Should Central Banks Target CPI Futures?
The 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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Volume (Year): 29 (1997)
Issue (Month): 3 (August)
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