Robert Shiller is a renowned American economist, best known for his work on behavioral finance and his forecasting of the dot-com bubble and the housing market bubble. As a professor at Yale University, Shiller has had a profound impact on the field of economics, and his research has been widely recognized and respected. Shiller's work focuses on the interaction between psychology and economics, and he has developed several innovative models to explain the behavior of financial markets.
Early Life and Education
Robert Shiller was born on March 29, 1946, in Detroit, Michigan. He grew up in a family of modest means and developed an interest in economics at an early age. Shiller attended Kalamazoo College, where he earned a Bachelor’s degree in economics in 1967. He then went on to earn his Ph.D. in economics from the Massachusetts Institute of Technology (MIT) in 1972. After completing his graduate studies, Shiller held positions at the University of Minnesota and the University of Pennsylvania before joining the faculty at Yale University in 1982.
Achievements and Contributions
Shiller’s research has had a significant impact on our understanding of financial markets and the behavior of investors. He is perhaps best known for his book, Irrational Exuberance, which was first published in 2000 and predicted the dot-com bubble. Shiller’s work has also focused on the housing market, and he has developed several models to explain the behavior of housing prices. In 2013, Shiller was awarded the Nobel Prize in Economics, along with Eugene Fama and Lars Peter Hansen, for his empirical analysis of asset prices.
| Year | Publication | Topic |
|---|---|---|
| 1981 | "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?" | Behavioral finance |
| 2000 | Irrational Exuberance | Predicting the dot-com bubble |
| 2005 | Irrational Exuberance (2nd edition) | Predicting the housing market bubble |
Teaching and Research at Yale
As a professor at Yale University, Shiller has taught a range of courses on economics and finance, including introductory courses on microeconomics and macroeconomics, as well as more advanced courses on behavioral finance and asset pricing. Shiller’s research has been supported by the Yale School of Management and the Cowles Foundation, and he has supervised numerous Ph.D. students and postdoctoral researchers. Shiller’s current research focuses on the development of new financial instruments and the analysis of financial markets, with a particular emphasis on the role of psychology and behavioral factors.
Current Research Projects
Shiller is currently working on several research projects, including the development of a new model of asset prices that incorporates psychological factors, and an analysis of the impact of climate change on financial markets. Shiller is also involved in a number of policy initiatives, including the development of new financial regulations and the promotion of financial literacy and education.
- Development of a new model of asset prices that incorporates psychological factors
- Analysis of the impact of climate change on financial markets
- Development of new financial regulations
- Promotion of financial literacy and education
What is the main focus of Robert Shiller’s research?
+Robert Shiller’s research focuses on the interaction between psychology and economics, with a particular emphasis on behavioral finance and the forecasting of financial markets.
What is Shiller’s most famous book?
+Shiller’s most famous book is Irrational Exuberance, which was first published in 2000 and predicted the dot-com bubble.
What award did Shiller receive in 2013?
+Shiller was awarded the Nobel Prize in Economics in 2013, along with Eugene Fama and Lars Peter Hansen, for his empirical analysis of asset prices.
