A Proposal to End Inflation
Abstract
This paper suggests how the price level could be stabilized by the Bank of England adopting a rule to peg the price of a new financial instrument. This new instrument would be similar but not identical to a price-index futures contract. The paper explains how the scheme would work, assesses potential objections, and discusses how the Bank of England could enhance the credibility of its commitment to the rule. It also compares the scheme with the alternatives of targeting the monetary growth rate or targeting the price level. Copyright 1994 by Royal Economic Society.Download Info
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Bibliographic Info
Article provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 104 (1994)
Issue (Month): 425 (July)
Pages: 828-40
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Web page: http://www.res.org.uk/
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Web: http://www.blackwellpublishers.co.uk/asp/journal.asp?ref=0013-0133
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Lioui, Abraham & Poncet, Patrice, 2003.
"Dynamic asset pricing with non-redundant forwards,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 27(7), pages 1163-1180, May.
- Abraham Lioui & Patrice Poncet, 2001. "Dynamic Asset Pricing With Non-Redundant Forwards," Working Papers 2001-10, Department of Economics, Bar-Ilan University.
- 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. - Jackson, Aaron L., 2010. "Policy futures markets with multiple goals," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 45-54, March.
- Suh, Sangwon & Zapatero, Fernando, 2008. "A class of quadratic options for exchange rate stabilization," Journal of Economic Dynamics and Control, Elsevier, vol. 32(11), pages 3478-3501, November.
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