USLNG FUTURES INSTRUMENT PRICES TO TARGET NOMINAL INCOME

Scott Sumner

43 citations0/0 files storedBulletin of Economic Research

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Monetary Policy and Economic Impact Market Dynamics and Volatility Economic theories and models

Abstract

ABSTRACT Nominal GNP targeting offers the advantage of allowing monetary policymakers to offset velocity shocks and cushion the impact of autonomous price shocks. Instability associated with the recognition lag can be minimized by fixing a futures instrument price linked to nominal GNP. In fact, if financial markets arc efficient, then a policy of fixing futures instrument prices would seem preferable to a policy feedback mechanism for any economic aggregate target which involves a recognition lag. This conclusion is robust with respect to a wide range of macroeconomic models.

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1973Some International Evidence on Output-Inflation Tradeoffs.1987Returns to Individual Traders of Futures: Aggregate Results

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2013Robust Political Economy and the Lender of Last Resort 2010The Futility of Central Banking 2014Nominal GDP futures targeting 1995The Impact of Futures Price Targeting on the Precision and Credibility of Monetary Policy 1995Using monetary policy to target a nominal wage index 2010Has the Fed Been a Failure?2013A Market-Driven Nominal GDP Targeting Regime 1997Reply to Garrison and White

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