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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics) - Hardcover
Synopsis
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.
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About the Author
Robert Shiller is Stanley B. Resor Professor of Economics at Yale University.
Review
"[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
"About this title" may belong to another edition of this title.
- PublisherOxford University Press
- Publication date1994
- ISBN 10 0198287828
- ISBN 13 9780198287827
- BindingHardcover
- LanguageEnglish
- Edition number1
- Number of pages268
- Rating
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks
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Condition: Good. This is an ex-library book and may have the usual library/used-book markings inside.This book has hardback covers. In good all round condition. No dust jacket. Library sticker on front cover. Please note the Image in this listing is a stock photo and may not match the covers of the actual item,550grams, ISBN:0198287828. Seller Inventory # 5572727
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Macro markets : creating institutions for managing society's largest economic risks / Robert J. Shiller
Published by
Oxford : Clarendon, 1993
ISBN 10: 0198287828
ISBN 13: 9780198287827
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Hardcover
First Edition
Seller: MW Books, New York, NY, U.S.A.
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1st edition. Fine cloth copy in a very good, slightly edge-nicked and dust-dulled dust-wrapper, now mylar-sleeved. Remains particularly well-preserved overall; tight, bright, clean and strong. Physical description; 254 pp. Contents; Preface; Acknowledgements; Contents; 1 Introduction; The ideal: A world market for major income risks; Hedging income risk in today's markets; Markets as inventions; Markets as accidents of history; 2 Psychological Barriers; Research on psychology and risk perceptions; Lack of information and ambiguity; Demand for insurance by firms; Social-psychological factors; Gambling behavior; Speculative behavior; Promoting proper public use of macro markets; Psychological barriers: summing up; 3 Mechanisms for Hedging Long Streams of Income; Settlement based on cash-market asset price. Settlement based on measures of income rather than priceExchange-guaranteed securities markets for perpetual claims on indices; Perpetual futures; Rational speculative bubbles; Appendix to Chapter 3: Futures markets; 4 National Income and Labor Income Markets; Market structure and associated institutions; Problems enforcing payments of losses; Other users of aggregate income markets; Markets in actual or full-employment income?; Measurement issues; Measuring uncertainty about present values of incomes; Results with individual countries; World market return and betas; Cross hedging. Interpretation of resultsAppendix to Chapter 4: Econometric methods; 5 Real Estate and Other Markets; Real estate; Markets in residential real estate and urban land; Effects of hedging markets on cash market inefficiency; Commercial real estate; Land containing natural resources; Unincorporated businesses and privately held corporations; Consumer and producer price-index futures; Aggregate price-level risk; Components of consumer or producer price indices; Agriculture; The use of agricultural futures by farmers; Intermediaries; Difficulties measuring the cost of hedging. Inadequacy of short-term hedging to manage farmers' risk wellCreating long-term hedging markets in agriculture; Art and collectibles; Systematic approaches to finding other markets; 6 The Construction of Index Numbers for Contract Settlement; Analogies to other indices used to settle contracts; Extending chain indices to infrequently traded assets '; Basics of hedonic indices; Problems in measuring quality; Repeated measures and hedonics; Simplifying regression forms; Ordinary repeated-measures indices; Hedonic repeated-measures index; Arithmetic repeated-measures indices. 7 Index Numbers: Issues and Alternatives. Expected incidence of repeated measures: standard errors; Binomial model; Equal-representation model; Restrictions on coefficients of subject dummies and hedonic variables; Smoothing and improving indices: Bayesian methods; Choice of hedonic variables; Hedonic variables related to improvements; Hedonic variables related to depreciation; Market conditions as hedonic variables; Other models; Factor-analytic models: interaction effects; Selection bias corrections; Interpretation; 8 The Problem of Index Revisions. Variance components in regression-per-period hedonics. Subjects; Macroeconomics. Income distribution. Financial institutions. Markets. Risk. Insurance. 1 Kg. Seller Inventory # 386706
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Macro markets : creating institutions for managing society's largest economic risks / Robert J. Shiller
Published by
Oxford : Clarendon, 1993
ISBN 10: 0198287828
ISBN 13: 9780198287827
Used
Hardcover
First Edition
Seller: MW Books Ltd., Galway, Ireland
Seller rating 5 out of 5 stars
1st edition. Fine cloth copy in a very good, slightly edge-nicked and dust-dulled dust-wrapper, now mylar-sleeved. Remains particularly well-preserved overall; tight, bright, clean and strong. Physical description; 254 pp. Contents; Preface; Acknowledgements; Contents; 1 Introduction; The ideal: A world market for major income risks; Hedging income risk in today's markets; Markets as inventions; Markets as accidents of history; 2 Psychological Barriers; Research on psychology and risk perceptions; Lack of information and ambiguity; Demand for insurance by firms; Social-psychological factors; Gambling behavior; Speculative behavior; Promoting proper public use of macro markets; Psychological barriers: summing up; 3 Mechanisms for Hedging Long Streams of Income; Settlement based on cash-market asset price. Settlement based on measures of income rather than priceExchange-guaranteed securities markets for perpetual claims on indices; Perpetual futures; Rational speculative bubbles; Appendix to Chapter 3: Futures markets; 4 National Income and Labor Income Markets; Market structure and associated institutions; Problems enforcing payments of losses; Other users of aggregate income markets; Markets in actual or full-employment income?; Measurement issues; Measuring uncertainty about present values of incomes; Results with individual countries; World market return and betas; Cross hedging. Interpretation of resultsAppendix to Chapter 4: Econometric methods; 5 Real Estate and Other Markets; Real estate; Markets in residential real estate and urban land; Effects of hedging markets on cash market inefficiency; Commercial real estate; Land containing natural resources; Unincorporated businesses and privately held corporations; Consumer and producer price-index futures; Aggregate price-level risk; Components of consumer or producer price indices; Agriculture; The use of agricultural futures by farmers; Intermediaries; Difficulties measuring the cost of hedging. Inadequacy of short-term hedging to manage farmers' risk wellCreating long-term hedging markets in agriculture; Art and collectibles; Systematic approaches to finding other markets; 6 The Construction of Index Numbers for Contract Settlement; Analogies to other indices used to settle contracts; Extending chain indices to infrequently traded assets '; Basics of hedonic indices; Problems in measuring quality; Repeated measures and hedonics; Simplifying regression forms; Ordinary repeated-measures indices; Hedonic repeated-measures index; Arithmetic repeated-measures indices. 7 Index Numbers: Issues and Alternatives. Expected incidence of repeated measures: standard errors; Binomial model; Equal-representation model; Restrictions on coefficients of subject dummies and hedonic variables; Smoothing and improving indices: Bayesian methods; Choice of hedonic variables; Hedonic variables related to improvements; Hedonic variables related to depreciation; Market conditions as hedonic variables; Other models; Factor-analytic models: interaction effects; Selection bias corrections; Interpretation; 8 The Problem of Index Revisions. Variance components in regression-per-period hedonics. Subjects; Macroeconomics. Income distribution. Financial institutions. Markets. Risk. Insurance. 1 Kg. Seller Inventory # 386706
Quantity: 1 available
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics)
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Oxford University Press (edition 1st US Edition), 1994
ISBN 10: 0198287828
ISBN 13: 9780198287827
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics)
Published by
Oxford University Press, 1994
ISBN 10: 0198287828
ISBN 13: 9780198287827
Used
Hardcover
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks
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Fairlawn, New Jersey, U.S.A.: Clarendon Pr, 1993
ISBN 10: 0198287828
ISBN 13: 9780198287827
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics)
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics)
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