The Impact of Futures Price Targeting on the Precision and Credibility of Monetary Policy
This paper analyzes the hypothesis that the targeting of macroeconomic aggregates can be done more effectively by pegging the price of a futures contract linked to future announcements of the policy target. Where there is an information lag, futures price targeting may be more efficient than a contingent money supply rule. A policy of futures price targeting would be less likely to suffer from the time inconsistency problem. The use of futures price targeting would also appear to be superior to policies based on intermediate targeting as well as most types of discretion. Copyright 1995 by Ohio State University Press.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 27 (1995)
Issue (Month): 1 (February)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|