The World Accroding to Robert Merton

Doug Henwood dhenwood at
Thu Jul 9 10:18:48 PDT 1998

Jordan Hayes wrote:

>You seem to have conflated the two
>in your choice of quotations from the article; modelling of
>interest rate or currency risk for use _as a hedging tool_ *is*
>much more accurate and successful today than methods used in
>the past.

So what? What has the payoff been, and to whom, for such progress?


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