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Macro markets : creating institutions for managing society's largest economic risks

Author: Robert J Shiller
Publisher: Oxford : Clarendon Press ; New York : Oxford University Press, 1993.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
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
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Document Type: Book
All Authors / Contributors: Robert J Shiller
ISBN: 0198287828 9780198287827
OCLC Number: 30113766
Notes: "Clarendon lectures in economics"--Jacket.
Description: xi, 254 pages : illustrations ; 23 cm
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.
Other Titles: Clarendon lectures in economics.
Responsibility: Robert J. Shiller.
More information:

Abstract:

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.

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