商品簡介
Oldani (U. of Viterbo "Las Tuscia," Italy) analyzes the macroeconomics of financial derivatives at the global level and discusses their implications. After summarizing the operational aspects of derivatives, he considers the impact of derivatives on monetary policy, discussing how derivatives dilute the response of banks' lending rates to monetary actions but also suggesting that liquid and other relevant derivatives can be employed in the monetary rule to address market instability explicitly and can also be taken into consideration in the traditional demand for money equation to gauge financial market contributions to demand. He then addresses effects on fiscal policy, examining how derivatives can be used as tools of public debt management as long as the problems of moral hazard and free riding are addressed directly. Finally, he investigates the impact of derivatives on linkages of the investment decision and the rate of profit that characterizes an economy and the effects on income distributions, via the effects on prices. Annotation c2009 Book News, Inc., Portland, OR (booknews.com)
作者簡介
Chiara Oldani is Lecturer of Economics, Faculty of Political Science, University of Viterbo 'La Tuscia', Italy.
