Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence

30 Pages Posted: 2 Dec 2012

See all articles by Bennett T. McCallum

Bennett T. McCallum

Carnegie Mellon University - David A. Tepper School of Business; National Bureau of Economic Research (NBER)

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Date Written: 2002

Abstract

Both academic thinking about monetary economics and the practice of monetary policy have changed drastically since 1971-1973, when the rational expectations revolution was beginning and the Bretton Woods system was crumbling. The present article considers whether the various changes that have taken place were influenced primarily by economic theory or by empirical evidence — or by a combination of the two.

Suggested Citation

McCallum, Bennett T., Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence (2002). FRB Richmond Economic Quarterly, vol. 88, no. 1, Winter 2002, pp. 67-96, Available at SSRN: https://ssrn.com/abstract=2183377

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