Robert Shiller

Sterling Professor of Economics, Yale University

Professor Robert Shiller

Robert J. Shiller is Sterling Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management. He received his B.A. from the University of Michigan in 1967 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1972. He has written on financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods, and on public attitudes, opinions, and moral judgments regarding markets.

His 1989 book Market Volatility (MIT Press) is a mathematical and behavioral analysis of price fluctuations in speculative markets. His 1993 book Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Oxford University Press) (available via subscribing libraries on Oxford Online) proposes a variety of new risk-management contracts, such as futures contracts in national incomes or securities based on real estate that would permit the management of risks to standards of living. His book Irrational Exuberance (Princeton 2000, Broadway Books, 2001; 2nd edition Princeton, 2005; 3rd edition Princeton 2015) is an analysis and explication of speculative bubbles, with special reference to the stock market and real estate. His book The New Financial Order: Risk in the 21st Century (Princeton University Press, 2003) is an analysis of an expanding role of finance, insurance, and public finance in our future. His book Subprime Solution: How the Global Financial Crisis Happened and What to Do about It, published in September 2008 by Princeton University Press, offers an analysis of the housing and economic crisis and a plan of action against it. He co-authored, with George A. Akerlof, Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism published in March 2009 by Princeton University Press. His book, Finance and the Good Society, was published in April 2012 by Princeton University Press. He wrote a second book with George Akerlof, Phishing for Phools: The Economics of Manipulation and Deception, which was published in 2015 by Princeton University Press.

He has been research associate, National Bureau of Economic Research since 1980, and wasco-organizer of NBER workshops: on behavioral finance with Richard Thaler since 1991-2015, and on macroeconomics and individual decision making (behavioral macroeconomics) with George Akerlof 1994-2007.

He was awarded the Nobel Prize in Economic Sciences jointly with Eugene Fama and Lars Peter Hansen in 2013.

He served as Vice President of the American Economic Association, 2005 and President of the Eastern Economic Association, 2006-07, and President of the American Economic Association for 2016.

He was co-founder of the firm Case Shiller Weiss, Inc. in 1991 with Prof. Karl Case of Wellesley Collge and Allan N. Weiss, a former student of his at Yale School of Management. The firm was sold to Corelogic, Inc. after 2002. This firm produced the Case-Shiller Home Price Indices that have traded on the Chicago Mercantile Exchange and are now published by Standard & Poor’s. He was also cofounder of the firm MacroMarkets LLC in 2002 which launched “Macroshares” representing oil and home prices, which were traded on the American Stock Exchange and the New York Stock Exchange. Since 2012 he has collaborated with Barclays Bank PLC on an array of financial indices and products.

He has been writing a regular column "Finance in the 21st Century" for Project Syndicate, which publishes around the world, since 2003 and "Economic View" for the New York Times since 2007.

Education

  • Phd, Massachusetts Institute of Technology, 1972
  • SM, Massachusetts Institute of Technology, 1968
  • BA, University of Michigan, 1967

Courses

Behavioral and Institutional Economics
MGT 565

Publications

Selected Books

Selected Articles

R. Shiller and V. Shiller
American Economic Review
2011
R. J. Shiller
The Journal of Economic Education
2010
M. J. Kamstra and R. J. Shiller
The Economists Voice
2010
Property derivatives for managing european real-estate risk
F. J. Fabozzi, R. J. Shiller and R. S. Tunaru
European Financial Management
2010
F. J. Fabozzi, R. J. Shiller and R. S. Tunaru
The Journal of Portfolio Management
2009

Selected Working Papers

R. J. Shiller, R. M. Wojakowski, M. Shahid Ebrahim, and M. B. Shackleton
2011
R. J. Shiller, J. Y. Campbell, and L. M. Viceira
2009

Achievements

Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
2013
Professional Scholarly Publishing Prose Award for Finance and the Good Society
William F. Butler Award
New York Association for Business Economics
2012
Chicago Mercantile Exchange Group-Mathematical Sciences Research Institute Prize in Innovative Quantitative Applications
2012
Paul A. Samuelson Award for Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Oxford University Press), 1996, and for Animal Spirits, 2009
James Vertin Award from the CFA Institute (Chartered Financial Analysts) presented by Charlie Ellis, New Haven
June 11, 2009
Research Associate
National Bureau of Economic Research
Fellow
American Academy of Arts and Sciences
Fellow
Econometric Society
Member
American Philosophical Society
Recipient
Guggenheim Fellowship