The McCallum Rule is a monetary policy theory and formula describing the relationship between the monetary base and nominal GDP growth.

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1. Modern monetary theory and the case for gold. With central banks around the world loosening monetary policy in response to flagging growth and possible trade-war fallout, modern monetary theory ...

The natural rate of interest is an elusive concept in theory and practice. However, it is essential for central banks’ calibration of the policy rate. Model consistent measures are often too extreme ...

Good ideas don’t always outcompete bad ones. But willful foolishness usually has a cost. So it is with modern monetary theory. Ironically, this basket of economic fallacies, embraced by policymakers ...

Why is Modern Monetary Theory back in the spotlight? The leader of the Green Party, Zack Polanski – whose more assertive, charismatic and left-populist tenure has seen the party dramatically surge in ...

Where domestic production is insufficient, imports should be arranged and import-related complexities resolved.

Empirical monetary policy shocks (EMPS) contain information about monetary policy both today and in the future. We define the term structure of monetary policy news as the marginal impact of an EMPS ...

In theory at least, an asset price can be separated into a component determined by underlying economic fundamentals and a nonfundamental bubble component that may reflect price speculation or ...