Futures Markets and the Fluctuations in Inflation, Monetary Growth, and Asset Returns
AbstractInflation and nominal interest rates have been volatile in recent years. Futures contracts in price indices would help in this environment by enhancing information about prices and by providing a convenient means for people to hedge against inflation. There is some evidence that the availability of these instruments would encourage investment and reduce the mean real rate of return on long-term bonds. Indexed bonds--which are now significant in Britain--serve a similar purpose. IN the absence of such bonds, there would be a market for price-index futures, although the volume of trading would probably be modest.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Business.
Volume (Year): 59 (1986)
Issue (Month): 2 (April)
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Web page: http://www.journals.uchicago.edu/JB/
Other versions of this item:
- Barro, Robert J., 1986. "Futures Markets and the Fluctuations in Inflation, Monetary Growth, and Asset Returns," Scholarly Articles 3475682, Harvard University Department of Economics.
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- Jayendu Patel & Richard J. Zeckhauser, 1987. "Treasury Bill Futures as Hedges Against Inflation Risk," NBER Working Papers 2322, National Bureau of Economic Research, Inc.
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