Macro Markets

Robert Shiller has created a proposals for establishing new markets for the management of the biggest economic risks faced by governments. He argues that we have largely the wrong financial markets and that establishing new ones may fundamentally alter and diminish international economic fluctuations and reduce the inequality of incomes.

The book is 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.

[This] book, unique in its approach...offers an unusual combination of passionate advocacy with precise theoretical reasoning...this book will focus the attention of economists on the idea of constructing risk markets and probably recruit not a few to Schiller's active programme of market creation.