Bennett T. McCallum [1] | |
---|---|
Born | |
Died | December 28, 2022 87) | (aged
Nationality | American |
Academic career | |
Institution | Carnegie Mellon University University of Virginia |
Field | Monetary economics Econometrics |
School or tradition | New classical economics |
Alma mater | Rice University Harvard University |
Influences | John Muth Robert E. Lucas |
Contributions | McCallum rule |
Information at IDEAS / RePEc |
Bennett Tarlton McCallum (July 27, 1935 - December 28, 2022 [2] ) was an American monetary economist. He was H. J. Heinz Professor of Economics at Carnegie Mellon University's Tepper School of Business. [3] He is known for the McCallum Rule, a monetary policy proposal advocating targeting the growth rate of the monetary base. [4] [5]
McCallum earned a B.A. and a B.Sc. (in chemical engineering) from Rice University. He then attended Harvard Business School to earn his M.B.A., before returning to Rice in order to obtain his Ph.D. in economics.
He became professor at Carnegie Mellon in 1981, after holding a professorship at the University of Virginia (1974–1982). Among his doctoral students was Charles L. Evans, the current president of the Federal Reserve Bank of Chicago. [6]
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. The institution was originally established in 1900 by Andrew Carnegie as the Carnegie Technical Schools. In 1912, it became the Carnegie Institute of Technology and began granting four-year degrees. In 1967, it became the current-day Carnegie Mellon University through its merger with the Mellon Institute of Industrial Research, founded in 1913 by Andrew Mellon and Richard B. Mellon and formerly a part of the University of Pittsburgh.
The Heinz College of Information Systems and Public Policy, also known as Heinz College, is the public policy and information college of Carnegie Mellon University in Pittsburgh, Pennsylvania. It consists of the School of Information Systems and Management and the School of Public Policy and Management. The college is named after CMU's former instructor and the later U.S. Senator John Heinz from Pennsylvania.
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions, and it considers how money can gain acceptance purely because of its convenience as a public good. The discipline has historically prefigured, and remains integrally linked to, macroeconomics. This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects.
Jerome' "Jay" Apt III is an American astronaut and professor at Carnegie Mellon University. Before becoming an astronaut, Apt was a physicist who worked on the Pioneer Venus 1978 space probe project, and used visible light and infrared techniques to study the planets and moons of the solar system from ground-based observatories.
John Patrick "Pat" Crecine was an American educator and economist who served as President of Georgia Tech, Dean at Carnegie Mellon University, business executive, and professor. After receiving his early education at public schools in Lansing, Michigan, he earned a bachelor's degree in industrial management, and master's and doctoral degrees in industrial administration from the Graduate School of Industrial Administration at Carnegie Mellon University. He also spent a year at the Stanford University School of Business.
Edward Christian Prescott was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he was the 19th most widely cited economist in the world in 2013. In August 2014, Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia. Prescott died of cancer on November 6, 2022, at the age of 81.
Finn Erling Kydland is a Norwegian economist known for his contributions to business cycle theory. He is the Henley Professor of Economics at the University of California, Santa Barbara. He also holds the Richard P. Simmons Distinguished Professorship at the Tepper School of Business of Carnegie Mellon University, where he earned his PhD, and a part-time position at the Norwegian School of Economics (NHH). Kydland was a co-recipient of the 2004 Nobel Memorial Prize in Economics, with Edward C. Prescott, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."
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David Alan Tepper is an American billionaire hedge fund manager. He is the owner of the Carolina Panthers of the National Football League (NFL) and Charlotte FC in Major League Soccer (MLS). Tepper is the founder and president of Appaloosa Management, a global hedge fund based in Miami Beach, Florida.
Allan H. Meltzer was an American economist and Allan H. Meltzer Professor of Political Economy at Carnegie Mellon University's Tepper School of Business and Institute for Politics and Strategy in Pittsburgh, Pennsylvania. Meltzer specialized on studying monetary policy and the US Federal Reserve System, and authored several academic papers and books on the development and applications of monetary policy, and about the history of central banking in the US. Together with Karl Brunner, he created the Shadow Open Market Committee: a monetarist council that deeply criticized the Federal Open Market Committee.
The Shadow Open Market Committee (SOMC) is an independent group of economists, first organized in 1973 by Professors Karl Brunner, from the University of Rochester, and Allan Meltzer, from Carnegie Mellon University, to provide a monetarist alternative to the views on monetary policy and its inflation effects then prevailing at the Federal Reserve and within the economics profession.
The Carnegie School is a school of economic thought originally formed at the Graduate School of Industrial Administration (GSIA), the current Tepper School of Business, of Carnegie Institute of Technology, the current Carnegie Mellon University, especially during the 1950s to 1970s.
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.
The Tepper School of Business is the business school of Carnegie Mellon University. It is located in the university's 140-acre (0.57 km2) campus in Pittsburgh, Pennsylvania.
Kathleen M. Carley is an American computational social scientist specializing in dynamic network analysis. She is a professor in the School of Computer Science in the Carnegie Mellon Institute for Software Research at Carnegie Mellon University and also holds appointments in the Tepper School of Business, the Heinz College, the Department of Engineering and Public Policy, and the Department of Social and Decision Sciences.
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Marvin Seth Goodfriend was an American economist. He held the Allan H. Meltzer Professorship in economics at Carnegie Mellon University; he was previously the director of research at the Federal Reserve Bank of Richmond. Following his 2017 nomination to the Federal Reserve Board of Governors, the White House decided to forgo renominating Goodfriend at the beginning of the new term.
Dennis N. Epple is a US American economist and currently the Thomas Lord University Professor of Economics at Carnegie Mellon's Tepper School of Business. He belongs to the leading scholars in the fields of the economics of education, and urban and real estate economics.