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Macro MarketsCreating Institutions for Managing Society's Largest Economic Risks$
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Robert J. Shiller

Print publication date: 1998

Print ISBN-13: 9780198294184

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198294182.001.0001

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(p.1) 1 Introduction
Macro Markets

Robert J. Shiller (Contributor Webpage)

Oxford University Press

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

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