Monetary policy analysis in models without money
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Monetary policy analysis in models without money by Bennett T. McCallum

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Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

Subjects:

  • Monetary policy -- Econometric models.,
  • Money supply -- Econometric models.,
  • Inflation (Finance) -- Forecasting -- Econometric models.

Book details:

Edition Notes

StatementBennett T. McCallum.
GenreEconometric models.
SeriesNBER working paper series -- working paper 8174, Working paper series (National Bureau of Economic Research) -- working paper no. 8174.
ContributionsNational Bureau of Economic Research.
The Physical Object
Pagination39 p. :
Number of Pages39
ID Numbers
Open LibraryOL22417275M

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The following arguments are developed: (i) models without monetary aggregates do not imply that inflation is a non-monetary phenomenon and are not necessarily non-monetary models; (ii) theoretical considerations suggest that such models Cited by: Monetary Policy Analysis in Models Without Money Bennett T. McCallum I t has recently become common practice— indeed, virtually standard practice—for mone-tary policy analysis to be conducted in models that include no reference to any monetary . Abstract. The following arguments are developed: (i) models without monetary aggregates do not imply that inflation is a non-monetary phenomenon and are not necessarily non-monetary models; (ii) theoretical considerations suggest that such models Cited by: [Show full abstract] analysis of monetary policy and the business cycle by Friedman and other critics of monetary policy in the s and s did not assume that the money supply was exogenous.

Monetary Policy Analysis in Models Without Money Article in Federal Reserve Bank of St. Louis Review 83(Jul) February with 36 Reads How we measure 'reads'Author: Bennett Mccallum. Monetary Policy Analysis in Models Without Money by Bennett T. McCallum The article first specifies a small prototype model that reflects today’s standard monetary policy approach and asks whether its adoption implies that monetary policy has little or nothing to do with money. John V. Leahy, "Monetary policy analysis in models without money (commentary)," Review, Federal Reserve Bank of St. Louis, vol. 83(Jul), pages Handle. an equation describing monetary policy and an initial condition for the lagged price level. If this policy rule is of the Taylor variety, that is, if the Fed sets the nominal interest rate in response to output and inflation such as (4) then output and inflation are determined solely by equations (1), (2), and (4). Money .

Commentary on "Monetary Policy Analysis in Models Without Money" by Bennett T. McCallum. Cite this article John V. Leahy, "Commentary on "Monetary Policy Analysis in Models Without Money"," Federal Reserve Bank of St. Louis . Finally, it is noted that although these answers suggest that policy analysis in models without money is not fundamentally misguided, they do not imply that conducting policy in this manner is necessarily a desirable by: Monetary policy analysis in models without money. Bennett McCallum (). Review, , vol. 83, issue Jul, Keywords: Monetary; policy (search for similar items in EconPapers) Date: Cited by: forecasting and policy analysis, illustrating with an application to Canada. It also introduces a set of useful software tools for conducting a model-consistent forecast. JEL Classification Numbers: E52, E47, C51, C63 Keywords: Monetary Policy, Forecasting and Simulation, Model .