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McCallum rule : ウィキペディア英語版
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 alternative to the well known Taylor rule and performs better during crisis periods.
==Rule==
The rule gives a target for the monetary base in the next quarter (about 13 weeks). The target is:
: m_ = m_t - \overline _ + 1.5 \left( + _D + \overline \right) - 0.5 _ \,,
where
:m_t\, is the natural logarithm of M0 at time ''t'' (in quarters);
:\overline _\, is the average quarterly increase of the velocity of M0 over a four-year period from ''t''-16 to ''t'';
:_D\, is desired rate of inflation, i.e. the desired quarterly increase in the natural logarithm of the price level;
:\overline \, is the long-run average quarterly increase of the natural logarithm of the real GDP; and
:_\, is the quarterly increase of the natural logarithm of the nominal GDP from ''t''-1 to ''t''.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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