Macro Markets : Creating Institutions for Managing Society's Largest Economic Risks / Edition 198

Paperback (Print)
Used and New from Other Sellers
Used and New from Other Sellers
from $2.88
Usually ships in 1-2 business days
(Save 93%)
Other sellers (Paperback)
  • All (15) from $2.88   
  • New (7) from $35.06   
  • Used (8) from $2.88   


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.

Read More Show Less

Editorial Reviews

From the Publisher
"[A] terrific book....Fresh, provocative, well written, and well argued. [Recommended] not only to financial and macro-economists, but to the larger economic community interested in the character and costs of business cycles."—Journal of Economic Literature

"The book, unique in its approach...offers an unusual combination of passionate advocacy with precise theoretical reasoning....This excellent book does more than provide a good treatment of some self-contained and specialized questions. It is also likely to initiate a research program. For what Shiller has done is to imagine a sometimes surprising and unfamiliar world in which risk-hedging and risk-spreading markets, while not necessarily complete, are at least a great deal more complete than they are at present."—The Economic Journal

"A brilliant new book that I highly recommend."—Peter L. Bernstein, Journal of Portfolio Management

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

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."
Read More Show Less

Product Details

  • ISBN-13: 9780198294184
  • Publisher: Oxford University Press
  • Publication date: 6/25/1998
  • Series: Clarendon Lectures in Economics Series
  • Edition description: New Edition
  • Edition number: 198
  • Pages: 272
  • Sales rank: 1,097,043
  • Lexile: 1530L (what's this?)
  • Product dimensions: 8.30 (w) x 5.40 (h) x 0.50 (d)

Table of Contents

1. Introduction
2. Psychological Barriers
3. Mechanisms for Hedging Long Streams of Income
4. National Income and Labour Income Markets
5. Real Estate and Other Markets
6. The Construction of Index Numbers for Contract Settlement
7. Index Numbers: Issues and Alternatives
8. The Problem of Index Revisions
9. Making It Happen
Author Index
Subject Index

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)