Bennett T. McCallum

McCallum's a top-shelf macroeconomist, but something about this book always put me off. I'm not sure what it is, maybe that it seems unfocused. It's sort of like, "Here's something from Macro...here's something else, chosen at random...here's this other thing..."

The author is also the victim of bad luck as the book hit print in 1989, the year Kiyotaki and Wright published their first paper and started the search-theoretic revolution. Immediately, all extant monetary theory texts became obsolete. It is not that the search approach is the only useful approach for monetary modelling, but it must of course be mentioned as one of the top approaches, at the very least. Any text that doesn't mention it now seems like a relic from an earlier age.… (mehr)