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Using Futures Instrument Prices to Target Nominal Income

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  • Sumner, Scott

Abstract

Nominal 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

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Bulletin of Economic Research.

Volume (Year): 41 (1989)
Issue (Month): 2 (April)
Pages: 157-62

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Handle: RePEc:bla:buecrs:v:41:y:1989:i:2:p:157-62

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0307-3378

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Cited by:
  1. 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.
  2. Scott Sumner, 1992. "Index Future Convertibility: Reply to Woolsey," Cato Journal, Cato Journal, Cato Institute, vol. 12(2), pages 487-492, Fall.
  3. Jackson, Aaron L., 2010. "Policy futures markets with multiple goals," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 45-54, March.
  4. 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.
  5. 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.
  6. 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.

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