Monetary Policy? A Comment

Journal Of Money Credit And Banking 40(8), 2008; 1783-1790

• Reconsideration Of The P-Bar Model Of Gradual Price Adjustment

European Economic Review 52(8), 2008; 1480-1493

• Banking And Interest Rates In Monetary Policy Analysis: A Quantitative Exploration

(author(s): Marvin Goodfriend, Bennett McCallum) Journal of Monetary Economics 54(5), 2007; 1480-1507

• E-Stability Vis-A-Vis Determinacy Results For A Broad Class Of Linear Rational Expectations Models

Journal Of Economic Dynamics & Control 31(4), 2007; 1376-1391

• An Optimizing Is-Lm Framework With Endogenous Investment

(author(s): Miguel Casares, Bennett McCallum) Journal Of Macroeconomics 28(4), 2006; 621-644

• Simultaneous Equation Econometrics: The Missing Example

(author(s): Dennis Epple, Bennett McCallum) Economic Inquiry 44(2), 2006; 374-384

• Targeting Versus Instrument Rules For Monetary Policy

(author(s): Bennett McCallum, E Nelson) Federal Reserve Bank Of St Louis Review 87(5), 2005; 597-611

• Targeting Versus Instrument Rules For Monetary Policy: What Is Wrong With Mccallum And Nelson? Commentary

(author(s): Bennett McCallum, E Nelson) Federal Reserve Bank Of St Louis Review 87(5), 2005; 627-631

• What Have We Learned Since October 1979?

Federal Reserve Bank Of St Louis Review 87(2), 2005; 287-291

• Monetary And Fiscal Theories Of The Price Level: The Irreconcilable Differences

(author(s): Bennett McCallum, E Nelson) Oxford Review Of Economic Policy 21(4), 2005; 565-583

• On The Relationship Between Determinate And Msv Solutions In Linear Re Models

Economics Letters 84(1), 2004; 55-60

• Timeless Perspective Vs. Discretionary Monetary Policy In Forward-Looking Models

(author(s): Bennett McCallum, E Nelson) Federal Reserve Bank Of St Louis Review 86(2), 2004; 43-56

• Is The Fiscal Theory Of The Price Level Learnable?

Scottish Journal Of Political Economy 50(5), 2003; 634-649

• Multiple-Solution Indeterminacies In Monetary Policy Analysis

Journal Of Monetary Economics 50(5), 2003; 1153-1175

• The Non-Optimality Of Proposed Monetary Policy Rules Under Timeless Perspective Commitment

(author(s): C Jensen, Bennett McCallum) Economics Letters 77(2), 2002; 163-168

• Should Monetary Policy Respond Strongly To Output Gaps?

American Economic Review 91(2), 2001; 258-262

• Indeterminacy, Bubbles, And The Fiscal Theory Of Price Level Determination

Journal Of Monetary Economics 47(1), 2001; 19-30

• Theoretical Analysis Regarding A Zero Lower Bound On Nominal Interest Rates

Journal Of Money Credit And Banking 32(4), 2000; 870-904

• Theoretical Analysis Regarding A Zero Lower Bound On Nominal Interest Rates

Journal Of Money Credit And Banking 32(4), 2000; 870-904

• Monetary Policy For An Open Economy: An Alternative Framework With Optimizing Agents And Sticky Prices

(author(s): Bennett McCallum, E Nelson) Oxford Review Of Economic Policy 16(4), 2000; 74-91

• Role Of The Minimal State Variable Criterion In Rational Expectations Models

International Tax And Public Finance 6(4), 1999; 621-639

• An Optimizing Is-Lm Specification For Monetary Policy And Business Cycle Analysis

(author(s): Bennett McCallum, E Nelson) Journal Of Money Credit And Banking 31(3), 1999; 296-316

• An Interview With Robert E. Lucas, Jr.

(author(s): Bennett McCallum, RE Lucas) Macroeconomic Dynamics 3(2), 1999; 278-291

• Nominal Income Targeting In An Open-Economy Optimizing Model

(author(s): Bennett McCallum, E Nelson) Journal Of Monetary Economics 43(3), 1999; 553-578

• Solutions To Linear Rational Expectations Models: A Compact Exposition

Economics Letters 61(2), 1998; 143-147

• An Interview With Allan Meltzer

Macroeconomic Dynamics 2(2), 1998; 238-283

• An Optimization-Based Econometric Framework For The Evaluation Of Monetary Policy - Comment

Nber Macroeconomics Annual 1997 12, 1997; 355-359

• Crucial Issues Concerning Central Bank Independence

Journal Of Monetary Economics 39(1), 1997; 99-112

• Base Money Rules In The United Kingdom

(author(s): AG Haldane, Bennett McCallum, C Salmon) Manchester School Of Economic And Social Studies 64, 1996; 27-Jan

• 2 Fallacies Concerning Central-Bank Independence

American Economic Review 85(2), 1995; 207-211

• Macroeconomics After 2 Decades Of Rational-Expectations

Journal Of Economic Education 25(3), 1994; 219-234

• Specification Of Policy Rules And Performance-Measures In Multicountry Simulation Studies

Journal Of International Money And Finance 13(3), 1994; 259-275

• A Reconsideration Of The Uncovered Interest Parity Relationship

Journal Of Monetary Economics 33(1), 1994; 105-132

• Money And Prices In Colonial America - A New Test Of Competing Theories

Journal Of Political Economy 100(1), 1992; 143-161

• Could A Monetary Base Rule Have Prevented The Great-Depression

Journal Of Monetary Economics 26(1), 1990; 26-Mar

• Empirical Predictions Of The New Monetary-Economics - Perspectives On Velocity - Comments

Journal Of Policy Modeling 12(2), 1990; 281-287

• New Classical Macroeconomics - A Sympathetic Account

Scandinavian Journal Of Economics 91(2), 1989; 223-252

• The Case For Rules In The Conduct Of Monetary-Policy - Reply

Weltwirtschaftliches Archiv-Review Of World Economics 125(1), 1989; 179-182

• Inflation Prevention By A Monetary Rule

Cato Journal 9(2), 1989; 339-344

• Postwar Developments In Business-Cycle Theory - A Moderately Classical Perspective

Journal Of Money Credit And Banking 20(3), 1988; 459-471

• The Case For Rules In The Conduct Of Monetary-Policy - A Concrete Example

Weltwirtschaftliches Archiv-Review Of World Economics 123(3), 1987; 415-429

• Theoretical Analysis of the Demand for Money

(author(s): Marvin Goodfriend, Bennett McCallum) Economic Review - Federal Reserve Bank of Richmond, 1987; 16-24

• The Development Of Keynesian Macroeconomics

American Economic Review 77(2), 1987; 125-129

• On Real And Sticky-Price Theories Of The Business-Cycle

Journal Of Money Credit And Banking 18(4), 1986; 398-414

• Issues Concerning The Nonpecuniary Yield Of Money

Cato Journal 6(2), 1986; 607-611

• Estimating The Long-Run Relationship Between Interest-Rates And Inflation - A Reply

Journal Of Monetary Economics 18(1), 1986; 87-90

• Some Issues Concerning Interest-Rate Pegging, Price-Level Determinacy, And The Real Bills Doctrine

Journal Of Monetary Economics 17(1), 1986; 135-160

• On Consequences And Criticisms Of Monetary Targeting

Journal Of Money Credit And Banking 17(4), 1985; 570-597

• A Linearized Version Of Lucas Neutrality Model

Canadian Journal Of Economics-Revue Canadienne D Economique 17(1), 1984; 138-145

• Are Bond-Financed Deficits Inflationary - A Ricardian Analysis

Journal Of Political Economy 92(1), 1984; 123-135

• Correction

Economics Letters 14(3-Feb), 1984; 295-295

• Monetarist Rules In The Light Of Recent Experience

American Economic Review 74(2), 1984; 388-391

• On Low-Frequency Estimates Of Long-Run Relationships In Macroeconomics

Journal Of Monetary Economics 14(1), 1984; 14-Mar

• A Model Of Commodity Money - Comments

Journal Of Monetary Economics 12(1), 1983; 189-196

• A Reconsideration Of Sims Evidence Concerning Monetarism

Economics Letters 13(3-Feb), 1983; 167-171

• Instrument Choice For Money Stock Control With Contemporaneous And Lagged Reserve Requirements

(author(s): Bennett McCallum, JG HOEHN) Journal Of Money Credit And Banking 15(1), 1983; 96-101

• On Non-Uniqueness In Rational-Expectations Models - An Attempt At Perspective

Journal Of Monetary Economics 11(2), 1983; 139-168

• The Liquidity Trap And The Pigou Effect - A Dynamic Analysis With Rational-Expectations

Economica 50(200), 1983; 395-405

• Monetarist Principles And The Money Stock Growth Rule

American Economic Review 71(2), 1981; 134-138

• Price-Level Determinacy With An Interest-Rate Policy Rule And Rational-Expectations

Journal Of Monetary Economics 8(3), 1981; 319-329

• Sluggish Price Adjustments And The Effectiveness Of Monetary-Policy Under Rational-Expectations - Reply

Journal Of Money Credit And Banking 13(1), 1981; 103-104

• Hahn Theoretical Viewpoint On Unemployment - A Comment

Economica 47(187), 1980; 299-303

• Rational Expectations - Introduction

Journal Of Money Credit And Banking 12(4), 1980; 691-695

• Rational Expectations And Macroeconomic Stabilization Policy - An Overview

Journal Of Money Credit And Banking 12(4), 1980; 716-746

• Current State Of The Policy-Ineffectiveness Debate

American Economic Review 69(2), 1979; 240-245

• Effectiveness Of Fiscal Feedback Rules And Automatic Stabilizers Under Rational Expectations

(author(s): Bennett McCallum, JK WHITAKER) Journal Of Monetary Economics 5(2), 1979; 171-186

• Monetarism, Rational Expectations, Oligopolistic Pricing, And The Mps Econometric-Model

Journal Of Political Economy 87(1), 1979; 57-73

• Monetary-Policy Ineffectiveness Result In A Model With A Predetermined Price-Level

Economics Letters 3(1), 1979; 4-Jan

• Observational Inequivalence Of Classical And Keynesian Models

Journal Of Political Economy 87(2), 1979; 395-402

• Testing For The Role Of Speculation In The Forward Exchange Market - Reply

Review Of Economics And Statistics 61(4), 1979; 611-612

• Dating, Discounting, And Robustness Of Lucas-Sargent Proposition

Journal Of Monetary Economics 4(1), 1978; 121-129

• Inflation And Output Fluctuations - Comment

Carnegie-Rochester Conference Series On Public Policy 8, 1978; 277-287

• Macroeconomic Instability From A Monetarist Policy Rule

Economics Letters 1(2), 1978; 121-124

• Political Business-Cycle - Empirical-Test

Southern Economic Journal 44(3), 1978; 504-515

• Price-Level Adjustments And Rational Expectations Approach To Macroeconomic Stabilization Policy

Journal Of Money Credit And Banking 10(4), 1978; 418-436

• Price-Level Stickiness And Feasibility Of Monetary Stabilization Policy With Rational Expectations

Journal Of Political Economy 85(3), 1977; 627-634

• Estimation Assuming Non-Existent Autocorrelation

Australian Economic Papers 15(26), 1976; 119-127

• Note On Empirical Tests And Alternative Versions Of Natural Rate Hypothesis

(author(s): AC LEMGRUBER, Bennett McCallum) Manchester School Of Economic And Social Studies 44(1), 1976; 42-51

• Rational Expectations And Natural Rate Hypothesis - Some Consistent Estimates

Econometrica 44(1), 1976; 43-52

• Competitive Price Adjustments - Empirical Study

American Economic Review 64(1), 1974; 56-65

• Money Wage Changes And Excess Demand For Labour - International Evidence On A New Approach

Applied Economics 6(3), 1974; 205-213

• Wage Rate Changes And Excess Demand For Labour - Alternative Formulation

Economica 41(163), 1974; 269-277

• Note Concerning Asymptotic Covariance Expressions

Econometrica 41(3), 1973; 581-583

• Inventory Holdings, Rational Expectations, And Law Of Supply And Demand

Journal Of Political Economy 80(2), 1972; 386-393

• Long-Run Stability With A Backward Bending Supply Curve

Southern Economic Journal 39(2), 1972; 291-294

• Relative Asymptotic Bias From Errors Of Omission And Measurement

Econometrica 40(4), 1972; 757-758

• Homotheticity Of Production Functions

(author(s): JK WHITAKER, Bennett McCallum) Western Economic Journal 9(1), 1971; 57-63

• Artificial Orthogonalization In Regression Analysis

Review Of Economics And Statistics 52(1), 1970; 110-113

• Effect Of Demand On Prices In British Manufacturing - Another View

Review Of Economic Studies 37(109), 1970; 147-158

• Instability Of Kaldorian Models

Oxford Economic Papers-New Series 21(1), 1969; 56-65

• Relevant Technological Externalities In Linear Production Model

Economica 34(133), 1967; 59-68

WORKING PAPERS

• A continuity refinement for rational expectations solutions

National Bureau of Economic Research, 2012; 21

• Refining Linear Rational Expectations Models and Equilibria

(author(s): Seonghoon Cho, Bennett McCallum) National Bureau of Economic Research, 2012; 22

• Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models

National Bureau of Economic Research, 2012; 27

• Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates

Journal of Money, Credit, and Banking 32(4), 2000; 870-904

AWARDS AND HONORS

• Econometric Society - elected Fellow (1994)

UNIVERSITY SERVICE

• Scholarly Communications Advisory Board (Library system), Committee Member (2012 - 2013)

PUBLIC SERVICE

• University of Munich, Fellow (2003 - )
• Bank of Japan, Honorary Advisor, Institute for Monetary & Economic Studies (2003 - )
• Kiel Institute for World Economics, International Research Fellow (2002 - )
• Shadow Open Market Committee, Member (2000 - )
• Reserve Bank of New Zealand, Visiting Scholar (1995 - )
• Bank of Japan, Visiting Scholar (1993 - )
• IMF, Visiting Scholar (1990 - )
• Federal Reserve Bank of Richmond, Research Consultant (1981 - )
• National Bureau of Economic Research, Research Associate (1979 - )

PROFESSIONAL ACTIVITIES

• Member, Carnegie-Rochester Conference Series on Public Policy, Advisory Committee, 2011-2013
• Member, Carnegie-Rochester Conference Series on Public Policy, Advisory Board (2010 -)
• Economics Letters (January 2002 -)
• Journal of Money, Credit and Banking (January 2002 -)
• Board of Editors, Economic Notes by Banca Monte dei Paschi di Siena (1999 -)
• Member, Shadow Open Market Committee (1999 -)
• Fellow, Economic Society (1992 -)
• Board of Editors, Journal of Money, Credit and Banking (1983 -)
• Research Associate, National Bureau of Economic Research (1979 -)
• Board of Editors, Economics Letters (January 1978 -)
• Co-Editor, Carnegie-Rochester Conference Series on Public Policy (January 1995 - 2010)
• Co-Editor, American Economic Review (January 1988 - 1991)

COURSES TAUGHT

• Evltn Ecnmc Ids Anly (73310) 2015 Section: A

• HSTY MNY MONTRY PLY (73375) 2015 Section: A
  2014 Section: A
  2013 Section: A

• EVLTN ECNMC IDS ANLY (73310) 2014 Section: A
  2013 Section: A

• Adv''d Econ Analysis III (Macro) (47903) 2013 Mini 4 Section: A
  2012 Mini 4 Section: A
  2010 Mini 4 Section: A
  2009 Mini 4 Section: A
  2008 Mini 4 Section: A
  2007 Mini 4 Section: A

• Evolution of Economic Ideas and Analysis (73310) 2012 Section: A

• History of Money and Monetary Policy (73375) 2012 Section: A

• Evolution of Economic Issuea and Analysis (73310) 2011 Section: A
  2010 Section: A

• Freshman Seminar in Economics (73101) 2011 Section: A

• History of Economic Issues and Analysis (73310) 2009 Section: A
  2008 Section: A
  2007 Section: A
  2006 Section: A

• Introduction to Dynamic Economics (73405) 2009 Section: A

• Monetary Theory and Policy (73420) 2008 Section: A
  2006 Section: A, A

• Macroeconomics I (47802) 2006 Mini 3 Section: A

• Econometrics (73261) 2005 Section: A