Should Central Banks Target CPI Futures?
AbstractThe author considers recent proposals that the government should attempt to stabilize the nominal value of a CPI futures contract. Under a variety of conditions, arbitrageurs will break the peg and bankrupt the central bank, the central bank ends up in a gaming problem with private traders, or the regime collapses into discretion. Copyright 1997 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 29 (1997)
Issue (Month): 3 (August)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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- Abraham Lioui & Patrice Poncet, 2001.
"Dynamic Asset Pricing With Non-Redundant Forwards,"
2001-10, Department of Economics, Bar-Ilan University.
- Colin Rogers & Thomas K. Rymes, 1998.
"Indirect Convertibility and Quasi-Futures Contracts: Two Non-Operational Schemes for Automatic Stabilisation of the Price Level?,"
School of Economics Working Papers
1998-17, University of Adelaide, School of Economics.
- Colin Rogers & Thomas K. Rymes, 2001. "Indirect Convertibility and Quasi-futures Contracts: Two Non-operational Schemes for Automatic Stabilisation of the Price Level," School of Economics Working Papers 2001-04, University of Adelaide, School of Economics.
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