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

Front Cover
OUP Oxford, Mar 12, 1998 - Business & Economics - 254 pages
0 Reviews
Macro Markets puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing society. Our existing financial markets are seen as being inadequate in dealing with such risks and Professor Shiller suggests major new markets as solutions to the problem. Shiller argues that although some risks, such as natural disaster or temporary unemployment, are shared by society, most risks are borne by the individual and standards of living determined by luck. He investigates whether a new technology of markets could make risk-sharing possible, and shows how new contracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property. Establishing such unprecedented new markets presents some important technical problems which Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cash settlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world.

What people are saying - Write a review

We haven't found any reviews in the usual places.

Related books

Other editions - View all

References to this book

All Book Search results »

References from web pages

Oxford Scholarship Online: Macro Markets
Oxford Scholarship Online - a cross-searchable library containing the full text of over 1350 Oxford books
www.oxfordscholarship.com/ oso/ public/ content/ economicsfinance/ 9780198294184/ toc.html

JSTOR: Macro Markets: Creating Institutions for Managing Society's ...
Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks. N. Gregory Mankiw. Economica, New Series, Vol. 62, No. 246, 270-272. ...
links.jstor.org/ sici?sici=0013-0427(199505)2%3A62%3A246%3C270%3AMMCIFM%3E2.0.CO%3B2-2

Macro Markets
Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks. Robert J. Shiller Oxford University Press, 1993 ...
cowles.econ.yale.edu/ books/ shiller/ rjs_macro.htm

SSRN-Macro Markets and Financial Security by Stefano Athanasoulis ...
SSRN-Macro Markets and Financial Security by Stefano Athanasoulis, Robert Shiller, Eric van Wincoop
search.ssrn.com/ sol3/ papers.cfm?abstract_id=1004360

Oxford Scholarship Online: Macro Markets
OXFORD Scholarship Online OXFORD Scholarship Online Skip to main content. View Titles · View titles listed by Subject · View titles listed by Author ...
oup-stage.prov.ingenta.com/ oso/ public/ content/ economicsfinance/ 9780198294184/ toc.html

Macro Markets - Wikipedia, the free encyclopedia
The introduction to this article provides insufficient context for those unfamiliar with the subject. Please help improve the article with a good ...
en.wikipedia.org/ wiki/ Macro_Markets

Macro markets and financial security
Downloadable ! Author(s): Stefano Athanasoulis & Robert Shiller & Eric van Wincoop. 1999 Abstract: Uncertainty about national income growth poses ...
ideas.repec.org/ a/ fip/ fednep/ y1999iaprp21-39nv.5no.1.html

citeulike: Macro Markets
Macro Markets, pp. i-254. by Shiller, J Robert · 1. Introduction. Macro Markets, pp. 1-17. by Shiller, J Robert · 2. Psychological Barriers ...
www.citeulike.org/ journal/ oso-373438

Welcome to macromarkets
1 YEAR. Correlation, Return, Volatility, Sharpe*. S&P/CSI, 1.00, -19.33%, 0.80%, -1.13. Bonds, -0.75, 12.27%, 1.23%, 3.18. Commodities, -0.90, 41.41%, 3.42% ...
www.macromarkets.com/ csi_housing/ MSA/ miami.asp

ingentaconnect Macro markets - Robert J. Shiller. New York, NY ...
Macro markets - Robert J. Shiller. New York, NY: Oxford University Press, 1993. 254 pp. $29.95. ISBN 0-19-828782-8. Source: Journal of Macroeconomics, ...
www.ingentaconnect.com/ content/ els/ 01640704/ 1995/ 00000017/ 00000001/ art80018;jsessionid=39bc96w0j4kfc.alexandra?forma...

About the author (1998)

Robert J. Shiller is Stanley B. Resor Professor of Economics.

Bibliographic information