Robert Shiller Designated as the Arthur M. Okun Professor
Robert J. Shiller, newly designated as the Arthur M. Okun Professor of Economics, specializes in the areas of financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods and on public attitudes, opinions and moral judgments regarding markets.
His 2000 book “Irrational Exuberance,” now in its second American edition and published in 15 foreign languages, is an analysis and explication of speculative bubbles, with special reference to the stock market and real estate. The book, credited with introducing behavioral finance and the psychology of markets to a wide audience, won the Commonfund Prize and was a New York Times non-fiction bestseller. His 2003 book “The New Financial Order: Risk in the 21st Century” (also in its second edition and published in eight foreign editions), is an analysis of an expanding role of finance, insurance and public finance in society’s future. His forthcoming book, “Subprime Solution: How the Global Financial Crisis Happened and What To Do About It,” offers an analysis of the housing and economic crisis and a plan of action against it.
Shiller’s earlier books include “Market Volatility” and “Macro Markets: Creating Institutions for Managing Society’s Largest Economic Risks,” which won TIAA-CREF’s first annual Paul A. Samuelson Award.
Shiller’s 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. The Yale economist is frequently quoted in international newspapers and magazines for his expertise on financial markets, real estate and public attitudes. He has also appeared on many of the nation’s most-watched news and talk shows.
At Yale, Shiller is affiliated with the Department of Economics, the School of Management and the Cowles Foundation for Research in Economics. A graduate of the University of Michigan, he earned his Ph.D. from the Massachusetts Institute of Technology in 1972. He has taught at Yale since 1982 and previously held faculty positions at the Wharton School of the University of Pennsylvania and the University of Minnesota.
Shiller has been a research associate of the National Bureau of Economic Research since 1980 and served as vice president of the American Economic Association in 2005. He was the president of the Eastern Economic Association 2006-2007. He writes a regular column, “Finance in the 21st Century,” for Project Syndicate, which publishes it around the world, and “Economic View” for The New York Times.
The Yale economist has earned numerous honors for his work, including a Guggenheim Fellowship. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society.