I consider recent proposals that the government should attempt to stabilize the nomi- nal value of a CPI futures contract. Under a valiety 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
CITATION STYLE
Cowen, T. (1997). Should Central Banks Target CPI Futures? Journal of Money, Credit and Banking, 29(3), 275. https://doi.org/10.2307/2953693
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