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The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
The recent passing of renowned monetary economist Bennett McCallum was marked by a special conference held in October of 2023 titled “The Legacy of Bennett McCallum and Lessons for Monetary Policy Today.” Attended by academics, policymakers, and journalists, the event served as both a memorial to McCallum’s impactful career and an insightful discussion on applying his ideas to modern monetary policy.
The day began with a podcast interview remembering McCallum's contributions to the field, from his work on policy rules to independence. This set the stage for the first panel on rules for the post-pandemic era, with experts debating McCallum's support for nominal GDP targeting versus more traditional inflation targeting. Lively disagreements arose, reflecting McCallum's role in shaping ongoing debates.
The keynote address over lunch by Federal Reserve Governor Chris Waller linked McCallum’s work to the Fed’s response to recent crises. Waller argued the Fed’s actions have been consistent with McCallum’s research advocating policy rules and central bank independence.
Subsequent panels dug deeper into monetary policy tools and governance. Prominent economists and policymakers shared views on enhancing the Fed’s toolkit and reforming aspects of Fed governance while incorporating McCallum's belief in rules and transparency. The spirited exchange of ideas McCallum fostered throughout his career continued even in his absence.
The event provided a fitting tribute to the intellectual legacy of Bennett McCallum and his influence over generations of monetary economists. By exploring the application of his ideas to today's policy landscape, participants kept his meticulous, thoughtful approach alive while laying the groundwork for the future evolution of monetary policy. Though McCallum has passed, this conference demonstrated how his pioneering work will continue shaping economic thought and practice.
1:37 | Macro Musings Podcast: A Conversation on Bennett McCallum’s Life
- David Beckworth, Mercatus Center at George Mason University
- Edward Nelson, Board of Governors of the Federal Reserve System
49:20 | Monetary Policy Rules in a Post-Pandemic World
- Greg Ip (Moderator), Chief Economics Commentator, The Wall Street Journal
- Joshua Hendrickson, Chair of the Department of Economics, University of Mississippi (slide deck)
- Robert Hetzel, Visiting Scholar, Federal Reserve Bank of Chicago (slide deck)
- Athanasios Orphanides, Professor of the Practice of Global Economics and Management, MIT Sloan School of Management (slide deck)
2:04:44 | NGDP Targeting: A Framework for the 21st Century?
- Jeanna Smialek (Moderator), Reporter, The New York Times
- James Bullard, Dean of Purdue University’s Daniels School of Business and former Chief Executive Officer and President, Federal Reserve Bank of St. Louis (slide deck)
- Carola Binder, Associate Professor of Economics, Haverford College (slide deck)
3:18:43 | Lunch & Keynote Address: The Evolution of Monetary Policy
- Chris Waller, Governor, Board of Governors of the Federal Reserve System
3:43:12 | The Fed’s Toolkit: Tuning Up the Fed’s Monetary Policy Instruments
- Victoria Guida (Moderator), Economics Reporter, Politico
- Peter Ireland, Murray and Monti Professor, Department of Economics, Boston College (slide deck)
- Eric Leeper, Paul Goodloe McIntire Professor in Economics, University of Virginia (slide deck)
- Peter Stella, Former Chief of the International Monetary Fund Central Banking Division (slide deck)
4:58:02 | What is the Future of Federal Reserve Governance?
- Craig Torres (Moderator), Reporter, Bloomberg
- Thomas Hoenig, Distinguished Senior Fellow, Mercatus Center at George Mason University
- Jeffrey Lacker, Former President and CEO of the Federal Reserve Bank of Richmond
- Esther George, Former President and CEO of the Federal Reserve Bank of Kansas City