美联储-Kalshi与宏观市场的崛起-2026.pdfVIP

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KalshiandtheRiseofMacroMarkets

AnthonyM.Diercks∗JaredDeanKatz†

FederalReserveBoardNorthwesternUniversity

JonathanH.Wright‡

JohnsHopkinsUniversityandNationalBureauofEconomicResearch

February12,2026

Abstract

Predictionmarketsofferanewmarket-basedapproachtomeasuringmacroeconomic

expectationsinreal-time.Weevaluatetheaccuracyofpredictionmarket-impliedfore-

castsfromKalshi,thelargestfederallyregulatedpredictionmarketoverseenbythe

CFTC.WecompareKalshiwithmoretraditionalsurveyandmarket-impliedfore-

casts,examinehowexpectationsrespondtomacroeconomicandfinancialnews,and

howpolicysignalsareinterpretedbymarketparticipants.Ourresultssuggestthat

Kalshimarketsprovideahigh-frequency,continuouslyupdated,distributionallyrich

benchmarkthatisvaluabletobothresearchersandpo

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