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|All Authors / Contributors:||
Robert J Shiller
|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.|
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.
- Stock exchanges.
- Riesgo (Economía)
- Mercado de capitales.
- Revenu national.
- Économie de marché.
- Gestion du risque.
- Coût et niveau de la vie.
- Marchés à terme d'instruments financiers.
- Institution (Soziologie)
- International finance