Robert J. Shiller

Shiller Robert James ( born March 29, 1946 in Detroit ) is an American economist and professor of economics at Yale University. It was in 2013 - awarded the Prize of the Swedish Riksbank Economic Sciences in Memory of Alfred Nobel - together with Lars Peter Hansen and Eugene Fama.


Robert J. Shiller, Stanley B. Resor has held the Chair of Economics and is a Fellow at the International Center for Finance from Yale University. He received his Ph.D. in 1972 at the Massachusetts Institute of Technology. Since 1980, Robert Shiller, an associate member of the National Bureau of Economic Research.

In the 1980s, Robert J. Shiller developed together with Karl E. Case and Allan Weiss the Case- Shiller index, which reflects the evolution of the U.S. real estate market. The Standard & Poor's Case- Shiller Home Price displaced Index is the leading real estate index in the United States.

1996 his book Macro Markets was: Creating Institutions for Managing Society's Largest Economic Risks awarded the Paul A. Samuelson Award.

His recent at the height of the New Economy euphoria 2000 book, " Irrational Exuberance " ( irrational exuberance ) became a bestseller, which is established theories came true shortly thereafter in the fall of the year to 2003. Too, before about 2007 burst housing bubble in the United States, he warned early on.

Shiller does not represent a Keynesian approach, but in the since John R. Hicks (1937 ) of all assumptions about the irrationality of the behavior of economic actors purified form. He tries to include irrational exaggerations forms of lemming behavior, but also the playfulness of the actors in the analysis and thus is co-founder of Behavioral Finance.

2009 gave the CFS ( Center for Financial Studies ) Shiller, endowed with $ 50,000 German Bank Prize in Financial Economics.

2013 received Shiller, Eugene Fama and Lars Peter Hansen, the price of the Swedish Riksbank Economic Sciences in Memory of Alfred Nobel "for their empirical analysis of capital market prices."

Writings (selection )

  • Irrational Exuberance, Why a long slump in the stock market is inevitable. 2000
  • The New Financial Order. 2003
  • The Subprime Solution. 2008
  • With George Akerlof: Animal Spirits. 2009
  • Finance and the Good Society. Princeton University Press, Princeton and Oxford 2012 German: Markets for humans. So we create a better financial system. Campus Verlag, Frankfurt / New York City 2012, ISBN 978-3-593-39726-9.