Bennett McCallum, RIP
I was saddened to learn of the death of Bennett McCallum, who was my favorite macroeconomist of the past 40 years. He profoundly influenced my views on a wide variety of issues, including the Quantity Theory of Money, cointegration, unit root models, real business cycle theories, wage and price stickiness, the fiscal theory of the price level, the indeterminacy problem, “moneyless” macro models and rational expectations. In each case, my views are quite close to those of McCallum.
Oddly, one of my few disagreements with McCallum was on the issue of NGDP targeting, which we both favored. But he favored growth rate targeting while I favor level targeting.
I only met McCallum on one occasion, but found him to have a very kind and generous personality.
If you are interested in a much more extensive discussion of how McCallum influenced my views, I recommend this appreciation that I wrote back in 2009.