Should Monetary Policy Respond Strongly to Output Gaps

By Bennett T Mccallum. 2001

261 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/57f87a6a1a92b7b1b96abed414099d31f31d51d1

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In Economics and Econometrics

Citations in the corpus

Inflation Persistence and Optimal Monetary Policy in the Euro Area (2002, background): “While, in our context, the natural level indicates the flexible-price equilibrium, there are several other concepts of the natural rate as well as several ways to measure it, as outlined also in McCallum (2001).”
Speed Limit Policies: The Output Gap and Optimal Monetary Policy (2003, methodology): “…a key component of “The Science of Monetary Policy” (Clarida, Galí, and Gertler 1999), and has been widely used in recent work on policy design (e.g., McCallum and Nelson 1999, 2000, Jensen 2001, Svensson andWoodford 2000, Vestin 2000, Nessén and Vestin 2000, Söderström 2001, and McCallum 2001).”
Fixed and Variable-Rate Mortgages, Business Cycles and Monetary Policy (2009, unknown): “log (At) = A log (At 1) + uAt; (25) where A is the autorregressive coe¢ cient and uAt is a normally distributed shock to technology.”
THE INFLATION TARGETING DEBATE (2005, background): “McCallum and Nelson (2000) and McCallum (2001) argue that conventionally measured output gaps, which estimate the gap as deviations from a trend, differ substantially from more theoretically grounded measures based on the output level that would prevail in the absence of nominal price stickiness.”
Monetary Policy Rules, Macroeconomic Stability, and Inflation: A View from the Trenches (2001, unknown): “…regarding realtime assessments of the output gap (and the closely related “unemployment gap”) have been recently emphasized in a number of studies, including, Estrella and Mishkin (1999), McCallum (2001), McCallum and Nelson (1999), Orphanides et al. (2000), Smets (2002), and Wieland (1998).”
Historical monetary policy analysis and the Taylor rule (2003, background): “See, in particular, Goodfriend (1991), Levin et al (1999), Rotemberg and Woodford (1999), Sack and Wieland (2000), Williams (1999) and Woodford (1999) for the role of interest smoothing and Leitemo and Lonning (2001), McCallum (2001) , Orphanides et al (2000), Walsh (2002) and Woodford (2002) for t”