search query: @author Hall, T. E. / total: 3
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| Author: | Hall, T. E. |
| Title: | McCallum's base growth rule : results for the United States, West Germany, Japan and Canada. |
| Journal: | Weltwirtschaftliches Archiv
1990 : VOL. 126:4, p. 630-642 |
| Index terms: | MONETARY THEORY MONETARY POLICY USA CANADA GERMANY |
| Language: | eng |
| Abstract: | McCallum recently proposed a compromise between monetarists who favour a rule in the growth of the monetary base and non-monetarists who are for discretion, by incorporating into his rule past velocity changes and a feedback term. The article uses VAR models for the simulation of GDP of the US, FRG, Japan had they adhered to the McCallum rule. It turns out that adherence to this rule would have positive effects on all these countries in terms of inflation and fluctuation of GDP. |
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