Sterling Professor of Economics, Yale University ,2013 Nobel Laureate in Economics
Robert J. Shilleris Sterling Professor of Economics,Department of Economicsand Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at theInternational 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 been research associate, National Bureau of Economic Research since 1980, and has been co-organizer of NBER workshops: on behavioral finance with Richard Thaler since 1991, and on macroeconomics and individual decision making (behavioral macroeconomics) with George Akerlof since 1994. He served as Vice President of the American Economic Association, 2005 and President of the Eastern Economic Association, 2006-07.
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 bookMarket Volatilityis a mathematical and behavioral analysis of price fluctuations in speculative markets. His 1993 bookMacro Markets: Creating Institutions for Managing Society's Largest Economic Risksproposes 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 bookIrrational Exuberanceis an analysis and explication of speculative bubbles, with special reference to the stock market and real estate. His bookThe New Financial Order: Risk in the 21st Centuryis an analysis of an expanding role of finance, insurance, and public finance in our future. His bookSubprime Solution: How the Global Financial Crisis Happened and What to Do about It, offers an analysis of the housing and economic crisis and a plan of action against it.He writes a regular column "Finance in the 21st Century" for Project Syndicate, published around the world, and "Economic View" forThe New York Times.
His repeat-sales home price indices, developed originally with Karl E. Case, are now published as the S&P/Case-Shiller Home Price Indices. The Chicago Mercantile Exchange now maintains futures markets based on the S&P/Case-Shiller Indices.
Professor Shiller was awarded the 2013 Nobel Prize in Economic Sciences, together with Eugene Fama and Lars Peter Hansen of the University of Chicago, "for their empirical analysis of asset prices."