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McCallum rule

In monetary policy, the McCallum rule specifies a target for the monetary base (M0) which could be used by a central bank. The McCallum rule was proposed by Bennett T. McCallum at Carnegie Mellon University's Tepper School of Business. It is an alternative to the well known Taylor rule and performs better during crisis periods.[1]

Monetary policy

Monetary policy reaction function

Taylor rule

Fisher effect

Friedman's k-percent rule

Policy-Rule Retrospective on the Greenspan Era

The Use of Policy Rules in Monetary Policy Analysis

Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan

Federal Reserve paper on Taylor rule & McCallum rule

`Home' Base and Monetary Base Rules