"Speculative Prices, Inflation, and Behavioral Economics"


Renowned behavioral economist and 2013 Nobel Laureate in Economic Sciences Robert J. Shiller delivered the inaugural Paul Volcker Lecture in Behavioral Economics on Thursday, March 19, in Maxwell Auditorium.  The lecture, “Speculative Prices, Inflation, and Behavioral Economics,” was sponsored by Syracuse University’s Maxwell School of Citizenship and Public Affairs and the Center for Policy Research and is now available for viewing via Maxwell's YouTube channel.

Shiller is Sterling Professor of Economics at Yale University and author of a number of books, including the best-selling Irrational Exuberance, 3rd edition, an analysis and explication of speculative bubbles, particularly in real estate and the stock market.  Known for his prescient forecasts of market behavior, including the dotcom bubble, Shiller’s research looks at how human psychology drives the economy.  He writes on financial markets; financial innovation; behavioral economics; and on public attitudes, opinions, and moral judgments regarding markets. 

“Robert Shiller has been a pioneer in linking an understanding of human psychology to the actions of markets – a perspective that lies at the core of the Volcker Chair in Behavioral Economics,” says Maxwell School Dean James Steinberg.  “His insights are heeded at the highest level of policymaking, yet are accessible to anyone interested in understanding the risks and opportunities of the global economy.”

In addition to Irrational Exuberance, Shiller’s books include The Subprime Solution:  How the Global Financial Crisis Happened and What to Do About It; Macro Markets:  Creating Institutions for Managing Society’s Largest Economic Risks; Finance and the Good Society; The New Financial Order:  Risk in the 21st Century; and Animal Spirits:  How Human Psychology Drives the Economy and Why It Matters for Global Capitalism.  

Shiller is also the co-developer with Karl E. Case of the repeat-sales home price indices now published as the S&P/Case-Shiller Home Price Indices.  He is a regular contributor to the New York Times’ Economic View column and to Project Syndicate, and he is a frequent expert commentator in the broadcast media on economic and business issues.  Beginning in 2016, he will serve as president of the American Economic Association.

The Volcker Lecture is presented by the Paul Volcker Chair in Behavioral Economics, which is held by Leonard E. Burman, professor of public administration and international affairs at the Maxwell School and director of the Urban-Brookings Tax Policy Center in Washington, DC.  The Chair was endowed by Robert Menschel, senior director at Goldman Sachs Group and trustee emeritus of Syracuse University, in honor of Paul Volcker whose career includes eight years as chairman of the board of governors under Presidents Carter and Reagan. 03/05/15