FILE/USA: Robert Shiller - one of three Americans to win Nobel economics prize for asset price forecasts

Record ID: 860498

  • Title: FILE/USA: Robert Shiller - one of three Americans to win Nobel economics prize for asset price forecasts
  • Date: 14th October 2013
  • Summary: RAHWAY, NEW JERSEY, UNITED STATES (FILE) (REUTERS) VARIOUS OF HOME FOR SALE NEW YORK CITY, NEW YORK, UNITED STATES (FILE - MAY 31, 2011) (ORIGINALLY 4:3) (REUTERS) (SOUNDBITE) (English) ROBERT SHILLER, PROFESSOR OF ECONOMICS, YALE UNIVERSITY, SAYING: "We have a sense that, government is in debt, state and local governments are in debt, I'm in debt, it just doesn't feel good right now so people are not in the mood to go out buying a big house, stretch their budget and buy a house. And those houses are sitting there. The so-called McMansions you know, are you going to stretch to buy one of those? Not unless it's a real bargain." RAHWAY, NEW JERSEY, UNITED STATES (FILE) (REUTERS) VARIOUS OF HOME FOR SALE NEW YORK CITY, NEW YORK, UNITED STATES (FILE - MAY 31, 2011) (ORIGINALLY 4:3) (REUTERS) (SOUNDBITE) (English) ROBERT SHILLER, PROFESSOR OF ECONOMICS, YALE UNIVERSITY, SAYING: "The concern is we're just going to get back on the down trend again. Nobody knows what it's going to do, but the economy remains very weak, we have a lot of worries on people's minds, and then we see after the tax credit expires, we see it going down again. You have to worry that it will go down more." RAHWAY, NEW JERSEY, UNITED STATES (FILE) (REUTERS) HOUSE WITH AMERICA FLAG IN FRONT
  • Embargoed: 29th October 2013 12:00
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  • Location: Usa
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  • Country: USA
  • Topics: Economy,Politics,People
  • Reuters ID: LVA4GPIGDD9T1WA1E4NC5QDG1T3D
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  • Story Text: Economist and Yale University professor Robert Shiller is one of three Americans to win the Nobel Prize for economics on Monday (October 14).
    "There is no way to predict the price of stocks and bonds over the next few days or weeks," The Royal Swedish Academy of Sciences said in awarding the 8 million crown ($1.25 million) prize to Eugene Fama, Lars Peter Hansen and Robert Shiller.
    "But it is quite possible to foresee the broad course of these prices over longer periods, such as the next three to five years. These findings ... were made and analysed by this year's Laureates," the academy said.
    The behaviour of asset prices are key to decisions such as savings, house buying and national economic policy, the academy said.
    "Mispricing of assets may contribute to financial crises and, as the recent global recession illustrates, such crises can damage the overall economy," it added.
    The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.
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