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Policy futures markets with multiple goals |
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| Authors: | Aaron L. Jackson |
| Affiliation: | 1. Harvard University, Cambridge, MA 02138, USA;2. The American Enterprise Institute, Washington, DC, USA;3. Ministry of Economy Trade and Industry, Tokyo, Japan and RIETI;1. Research Hub, Bank of England, Threadneedle Street, London EC2R 8AH, United Kingdom;2. Department of Economics and Finance, City University of Hong Kong, Tat Chee Avenue, Kowloon, Hong Kong;1. Inter-American Development Bank, USA;2. Universidad Torcuato Di Tella, Argentina;3. Federal Reserve Bank of Minneapolis, USA |
| Abstract: | Previous work in monetary policy futures markets under a single policy goal have shown this approach to be effective at eliminating the circularity problem inherent with private-sector targeting strategies. We extend this monetary policy setting framework to a typical multiple goal policy objective: inflation and output stabilization. We also demonstrate how the prices in policy futures markets can help resolve debates over important policy questions. |
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