Using Futures Instrument Prices to Target Nominal Income
AbstractNominal GDP targeting offers the advantage of allowing monetary policymakers to offset velocity shocks and cushion the impact of autonomous price shocks. Instability associated with the recognition lag can be minimized by fixing a futures instrument price linked to nominal GNP. In fact, if financial markets are efficient, then a policy of fixing futures instrument prices would seem preferable to a policy feedback mechanism for any economic aggregate target that involves a recognition lag. This conclusion is robust with respect to a wide range of macroeconomic models. Copyright 1989 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Wiley Blackwell in its journal Bulletin of Economic Research.
Volume (Year): 41 (1989)
Issue (Month): 2 (April)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0307-3378
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Dai, Meixing, 1998.
"Les effets stabilisants de la zone-cible du taux d’inflation
[The stabilising effects of inflation-targeting zone]," MPRA Paper 13856, University Library of Munich, Germany, revised Nov 2001.
- Ould Ahmed, Pepita & Marques-Pereira, Jaime & Le Maux, Laurent & Desmedt, Ludovic & Blanc, Jerome & Théret, Bruno, 2013. "Monetary plurality in economic theory," Economics Papers from University Paris Dauphine 123456789/11496, Paris Dauphine University.
- W. William Woolsey, 1992. "The Search for Macroeconomic Stability: Comment on Sumner," Cato Journal, Cato Journal, Cato Institute, vol. 12(2), pages 475-485, Fall.
- Scott Sumner, 1992. "Index Future Convertibility: Reply to Woolsey," Cato Journal, Cato Journal, Cato Institute, vol. 12(2), pages 487-492, Fall.
- Jackson, Aaron L., 2010. "Policy futures markets with multiple goals," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 45-54, March.
- Selgin, George & Lastrapes, William D. & White, Lawrence H., 2012. "Has the Fed been a failure?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 569-596.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.