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Should Central Banks Target CPI Futures?

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  • Cowen, Tyler

Abstract

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.

Suggested Citation

  • Cowen, Tyler, 1997. "Should Central Banks Target CPI Futures?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(3), pages 275-285, August.
    • Handle: RePEc:mcb:jmoncb:v:29:y:1997:i:3:p:275-85
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    Cited by:

    1. 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.
    2. Dupor, Bill, 2003. "Optimal random monetary policy with nominal rigidity," Journal of Economic Theory, Elsevier, vol. 112(1), pages 66-78, September.
    3. 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 and Public Policy Working Papers 1998-17, University of Adelaide, School of Economics and Public Policy.

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