Dictionary of Arguments


Philosophical and Scientific Issues in Dispute
 
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Inflation Targeting Economic Theories Mause I 233
Inflation Targeting/Monetary Policy/Economic Theories: in many countries there is a shift away from monetary policy strategies taking explicit interim targets into account. (VsTaylor, John Brian, VsMcCallum, Bennett). Solution: in inflation targeting, central banks orientate their monetary policy directly towards inflation trends instead.
VsInflation Targeting: the central banks run the risk that their monetary policy measures may take effect too late and have a procyclical effect due to time lags. Against this background, central banks must gear their monetary policy interventions to the expected inflation potential, i.e. their strategy is based on a control of the forecast inflation rate.
As soon as the assumed inflation potential deviates from the formulated inflation target, monetary policy measures are required.
Problem: the credibility of monetary policy depends (...) crucially on the determination of the forecast inflation rate.
Solution: a combination with a Taylor-type monetary policy rule is proposed. See Taylor Rule/Taylor.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
McCallum Rule McCallum Mause I 232f
McCallum Rule/McCallum: McCallum proposes (1) to facilitate monetarist monetary policy by investing money supply control more indirectly than in the case of the Taylor Rule (see Taylor Rule/Taylor). The central bank is to align the monetary base with the longer-term development path of the nominal domestic product.
McCallumVsTaylor: the direct control of money supply by the Taylor rule means that monetary policy makers must make explicit statements about the price and volume components.
Solution/McCallum: The very long-term orientation (more than 20 years) also ensures that the development path is independent of monetary development. (2)
The averages are calculated over a rolling period of 4 years to prevent the monetary base from reacting to cyclical fluctuations in circulation speed. In contrast to the original Taylor Rule, the McCallum Rule is based exclusively on data from the previous period or on long-term average values. The problem of real-time data in identifying the need for adaptation therefore does not occur.
VsMcCallum: this volume-oriented concept consciously accepts greater interest rate fluctuations.


1. McCallum, Bennett T., The case for rules in the conduct of monetary policy: A concrete example. Review of World Economics 123, (3), 1987, S. 415– 429.
2. Ibid.

EconMcCall I
Bennett McCallum
The case for rules in the conduct of monetary policy: A concrete example 1987


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018