I used to be saddened to study of the dying of Bennett McCallum, who was my favourite macroeconomist of the previous 40 years. He profoundly influenced my views on all kinds of points, together with the Amount Principle of Cash, cointegration, unit root fashions, actual enterprise cycle theories, wage and worth stickiness, the fiscal principle of the worth stage, the indeterminacy downside, “moneyless” macro fashions and rational expectations. In every case, my views are fairly near these of McCallum.

Oddly, one in all my few disagreements with McCallum was on the problem of NGDP focusing on, which we each favored. However he favored progress price focusing on whereas I favor stage focusing on.

I solely met McCallum on one event, however discovered him to have a really type and beneficiant persona.

In case you are inquisitive about a way more intensive dialogue of how McCallum influenced my views, I like to recommend this appreciation that I wrote again in 2009.

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