This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996–2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version setting a nominal output growth objective for monetary policy wi...

This paper examines how recent econometric policy evaluation research on monetary policy rules can be applied in a practical policymaking environment. According to this research, good policy rules typically call for changes in the federal funds rate in response to changes in the price level or changes in real income. An objective of the paper is to preserve the concept of such a policy rule in ...

This paper estimates a reduced-form model of the Japanese economy that incorporates a role for money in the determination of GDP growth and inflation. Real base money growth is shown to be a significant determinant of GDP growth, suggesting a role for money even under a monetary policy operating regime in which base money is endogenous to the determination of an official interest rate. An aggre...

It is obvious that an optimal policy should consider main dimensions of the phenomenon that can affect the transmission mechanism of that policy. In an open economy, it is expected that variables of the foreign sector play important role in its economic behavior. Therefore, it needs that any optimal policy in an open economy to design in such a way which involves changes in the foreign sector. ...

McCallum [J. Monet. Econ. 33 (1994) 105–132] introduces policy behavior to resolve previous empirical rejections of the uncovered interest parity (UIP) theory. In this note, we reexamine his policy behavior argument. First, we extend the data set used by McCallum to include the recent 8 years, and contrary to the analysis provided by McCallum, we make a thorough econometric analysis of his UIP ...

Correction to: L. McCallum (ed.), English Language Teaching, Teaching: Theory, Research and Pedagogy, https://doi.org/10.1007/978-981-19-2152-0

Maintaining price stability requires not only commitment to an appropriate monetary policy rule, but an appropriate fiscal policy rule as well. Ricardian equivalence does not imply that fiscal policy is irrelevant, except in the case of a certain class of policies (“Ricardian” policies). The role of fiscal developments in inflation determination under a non-Ricardian regime is illustrated throu...

McCallum’s answers his question by saying that raising this target is a “sophisticated but predominantly bad idea” and the paper gives eight reasons for this conclusion. The first is that inflation is a particularly distortionary tax. The second is that, with sticky prices, inflation can lead to inefficient changes in relative prices. The third is that, based on the analysis of Schmitt-Grohé an...

3 McCallum RW, Kline MM, Curry N, Sturdevant RAL. Comparative efforts of metoclopramide and bethanechol on lower esophageal sphincter pressure in reflux patients. Gastroenterology 1975;68:1 114-8. McCallum RW, Berkowitz DM. The frequency of delayed gastric emptying in patients with gastroesophageal reflux and its response to metoclopramide and bethanechol. Gastroenterology 1978 ;74:1135. Gugler...