The Impact of Futures Price Targeting on the Precision and Credibility of Monetary Policy
分析通过挂钩未来政策公告的期货合约价格来设定宏观经济目标，相比货币供给规则和相机抉择，能提高政策效率、减少时间不一致问题。
This paper analyzes the hypothesis that the targeting of macroeconomic aggregates can be done more effectively by pegging the price of a futures contract linked to future announcements of the policy target. Where there is an information lag, futures price targeting may be more efficient than a contingent money supply rule. A policy of futures price targeting would be less likely to suffer from the time inconsistency problem. The use of futures price targeting would also appear to be superior to policies based on intermediate targeting as well as most types of discretion. Copyright 1995 by Ohio State University Press.