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Bennett T. McCallum

Bennett T. McCallum
H. J. Heinz Professor of Economics

B.A., B.S.Ch.E., Rice University, 1958;
M.B.A., Harvard University, 1963;
Ph.D., Rice University, 1969

E-mail: bm05@andrew.cmu.edu

Research (Papers and Software)            Vita

Teaching        Carnegie-Rochester Conference

Teaching and research interests

Macroeconomic fluctuations, monetary theory and policy. Specific topics of ongoing concern include theories of the real effects of monetary policy, strategies for the conduct of monetary policy, and macroeconomic consequences of alternative national and international monetary arrangements.

Major publications/papers

"Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination," Journal  of Monetary Economics, 47, 2001.

"Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates," Journal of Money, Credit, and Banking, 32, 2000; 

"Issues in the Design of Monetary Policy Rules," Handbook of Macroeconomics, ed. by J. B. Taylor and M. Woodford, North-Holland, 1999;

"Nominal Income Targeting in an Open-Economy Optimizing Model," with E. Nelson, Journal of Monetary Economics, 43, 1999;

International Monetary Economics, Oxford University Press, 1996;

Monetary Economics: Theory and Policy, Macmillan Publishing Company, 1989;

"Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates," Econometrica, 44, 1976.

Awards/Honors
  • Research Associate, National Bureau of Economic Research, 1979-
  • Fellow of the Econometric Society, 1992-
  • Honorary Advisor, Institute for Monetary and Economic Studies, Bank of Japan, 2003-
  • Henry Thornton Lecture, City University, London, 1982
  • Journal of Money, Credit, and Banking Lecture, 1985
  • Homer Jones Memorial Lecture, Federal Reserve Bank of St. Louis, 1999
  • Merrick Lecture, University of Virginia, 2000
  • Annual Lecture, Julian Hodge Institute of Applied Macroeconomics, Cardiff

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Other Professional Activities