What does Merton's research on systemic risks involve?
Microfinance
Macrofinance
Health economics
Urban economics
Answer
Macrofinance, as studied by Merton, examines the interplay between financial markets and the broader economy. It analyzes how systemic risks, such as market crashes and financial crises, can emerge from the interconnectedness of financial institutions and the economy. Merton's research in this field has contributed to understanding the dynamics of financial markets and the potential for systemic disruptions.
Mastering Merton: A Deep Dive into the Legacy of Robert C. Merton
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