Home > New Books > Irrational Exuberance by Shiller

Irrational Exuberance by Shiller

Robert J. Shiller was one of the three people awarded The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013 “for their empirical analysis of asset prices”. The other two recipients of the Nobel Prize for economics 2013 were Eugene F. Fama and Lars Peter Hansen. Since reading about this award I keep noticing Shiller’s research.

Shiller, R.J. (2005) Irrational Exuberence (2nd edition) Princeton University Press is an international bestseller. It draws out the psychological origins of volatility in financial markets – the first edition concentrating on the technology bubble of the late 1990’s and the second adding the US housing market boom that precipitated the recent recession.

There is a website www.irrationalexuberance.com that provides information relating to the book, which is of course available in the University of Manchester Library (Library Search).

The Yale university site has “Online Data Robert Shiller” that gives access to data on investor attitudes, US stock market data from 1871, and historic housing market data. Robert Shiller and Karl Case are the original developers of the S&P/Case-Shiller Home Price Indices that are now available from Standard & Poors (S&P).

Recently the Financial Times (FT) produced a list of business and management Moocs (Massive open online courses) that includes in its “finance and accounting” section –

Financial markets
Yale University, with Bob Shiller [Coursera]

(Adam Palin, Mooc matters, FT, 16 December 2013)

Finally, Robert Shiller is mentioned in the blog post A good year ends, but what’s next for stocks? (Musings on Markets, 2 January 2014) that describes a variety of approaches to estimating whether the US stock market is over valued.

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