Can Monetary Stabilization Policy be Improved by CPI Futures Targeting?
分析Scott Sumner提出的央行通过CPI期货合约调整货币供给以提升政策精度和可信度的方案，指出公众缺乏投机激励和央行缺乏有效预算约束两大问题，认为该方案无效。
Scott Sumner (and similarly Kevin Dowd) proposes to have the central bank write futures contracts on the Consumer Price Index, and automatically adjust the money stock in response to the public's net position in such contracts, as a way of improving the precision and credibility of monetary policy. The authors identify two serious problems that can be expected to render Sumner's proposal ineffective: (1) the public has no incentive to take a speculative position in the contracts until it is too late to adjust the money stock and (2) the central bank lacks an effective budget constraint. Copyright 1997 by Ohio State University Press.