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Postwar developments in business cycle theory: a moderately classical perspective

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  • Bennett T. McCallum

Abstract

For issues regarding business cycles, the Phillips curve or aggregate supply portion of a macroeconomic model's specification is crucial. Unfortunately, the relevant dynamic behavior is poorly understood: flexible-price models appear inconsistent with the data, while existing sticky-price models are unlikely to be policy invariant. Nevertheless, current knowledge is adequate to design a rule for monetary policy that would, if maintained, result in near-zero inflation and output fluctuations that are small by historical standards. An operational rule of this type is described and some indication of its effectiveness is reported. Copyright 1988 by Ohio State University Press.
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Suggested Citation

  • Bennett T. McCallum, 1988. "Postwar developments in business cycle theory: a moderately classical perspective," Proceedings, Federal Reserve Bank of Cleveland, pages 459-478.
    • Handle: RePEc:fip:fedcpr:y:1988:p:459-478
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    Cited by:

    1. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    2. Paweł Baranowski, 2008. "Reguła Taylora i jej rozszerzenia," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 7-8, pages 1-23.
    3. Isidro Hernández Rodríguez, 2015. "Economía política de la tributación en Colombia," Books, Universidad Externado de Colombia, Facultad de Economía, edition 1, number 70, August.
    4. Ambler, Steve, 1989. "La stationnarité en économétrie et en macroéconomique : un guide pour les non initiés," L'Actualité Economique, Société Canadienne de Science Economique, vol. 65(4), pages 590-609, décembre.

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