Robert J. Shiller is the Sterling Professor of Economics for the 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 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 written on financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods, and on public attitudes, opinions, and moral judgments regarding markets.
Shiller published many books includes: Market Volatility (MIT Press, 1989), a mathematical and behavioral analysis of price fluctuations in speculative markets; Macro Markets: Creating Institutions for Managing Society’s Largest Economic Risks (Oxford University Press, 1993), which proposes 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; Irrational Exuberance (Princeton University Press, 2000, Broadway Books, 2001), an analysis and explication of speculative bubbles, with special reference to the stock market and real estate; The New Financial Order: Risk in the 21st Century (Princeton University Press, 2003), an analysis of an expanding role of finance, insurance, and public finance in our future; Subprime Solution: How the Global Financial Crisis Happened and What to Do about It, (Princeton University Press, 2008), an analysis of the housing and economic crisis and a plan of action against it; Finance and the Good Society (Princeton University Press, 2012); and Deception (Princeton University Press, 2015).
Shiller also co-authored two books with George Akerlof—Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism (Princeton University Press, 2009) and Phishing for Phools: The Economics of Manipulation.
His latest book is Narrative Economics: How Stories Go Viral and Drive Major Economic Events (Princeton University Press, 2019).
He cofounded Case Shiller Weis, Inc. in 1991, whose repeat-sales home price indices, developed originally with Karl E. Case, are now produced by CoreLogic and 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. He was cofounder of MacroMarkets, LLC in 1999, which launched Macroshares, based on oil at the American Stock Exchange 2006-9, and on the S&P/Case-Shiller Home Price Indices at the New York Stock Exchange 2009-2010.
He has been research associate at the National Bureau of Economic Research since 1980, and has been co-organizer of NBER workshops including on behavioral finance with Richard Thaler 1991-2015, and on macroeconomics and individual decision making (behavioral macroeconomics) with George Akerlof 1994-2007. He was awarded the Nobel Prize in Economic Sciences jointly with Eugene Fama and Lars Peter Hansen in 2013.
He served as vice president of the American Economic Association, 2005 and president of the Eastern Economic Association, 2006-07. He was elected president of the American Economic Association for 2016.
He writes a regular column “Finance in the 21st Century” for Project Syndicate, which publishes around the world, and “Economic View” for The New York Times.
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