Robert J. Shiller

From MarketsWiki
Jump to: navigation, search
FTSE Russell banner 2016.gif
Robert J. Shiller
Robert Shiller.jpg
Occupation Professor of economics
Employer Yale University

Nobel Prize for Economics winner Robert J. 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.

He also serves on the CME Group Competitive Markets Advisory Council.[1]

Background

Rober J. Shiller throughout his career 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 eight foreign language editions) is an analysis of an expanding role of finance, insurance, and public finance in our future.

S&P/Case-Shiller Home Price Indices

The S&P/Case-Shiller Home Price Indices originated in the 1980s by Case Shiller Weiss's research principals, Karl E. Case and Robert J. Shiller. At the time, Case and Shiller developed the repeat sales pricing technique. This methodology is recognized as the most reliable means to measure housing price movements and is used by other home price index publishers, including the Office of Federal Housing Enterprise Oversight (OFHEO).[2] Today CME Group offers trading in real estate futures and options based on this index.

Affiliations

Shiller 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 with George Akerlof since 1994.

He served as vice president of the American Economic Association, 2005 and as president of the Eastern Economic Association, 2006-2007. He writes a column "Finance in the 21st Century" for Project Syndicate, which is published around the world.

Awards

Shiller, along with fellow Americans Eugene Fama and Lars Peter Hansen of the University of Chicago, won the Nobel Prize for Economics in October of 2013 for their collective work on how emotions affect investment decisions.[3]

Shiller received the 2012 CME Group-MSRI Prize in Innovative Quantitative Applications in 2012. He will be honored at an award ceremony at W. Chicago-City Center on Friday, October 12. The Award recognizes individuals who contribute original concepts in mathematical, statistical or computational methods for the study of the markets' behavior and global economics. [4]

Education

Shiller 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.

Resources

Home Page of Robert J. Shiller [[1]]

References

  1. CME Group Center for Innovation. CME Group.
  2. "INDEX METHODOLOGY”. www2.standardandpoors.com.
  3. Americans Win Economics Nobel for Market Insights. Wall Street Journal.
  4. CME Group-MSRI Prize in Innovative Quantitative Applications Awarded to Robert Shiller. CME Group.