Yale School of Management - Faculty

Sterling Professor of Economics

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 MIT 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.

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 securities based on real estate that would permit the management of risks to standards of living. His book Irrational Exuberance (Princeton University Press (PUP) 2000), 2nd edition (PUP 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 (PUP 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 (PUP), 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 (PUP). His book Finance and the Good Society was published April 2012 (PUP).

His repeat-sales home price indices, developed originally with Karl E. Case, are now published as the Standard & Poor’s/Case Shiller Home Price Indices. The Chicago Mercantile Exchange now maintains futures markets based on these indices.

He has been research associate, National Bureau of Economic Research, since 1980 and co-organizer of NBER workshops, since 1991. He served as Vice President of the American Economic Association, 2005 and President of the Eastern Economic Association, 2006. He writes a column "Finance in the 21st Century" for Project Syndicate which publishes around the world and an "Economic View" column for the New York Times.

Achievements and Awards
William F. Butler Award, New York Association for Business Economics, 2012
Chicago Mercantile Exchange Group-Mathematical Sciences Research Institute Prize in Innovative Quantitative Applications, 2012
Paul A. Samuelson Award for Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Oxford University Press), 1996, and for Animal Spirits, 2009
Deutsche Bank Prize in Financial Economics, 2009
Research Associate, National Bureau of Economic Research
Fellow, American Academy of Arts and Sciences
Fellow, Econometric Society
Member, American Philosophical Society
Recipient, Guggenheim Fellowship

Selected Books
Finance and the Good Society, Princeton University Press, 2012

Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism (with George Akerlof, Princeton University Press) 2009

Irrational Exuberance, Princeton University Press, 2000 & 2005 Republished, Broadway Books, 2001, 2006

Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks, Oxford University Press, 1993

Market Volatility, MIT Press, Cambridge MA, 1989

Selected Articles
"What Have They Been Thinking? Home Buyer Behavior in Hot and Cold Markets" (with K. Case and A. Thompson), Brookings Papers on Economic Activity, 2012-II

"Hedging Real-Estate Risk" (with F. Fabozzi and R. Tunaru), Journal of Portfolio Management, Vol. 35, No. 5, 92-103, 2010

"Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?" American Economic Review, Vol. 71, No. 3, 421 36, June, 1981. (On the hundredth anniversary of the American Economic Review, in the centenary issue February 2011, this article was included a list of the “twenty most important papers published in the first 100 years of the journal.” )

Education
PhD Massachusetts Institute of Technology, 1972
SM Massachusetts Institute of Technology, 1968
BA University of Michigan, 1967