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Paul Volcker Poster(1)

Robert J. Shiller presented the inaugural Paul Volcker Lecture. Professor Shiller is a Professor of Economics at Yale University and a pioneer in the field of behavioral finance.  He is the author of numerous books, including Irrational Exuberance, which diagnosed the internet-tech bubble several years before it burst and, in its second edition, predicted the collapse of the real-estate bubble. His most recent book is Finance and the Good Society. He is co-creator with Karl Case of the Case-Shiller Index of US house prices.

The Volcker Chair was endowed by Robert Menschel, senior director at Goldman Sachs Group and trustee emeritus of Syracuse University. “The critically important field of behavioral economics, although relatively new, has quickly become central to policy makers and corporate leaders in their decision making,” observes Menschel, the author of Markets, Mobs, and Mayhem:  A Modern Look at the Madness of Crowds.  “Paul Volcker is the nation’s preeminent economist who epitomizes the very best thinking in this area.”  Volcker’s distinguished career includes eight years as chairman of the Board of Governors of the Federal Reserve under Presidents Carter and Reagan; four years as president of the Federal Reserve Bank of New York; and two years as chair of President Obama’s Economic Recovery Advisory Board. In addition, he served as Undersecretary of Treasury for international monetary affairs and was chairman of the prominent New York investment banking firm, J. Rothschild, Wolfensohn & Co.  Volcker also chaired the National Commission on the Public Service, which focused on the changes needed to restore vitality and credibility to the public service. 

The Maxwell School gratefully acknowledges Mr. Menschel's generous support.  Funding for policy-relevant research and professional training for future public officials are key components to advancing effective governance at the national, state and local levels.

Leonard Burman, the Paul Volcker Chair in Behavioral Economics, hosted the inaugural Paul Volcker Lecture and Symposium. Each year, as Volcker Chair, Burman will, in collaboration with colleagues in Maxwell's Center for Policy Research, where he is a senior research associate, organize a major conference or lecture on a public policy topic drawing on the insights and perspectives of behavioral economics.

For more information on the Paul Volcker Lecture contact Mary Santy at:

The Paul Volcker Symposium in Behavioral Economics was held prior to the lecture on Thursday, March 19.