Macro Markets:

Macro Markets:

by Robert J. Shiller
     
 


Arguing that we have largely inadequate financial markets, dealing with relatively small risks, Robert Shiller makes a unique set of proposals for marketizing the biggest economic risks faced by society today, risks that really matter to most people. The new markets could diminish the impact of international economic fluctuations and reduce the inequality of… See more details below

Overview


Arguing that we have largely inadequate financial markets, dealing with relatively small risks, Robert Shiller makes a unique set of proposals for marketizing the biggest economic risks faced by society today, risks that really matter to most people. The new markets could diminish the impact of international economic fluctuations and reduce the inequality of wealth. He proposes new international markets for claims on national incomes, on components and aggregates of national incomes, and for property such as real estate, and argues that these markets might dwarf our stock markets in their activity and significance. He challenges the widespread presumption that any such new market would be infeasible, by offering solutions to technical problems of measurement and settlement. There are proposals for implementing markets in perpetual claims and a substantial section on the construction of index numbers for use in settlement in the new markets.

Editorial Reviews

Literature Journal of Economic
"Fresh, provocative, well written, and well argued. I recommend it not only to financial and macroeconomists, but to the larger economic community interested in thecharacter and costs of business cycles."

Product Details

ISBN-13:
9780198287827
Publisher:
Oxford University Press, USA
Publication date:
06/02/1994
Series:
Clarendon Lectures in Economics Series
Pages:
272
Product dimensions:
5.75(w) x 9.00(h) x 0.85(d)

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