Robert J. Shiller is Sterling 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 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
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."
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) (available
via subscribing libraries on Oxford Online) 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. His book Irrational Exuberance
(Princeton 2000, Broadway Books 2001, 2nd edition Princeton 2005) 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)
is an analysis of an expanding role of finance, insurance, and public finance in our
future. His book Subprime
Solution: How the Global Financial Crisis Happened and What to Do about It,
published in September 2008 by Princeton University Press, offers an analysis of the
housing and economic crisis and a plan of action against it. He co-authored, with George
A. Akerlof, Animal Spirits:
How Human Psychology Drives the Economy and Why It Matters for Global Capitalism
published in March 2009 by Princeton University Press. His latest book, Finance and the Good Society,
was published in April 2012 by Princeton University Press.
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
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 writes a regular column "Finance in the 21st
Century" for Project Syndicate, published around the world, and "Economic
View" for The New York Times.