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Robert J. Shiller Biography

Robert J. Shiller

Robert James Shiller (born March 29, 1946) is an American Nobel Laureate, economist, academic, and best-selling author. He currently serves as a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center for Finance. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 1980, was vice president of the American Economic Association in 2005, and president of the Eastern Economic Association for 2006–2007. He is also the co‑founder and chief economist of the investment management firm MacroMarkets LLC.

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Robert J. Shiller Quotes

In the longer run and for wide-reaching issues, more creative solutions tend to come from imaginative interdisciplinary collaboration.

Creative, Interdisciplinary, Issues, Running

Physicists have a bias to aspire to be "seers" like Einstein rather than "craftspeople" who do simple and practical research. I have seen that in economics departments. The same must be true to some extent in other departments.

Craftspeople, Economics, Research, Simple

In the short run and for decisions unlikely to have broad impact, it may be more cost effective to use just one expert.

Broad, Cost, Decision, Impact, Running, Use

Stock prices are likely to be among the prices that are relatively vulnerable to purely social movements because there is no accepted theory by which to understand the worth of stocks. . . . investors have no model or at best a very incomplete model of behavior of prices, dividend, or earnings, of speculative assets.

Accepted, Earning, Incomplete, Investing, Movement, Theory

Some of the best theorizing comes after collecting data because then you become aware of another reality.

Become, Collecting, Data, Reality

As I write in 2012 we certainly do not believe that it is over yet, and the worst may be yet to come. Efforts by governments to solve the underlying problems responsible for the crisis have still not gotten very far, and the 'stress tests' that governments have used to encourage optimism about our financial institutions were of questionable thoroughness.

Believe, Efforts, Gotten, Governments, Stress, Writing

Marketers know that if people you respect - perhaps laughably including entertainers and athletes - say they like a product, you're more likely to buy.

Athlete, Laughably, Like, Marketers, People, Respect

Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.

Expectations, Focus, Fundamentals, Models, Pure, Stupidity

Consider our difficulties avoiding junk food and overspending. Such addictions were carefully planned-for by professional marketing teams.

Addiction, Addictions, Difficulties, Marketing, Team, Teams

Life's meaning heavily benefits from lifelong bonds.

Benefits, Bonds, Heavily, Lifelong, Meaning

Liberalism downplays certain of our moral senses: loyalty, authority, and sanctity.

Authority, Certain, Loyalty, Moral, Senses

I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.

Depression, Great Depression, Home, Might, Prices, Severe

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.

Assemble, Based, Challenge, Challenges, Data, People

Somehow, talking to young students brings you back to reality - it should, anyway.

Back, Reality, Somehow, Students, Talking

News media stimulate bubbles, since stories about them boost their audience.

Boost, Media, News, Stimulate, Stories

Each profession has its own toolkit.

Profession, Toolkit

There is more uncertainty than usual about job futures because computers are replacing more and more human intelligence, and globalization is proceeding at an accelerating pace.

Accelerating, Jobs, Pace, Proceeding, Uncertainty, Usual

A major boom in real stock prices in the U. S. after 'Black Tuesday' brought them halfway back to 1929 levels by 1930. This was followed by a second crash, another boom from 1932 to 1937, and a third crash. Speculative bubbles do not end like a short story, novel, or play. There is no final denouement that brings all the strands of a narrative into an impressive final conclusion. In the real world, we never know when the story is over.

Levels, Novel, Play, Real, Tuesday