Tag Archives: professor of economics

Another Yale Nobel: Robert Shiller

Robert J. Shiller, the Sterling Professor of Economics at Yale University, has been awarded a Nobel Prize in Economic Sciences. He shares the award — formally, the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — with Eugene F. Fama and Lars Peter Hansen from the University of Chicago. According to the Nobel committee, the three were honored “for their empirical analysis of asset prices.”

Shiller, whose name became a household word with the wide use of the Case-Shiller Home Price real estate Index, came to national prominence with the publication in 2000 of “Irrational Exuberance.” The book, which quickly became a bestseller, described speculative bubbles fueled by mass misinformation and herd instinct, and accurately predicted the dot.com implosion. As early as 2003, Shiller warned of the housing market collapse, and later wrote a precept for recovery, “Subprime Solution: How the Global Financial Crisis Happened and What to Do about It.” (more…)

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Shiller Paper Cited As One of the Century’s Top Economic Articles

An article written by Robert J. Shiller, the Arthur M. Okun Professor of Economics, was recently named one of the “top 20” articles in the 100-year history of the American Economic Review (AER), the premier journal in the field of economics.

“Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?” was published in the June 1981 edition of the AER and became a focal point of debate and research over the question of whether changes in stock market prices are driven by rational expectations — what’s called the efficient markets hypothesis — or by other forces. (more…)

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