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, United States. The institution was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools. In 1912, it became the Carnegie Institu ...

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. The school offers degrees from the undergraduate through doctoral levels, in addition to ...

. 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 al ...

, 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 includ ...

. McCallum earned a

B.A. A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts degree ...

and a

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

(in chemical engineering) from

Rice University William Marsh Rice University, commonly referred to as Rice University, is a Private university, private research university in Houston, Houston, Texas, United States. Established in 1912, the university spans 300 acres. Rice University comp ...

. He then attended

Harvard Business School Harvard Business School (HBS) is the graduate school, graduate business school of Harvard University, a Private university, private Ivy League research university. Located in Allston, Massachusetts, HBS owns Harvard Business Publishing, which p ...

to earn his

M.B.A. A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular a ...

, before returning to Rice in order to obtain his

Ph.D. A Doctor of Philosophy (PhD, DPhil; or ) is a terminal degree that usually denotes the highest level of academic achievement in a given discipline and is awarded following a course of graduate study and original research. The name of the deg ...

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, United States. It was founded in 1819 by Thomas Jefferson and contains his The Lawn, Academical Village, a World H ...

(1974–1982). Among his doctoral students was

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

, who was president of the

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

from 2007 to 2023.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 2022 deaths 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 People from Atascosa County, Texas {{US-economist-stub

See also

References

External links