Bennett McCallum

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Bennett Tarlton McCallum (born July 27, 1935 in Poteet , Texas ) is an American economist and university professor.

Career, research and teaching

McCallum initially studied at Rice University . In 1957 he graduated there as a Bachelor of Arts in economics, the following year he left the university with the academic title of a Bachelor of Sciences in chemical engineering . He then continued his economics studies at Harvard Business School , where he obtained a Master of Business Administration in 1963 . He returned to Rice University, where he received his Ph.D. Degree.

McCallum began teaching while he was still a Ph.D. Between 1965 and 1996 first as a lecturer at the University of Sussex , from 1967 as an assistant professor at the University of Virginia . There he rose to associate professor in 1970 , and in 1974 he was appointed full professor. After he had previously worked as a visiting professor at Carnegie Mellon University , he followed a call from the university in 1981. At the university he was appointed to the HJ Heinz Chair for Economics in 1986 .

McCallum's work focuses on monetary theory and politics . Using statistical and econometric methods, he tries in particular to describe the actual effects of monetary policy as well as the macroeconomic effects of alternative international money agreements. With the McCallum rule named after him, he developed an alternative to the Taylor rule , with which a central bank is given an action mechanism for monetary policy. At McCallum, the monetary base is the central parameter.

McCallum is a Fellow of the Econometric Society . He works as a consultant for the Federal Reserve Bank of Richmond .

literature

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