Robert Shiller

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Robert J. Shiller
RobertShiller.jpeg
Born March 26, 1946
Detroit, Michigan
Nationality American
Alma mater MIT
Occupation Academic
Known for Case-Shiller Index
Notable work Irrational Exuberance
Awards Nobel Memorial Prize in Economics (2013)
Website Home Page

Robert Shiller is the Stanley B. Resor 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.

Shiller 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) proposes a variety of new risk-management contracts, such as futures contracts in national incomes or in 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, and in 15 foreign language editions) 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, 2004, and in 8 foreign language editions) is an analysis of an expanding role of finance, insurance, and public finance in our future.[1]

Papers

Shiller is the author/co-author of the following most cited papers, ranked from most to least cited.

Year Study
1986 The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors[2]
1980 Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?[3]
1988 Stock Prices, Earnings and Expected Dividends[4]
1989 Yield Spreads and Interest Rate Movements: A Bird's Eye View[5]
1986 Cointegration and Tests of Present Value Models[6]
1988 The Efficiency of the Market for Single-Family Homes[7]
1987 The Term Structure of Interest Rates[8]
2001 Valuation Ratios and the Long-Run Stock Market Outlook: An Update[9]
2001 Comparing Wealth Effects: The Stock Market Versus the Housing Market[10]
1980 The Determinants of the Variability of Stock Market Prices[11]
2002 From Efficient Market Theory to Behavioral Finance[12]
1987 Prices of Single Family Homes Since 1970: New Indexes for Four Cities[13]

Books

  • Phishing for Phools: The Economics of Manipulation and Deception, George A. Akerlof and Robert J. Shiller, Princeton University Press (2015), ISBN 978-0-691-16831-9.
  • Finance and the Good Society, Robert J. Shiller, Princeton University Press (2012), ISBN 0-691-15488-0.
  • Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, George A. Akerlof and Robert J. Shiller, Princeton University Press (2009), ISBN 978-0-691-14233-3.
  • The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It, Robert J. Shiller, Princeton University Press (2008), ISBN 0-691-13929-6.
  • The New Financial Order: Risk in the 21st Century, Robert J. Shiller, Princeton University Press (2003), ISBN 0-691-09172-2.
  • Irrational Exuberance, Robert J Shiller, Princeton University Press (2000), ISBN 0-691-05062-7.
  • Macro Markets: Creating Institutions for Managing Society's largest Economic Risks, Robert J. Shiller, Clarendon Press, New York: Oxford University Press (1993), ISBN 0-19-828782-8.
  • Market Volatility, Robert J. Shiller, MIT Press (1990), ISBN 0-262-19290-X.

Awards

In 2009 Shiller received the James R. Vertin Award in recognition of his having produced a body of research notable for its relevance and enduring value to investment professionals.[14] That same year he was awarded the Deutsche Bank Prize in Financial Economics.[15] The award is given to honor "an internationally renowned researcher who has excelled through influential contributions to research in the fields of finance and money and macroeconomics, and whose work has led to practice and policy-relevant results.".[16]

Shiller was awarded the Nobel Prize in Economic Sciences in 2013.[17]

Online data sets

The stock market data set consists of monthly stock price, dividends, and earnings data and the consumer price index (to allow conversion to real values), all starting January 1871.

See also

References

  1. Shiller Biography, Yale
  2. Campbell, John Y.; Shiller, Robert J. (December 1986). The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors. NBER Working Paper No. w2100: SSRN. http://ssrn.com/abstract=227386.
  3. Shiller, Robert J. (February 1980). Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?. NBER Working Paper No. w0456: SSRN. http://ssrn.com/abstract=262076.
  4. Campbell, John Y.; Shiller, Robert J. (February 1988). Stock Prices, Earnings and Expected Dividends. NBER Working Paper No. w2511. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=246866.
  5. Campbell, John Y.; Shiller, Robert J. (October 1989). Yield Spreads and Interest Rate Movements: A Bird's Eye View. NBER Working Paper No. w3153: SSRN. http://ssrn.com/abstract=227301.
  6. Campbell, John Y.; Shiller, Robert J. (April 1986). Cointegration and Tests of Present Value Models. NBER Working Paper No. w1885: SSRN. http://ssrn.com/abstract=249498.
  7. Case, Karl E.; Shiller, Robert J. (February 1988). The Efficiency of the Market for Single-Family Homes. NBER Working Paper No. w2506: SSRN. http://ssrn.com/abstract=421766.
  8. Shiller, Robert J.; Mcculloch, J. Huston (August 1987). The Term Structure of Interest Rates. NBER Working Paper No. w2341: SSRN. http://ssrn.com/abstract=227271.
  9. Campbell, John Y.; Shiller, Robert J. (April 2001). Valuation Ratios and the Long-Run Stock Market Outlook: An Update. NBER Working Paper No. w8221: SSRN. http://ssrn.com/abstract=266191.
  10. Case, Karl E.; Quigley, John M.; Shiller, Robert J. (October 2001). Comparing Wealth Effects: The Stock Market Versus the Housing Market. Cowles Foundation Discussion Paper No. 1335: SSRN. http://ssrn.com/abstract=289644.
  11. Grossman, Sanford J.; Shiller, Robert J. (October 1980). The Determinants of the Variability of Stock Market Prices. NBER Working Paper No. w0564: SSRN. http://ssrn.com/abstract=248588.
  12. Shiller, Robert J. (October 2002). From Efficient Market Theory to Behavioral Finance. Cowles Foundation Discussion Paper No. 1385: SSRN. http://ssrn.com/abstract=349660.
  13. Case, Karl E.; Shiller, Robert J. (September 1987). Prices of Single Family Homes Since 1970: New Indexes for Four Cities. NBER Working Paper No. w2393: SSRN. http://ssrn.com/abstract=977426.
  14. "James R. Vertin Award". CFA Institute. https://www.cfainstitute.org/learning/foundation/Pages/vertin_award.aspx. Retrieved January 4,1916.
  15. "The Deutsche Bank Prize 2009". Center for Financial Studies. https://www.ifk-cfs.de/dbprize/2009.html. Retrieved January 31, 2016.
  16. "Statutes". Center for Financial Studies. https://www.ifk-cfs.de/dbprize/statutes.html. Retrieved January 31, 2016.
  17. Nobelprize.org, The Official Web Site of the Nobel Prize

External links