Derivative markets impact on colombian monetary policy

Borradores de Economia
Number: 
334
Published: 
Classification JEL: 
E22, E52
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Derivatives are contingent claims that complete financial markets. Their use allow agents and firms to ameliorate the impact over con-sumption, production and investment given a change in relative prices induced by an active monetary policy. In this sense