Robert Shiller Wins Deutsche Bank Prize for Groundbreaking Economic Research
Robert Shiller, a prominent economist at Yale University, has been awarded the Deutsche Bank Prize in Financial Economics. The honour was announced on Wednesday and recognizes his influential work in economic research. Shiller is renowned for predicting the 2000 stock market crash in his book Irrational Exuberance.
The prize, awarded every two years to an internationally respected economic researcher, has previously been given to Eugene Fama in 2005 and Michael Woodford in 2007. Shiller, who holds the title of Arthur M. Okun Professor of Economics at Yale, has made significant contributions to financial theory.
Beyond his book, Shiller co-developed the Case-Shiller index, a crucial tool for tracking changes in the US housing market. His research often explores behavioural economics and market volatility. The award comes with an endowment of $64,000. Shiller's work has significantly shaped modern financial analysis, particularly in understanding asset bubbles and investor psychology. The Deutsche Bank Prize highlights his enduring impact on economic thought.
The recognition places Shiller among an elite group of economists honoured by the prize. His theories on market behaviour and real estate trends remain widely studied. The award ceremony will formally acknowledge his achievements in the coming months.
