Robert J. Shiller

in Macro Markets

Published in print March 1998 | ISBN: 9780198294184
Published online November 2003 | e-ISBN: 9780191596926 | DOI:

Series: Clarendon Lectures in Economics


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In proposing macro markets, this book describes a substantial array of new markets, and attempts to indicate ways around some of the major barriers to the establishment and success of these markets. These important barriers to the establishment of macro markets—perpetual claims, perpetual futures, options, swaps, and analogous markets—are the subject of most of the book. This introduction aims to give an idea of where the book is heading, what kinds of markets might be established, and a broad sense of whether such markets are in the realm of possibility. The different sections of the chapter are: The ideal: A world market for major income risks; Hedging income risk in today's markets; Markets as inventions; and Markets as accidents of history.

Keywords: barriers to the establishment of macro markets; establishment of macro markets; futures markets; Hedging; Hedging income risk; history of markets; income risk; macro markets; major income risks; Markets as inventions; new markets; options; perpetual claims; perpetual futures; swaps; world market

Chapter.  6330 words. 

Subjects: Macroeconomics and Monetary Economics

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