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Financial InnovationToo Much or Too Little?$
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Michael Haliassos

Print publication date: 2013

Print ISBN-13: 9780262018296

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262018296.001.0001

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Robert J. Shiller: Innovator in Financial Markets, Winner of the 2009 Deutsche Bank Prize in Financial Economics

Robert J. Shiller: Innovator in Financial Markets, Winner of the 2009 Deutsche Bank Prize in Financial Economics

Chapter:
(p.171) 7 Robert J. Shiller: Innovator in Financial Markets, Winner of the 2009 Deutsche Bank Prize in Financial Economics
Source:
Financial Innovation
Author(s):

Michael Haliassos

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262018296.003.0007

The chapter describes Robert Shiller’s major contributions to financial innovation motivated by his involvement in world-class financial research. It gives an account of Shiller’s tireless and rigorous pursuit of understanding the causes and consequences of extreme asset price volatility, specifically in housing. The paper also chronicles the practical, hands-on innovations that Bob Shiller has brought to the field of finance to help people manage important risks without being destroyed by them. The now popular S&P/Case-Shiller Indices was originally created to provide a transparent measure of appreciation/depreciation that could be sufficiently trusted by speculators and hedgers so as to be used as a basis for trades and contracts. Case describes vividly how Shiller managed to foresaw the crisis and how he tried to stop it, more than anyone else in the profession.

Keywords:   Robert Shiller, Case-Shiller index, Financial crisis

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