Robert Shiller
Robert Shiller
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Full Name and Common Aliases
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Robert James Shiller is a prominent American economist, academic, and author. His full name is often referenced as Robert J. Shiller.
Birth and Death Dates
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Born on March 29, 1946, in Detroit, Michigan, USA, Robert Shiller is still alive today.
Nationality and Profession(s)
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Shiller's nationality is American, and he has worked as an economist, academic, and author throughout his career. His expertise spans various fields, including economics, finance, and behavioral science.
Early Life and Background
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Growing up in a family that valued education, Shiller developed a strong interest in social sciences from an early age. He attended the University of Michigan for his undergraduate studies, where he earned a Bachelor's degree in mathematics. After completing his undergraduate degree, Shiller pursued higher education at Massachusetts Institute of Technology (MIT), earning his Master's and Ph.D. degrees in economics.
Major Accomplishments
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Shiller is renowned for his work on stock market valuation, housing bubbles, and economic forecasting. His most notable contributions include:
Developing the concept of the "Housing Market Bubble," which predicted the 2008 financial crisis.
Co-creating the S&P/Case-Shiller Home Price Index, a widely followed indicator of US residential real estate prices.
Serving as Chairman of the Committee on Financial Policy and Regulation, an influential group advising the US government on monetary policy.
Notable Works or Actions
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Some of Shiller's notable publications include:
"Irrational Exuberance," a seminal book first published in 2000, which warned about stock market valuation issues.
"Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism," co-authored with George A. Akerlof (2009).
"The Subprime Solution: How Today's Global Financial Crisis Happened and What to Do about It," published in 2008.
Impact and Legacy
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Shiller's work has significantly influenced economic policy, investor behavior, and public understanding of financial markets. His research and writings have contributed to the development of new risk management tools and more accurate forecasting techniques.
Why They Are Widely Quoted or Remembered
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Robert Shiller is widely quoted for his insightful commentary on market trends, economic policies, and behavioral finance. His contributions to the field of economics have earned him numerous accolades, including the Nobel Memorial Prize in Economic Sciences (2013), which he shared with Eugene Fama and Lars Peter Hansen.
Shiller's accessible writing style has made complex economic concepts more understandable for a broad audience, cementing his status as one of the most influential voices in finance today.
Quotes by Robert Shiller
This is a conference which brings people together to examine the problems of the world. I think there are a lot of problems in the world and it really is good that leaders come together and think about them.
The theme is absolutely important. We don't realize how much of our lives are absolutely random.
Transferring the risk of drought to international financiers makes sense for insurance companies, because it enables them to expand their portfolios.
We are in the biggest real-estate boom we've ever seen. Something is going to happen to end this.
Little will be done to stop these things if public figures consider themselves beholden to some overarching efficient markets principle and do not even recognize over-speculation as a real phenomenon.
... confidence, fairness, corruption, money illusion, and stories. These are real motivations for real people. They are ubiquitous. The presumption of mainstream macroeconomics that they have no important role strikes us as absurd.
It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.