Bennett Tarlton McCallum (July 27, 1935 - December 28, 2022) was an American monetary economist. He was H. J. Heinz Professor of Economics at

Carnegie Mellon University Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...

Tepper School of Business The Tepper School of Business is the business school of Carnegie Mellon University. It is located in the university's campus in Pittsburgh, Pennsylvania, US. The school offers degrees from the undergraduate through doctoral levels, in addition t ...

. He is known for the

McCallum Rule 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 ...

, a monetary policy proposal advocating targeting the growth rate of the

monetary base In economics, the monetary base (also base money, money base, high-powered money, reserve money, outside money, central bank money or, in the UK, narrow money) in a country is the total amount of money created by the central bank. This include ...

. McCallum earned a

B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years ...

and a

B.Sc. A Bachelor of Science (BS, BSc, SB, or ScB; from the Latin ') is a bachelor's degree awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Science was the University of ...

(in chemical engineering) from

Rice University William Marsh Rice University (Rice University) is a Private university, private research university in Houston, Houston, Texas. It is on a 300-acre campus near the Houston Museum District and adjacent to the Texas Medical Center. Rice is ranke ...

. He then attended

Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...

to earn his

M.B.A. A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...

, before returning to Rice in order to obtain his

Ph.D. A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is a ...

in economics. He became professor at Carnegie Mellon in 1981, after holding a professorship at the

University of Virginia The University of Virginia (UVA) is a Public university#United States, public research university in Charlottesville, Virginia. Founded in 1819 by Thomas Jefferson, the university is ranked among the top academic institutions in the United S ...

(1974–1982). Among his doctoral students was

Charles L. Evans Charles L. Evans (born January 15, 1958) was the ninth president and chief executive officer of the Federal Reserve Bank of Chicago from 2007 to 2023. In that capacity, he serves on the Federal Open Market Committee (FOMC), the Federal Reserve Sys ...

, the current president of the

Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve regional Reserve Banks that, along with the Federal Reserve Board of Governors, make up the United States' central bank. The Chicago Reserve Bank serves the Sevent ...

.Tepper School of Business: ''Doctoral Program Newsletter'', Issue 14, September 2007.

References

External links

Website at Carnegie Mellon
*https://www.nber.org/people/bennett_mccallum *https://www.c-span.org/person/?bennettmccallum * 1935 births Living people Monetary economists New classical economists Rice University alumni Harvard University alumni University of Virginia faculty Carnegie Mellon University faculty 20th-century American economists 21st-century American economists Fellows of the Econometric Society {{US-economist-stub

See also

References

External links