The sudden rise in home prices suggests that the psychology of the market has shifted substantially. But what should we expect in the months ahead? Not necessarily that...
Speculative booms are driven by psychological feedback. Rising stock prices generate stories of smart investors getting rich. People become envious of others’...
Home prices in the United States, as measured by the Standard & Poor’s/Case-Shiller Home Price Indices, have plummeted more than 40% in real inflation-adjusted terms...
Our "animal spirits," to borrow a phrase made famous by John Maynard Keynes, are weakening. George Akerlof and I have just written a book by the same name, but by the...
ROBERT J. SHILLER
Published: November 1, 2008
ALAN GREENSPAN, the former Federal Reserve chairman, acknowledged in a Congressional hearing last month...
Why is this bailout happening in the world’s most avowedly capitalist country? Don’t venerable capitalist principles imply that anyone who believed in the real...
Yet we have seen major changes recently in homeowners’ insurance rates. For example, the average homeowner premium in Florida soared from $723 at the start of 2002 to...