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Excess Volatility Puzzle
Robert James Shiller (born March 29, 1946) is an American economist, academic, and author. As of 2022, he served as a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center for Finance. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 1980, was vice president of the American Economic Association in 2005, its president for 2016, and president of the Eastern Economic Association for 2006–2007. He is also the co‑founder and chief economist of the investment management firm MacroMarkets LLC. Shiller is known for four major intellectual contributions: 1) he co-developed the Case-Shiller housing price index, which uses a statistical technique to value a house based upon recent sales prices of other houses; 2) he challenged the Efficient Market Hypothesis (EFM), using a statistical model that showed that the U.S. stock market was more volatile than it should be if the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Keynesian Economics
New Keynesian economics is a school of macroeconomics that strives to provide microfoundations, microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics. Two main assumptions define the New Keynesian approach to macroeconomics. Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have rational expectations. However, the two schools differ in that New Keynesian analysis usually assumes a variety of market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become "Sticky (economics), sticky", which means they do not adjust instantaneously to changes in economic conditions. Wage and price stickiness, and the other present descriptions of market failures in New Keynesian Model (macroeconomics), models, imply that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Akerlof
George Arthur Akerlof (born June 17, 1940) is an American economist and a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley. Akerlof was awarded the 2001 Nobel Memorial Prize in Economic Sciences, jointly with Michael Spence and Joseph Stiglitz, "for their analyses of markets with asymmetric information." He is the husband of former United States Secretary of the Treasury Janet Yellen. Early life and education Akerlof was born in New Haven, Connecticut, on June 17, 1940, into a Jewish family. His mother was Rosalie Clara Grubber (née Hirschfelder), a housewife of History of the Jews in Germany, German Jewish descent, and his father was Gösta Carl Åkerlöf, a chemist and inventor, who was a Swedish Americans, Swedish immigrant. "The Princeton Country Day School ended at grade nine. At that point most of my classmates dispersed among different New England prep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Association
The American Economic Association (AEA) is a learned society in the field of economics, with approximately 23,000 members. It publishes several peer-reviewed journals, including the Journal of Economic Literature, American Economic Review, and the Journal of Economic Perspectives. History and constitution The AEA was established in 1885 in Saratoga Springs, New York by younger progressive economists trained in the German historical school, including Richard T. Ely, Edwin Robert Anderson Seligman and Katharine Coman, the only woman co-founder; Since 1900, it has been under the control of academics. The Purposes of the Association are the following: 1) The encouragement of economic research, especially the historical and statistical study of the actual conditions of industrial life; 2) The issue of publications on economic subjects; 3) The encouragement of perfect freedom of economic discussion. The Association says that it takes no partisan attitude, nor does it comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bureau Of Economic Research
The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is known for proposing start and end dates for recessions in the United States. Many chairpersons of the Council of Economic Advisers were previously NBER research associates, including the former NBER president and Harvard professor Martin Feldstein. The NBER's current president and CEO is James M. Poterba of MIT. History Founding The NBER was established in 1920 following debates during the Progressive era over income distribution. Founded by Malcolm Rorty and Nachum Stone, the NBER aimed to fill the information gap on economic data. The organization's research is restricted to presenting data and findings without making policy recommendations. Early years The NBER initially received support from the Carnegie F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yale School Of Management
The Yale School of Management (also known as Yale SOM) is the graduate school, graduate business school of Yale University, a Private university, private research university in New Haven, Connecticut. The school awards the Master of Business Administration (MBA), MBA for Executives (EMBA), Master of Advanced Management (MAM), Master's Degree in Systemic Risk (SR), Master's Degree in Global Business & Society (GBS), Master's Degree in Asset Management (AM), and Ph.D. degrees, as well as joint degrees with nine other graduate programs at Yale University. The Yale School of Management is one of six Ivy League Business Schools. The school conducts education and research in leadership, behavioral economics, operations management, marketing, entrepreneurship, organizational behavior, and other areas. The EMBA program offers focused study in healthcare, asset management, or sustainability. The school also offers semester-long student exchange programs with HEC Paris, IESE, the London S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sterling Professor
Sterling Professor, the highest academic rank at Yale University, is awarded to a Academic tenure in North America, tenured faculty member considered the best in their field. It is akin to the rank of distinguished professor at other universities. The appointment, made by the List of presidents of Yale University, President of Yale University and confirmed by the Yale Corporation, can be granted to any Yale faculty member, and up to forty professors can hold the title at the same time. The position was established through a 1918 bequest from John William Sterling, and the first Sterling Professor was appointed in 1920. History The professorships are named for and funded by a $15-million bequest left by John William Sterling, John W. Sterling, partner in the New York law firm Shearman & Sterling and an 1864 graduate of Yale College. In addition to financing the university's largest construction projects throughout the 1920s, including the Sterling Memorial Library and flagship fac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, regulatory impact analysis and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize 5 2013
Nobel often refers to: *Nobel Prize, awarded annually since 1901, from the bequest of Swedish inventor Alfred Nobel *The Nobel family, a prominent Swedish and Russian family; see there for the list of people with the surname Nobel may also refer to: Places *Nobel (crater), a crater on the far side of the Moon. *Nobel, Ontario, a village located in Ontario, Canada. *Nobel Square, public square in Cape Town, South Africa * ,Ukraine * , village in Ukraine Other uses *6032 Nobel, a main-belt asteroid *Nobel (automobile) a licence-built version of the German Fuldamobil, manufactured in the UK and Chile * ''Nobel'' (TV series), a Norwegian television series about the country's military involvement in Afghanistan *Nobel (typeface), a geometric, sans-serif typeface. *The Nobel School, a secondary school in Stevenage, England. *Nobel (crater), Moon *Nobel Vega, Cuban actor See also * *Nobel Peace Prize The Nobel Peace Prize (Swedish language, Swedish and ) is one of the five Nobel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deutsche Bank Prize
The Deutsche Bank Prize in Financial Economics honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics, and whose work has led to practical and policy-relevant results."The Deutsche Bank Prize Statutes" . It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS), in partnership with , and is sponsored by Donation Fun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cyclically Adjusted Price-to-earnings Ratio
The cyclically adjusted price–earnings ratio, price-to-earnings ratio, commonly known as CAPE, Shiller P/E, or P/E 10 ratio, is a stock valuation measure usually applied to the US S&P 500 equity market. It is defined as price divided by the average of ten years of earnings (moving average), adjusted for inflation. As such, it is principally used to assess likely future returns from equities over timescales of 10 to 20 years, with higher than average CAPE values implying lower than average long-term annual average returns. The ratio was invented by American economist Robert J. Shiller. The ratio is used to gauge whether a stock, or group of stocks, is undervalued or overvalued by comparing its current market price to its inflation-adjusted historical earnings record. It is a variant of the more popular price to earning ratio and is calculated by dividing the current price of a stock by its average inflation-adjusted earnings over the last 10 years. Using average earnings over t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
