Ponce, L. Arturo Bernal; Martínez, Francisco Venegas - In: Estudios Económicos 26 (2011) 2, pp. 187-216
This paper is aimed in analyzing the impact of the growing use of contingent claims in the objectives of monetary policy. To reach this end, a continuous time, stochastic model of macroeconomic equilibrium of a monetary economy where the agents are exposed to the risk market is developed. In the...