Research Catalog

Title

Macro markets : creating institutions for managing society's largest economic risks / Robert J. Shiller.

Author

Shiller, Robert J.

Publication

Oxford : Clarendon Press ; New York : Oxford University Press, 1993.

Supplementary Content

Publisher description

Items in the Library & Off-site

Holdings

Details

Description

xi, 254 pages : illustrations; 23 cm

Summary

• In this original book, Professor Shiller has created a unique and authoritative set of proposals for establishing new markets for the management of the biggest economic risks facing society. Our existing financial markets, he argues, are inadequate to deal with such risks and major new markets should be set up. He proposes a class of new international markets, macro markets, markets for claims on aggregate income and service flows.
• Our stock markets are markets for claims on corporate dividends, and yet the latter are only a few per cent of national incomes: only 3 per cent in the United States. He argues that markets should be set up for claims on the other 97 per cent. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes. Other proposals are for new international markets for property and other currently difficult-to-trade assets.
• Such new markets could dwarf our stock markets in their activity and significance.
• Establishing such unprecedented new markets presents some important technical problems, which Shiller attempts to solve. He has proposals for implementing index futures markets in perpetual claims on incomes and services. There is also a substantial section on the construction of index numbers for use in settlement in the macro markets. Such new markets could fundamentally alter and diminish macroeconomic fluctuations, and reduce the inequality of incomes around the world.

Alternative Title

Clarendon lectures in economics.

Subject

• Stock exchanges
• Risk
• Markets
• Riesgo (Economía)
• Mercado de capitales
• Risicoanalyse
• Instituties
• International finance

Note

• "Clarendon lectures in economics"--Jacket.

Bibliography (note)

• Includes bibliographical references (p. 228-240) and indexes.

Contents

Psychological barriers -- Mechanisms for hedging long streams of income -- National income and labor income markets -- Real estate and other markets -- The construction of index numbers for contract settlement -- Index numbers: issues and alternatives -- The problem of index revisions -- Making it happen.

ISBN

• 0198287828
• 9780198287827

LCCN

94180916

OCLC

• ocm30113766
• 30113766

Owning Institutions

Columbia University Libraries