Word: shiller
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...market for housing futures gets large enough, though, other sorts of financial products more useful to homeowners should crop up, says Robert Shiller, a Yale University economist who has been pushing the idea for 15 years. The grander vision, developed with Karl Case of Wellesley College, includes home-equity insurance. The idea is that companies will write those policies if there's a robust futures market for hedging risk. "Real estate is bigger than the stock market," says Shiller. Twenty trillion dollars big, in fact...
...than accept lowball offers. It happened in Boston in 1991, when condo prices tanked and two-thirds of the inventory was withdrawn for sale, says Chris Mayer, a Columbia Business School professor. Sellers then had to wait up to six years for prices to hit their previous peak. Robert Shiller, a Yale economist who has long warned of a bubble, thinks price stagnation (or worse) is here to stay but that Americans don't want to believe it. "People still expect double-digit gains," he says, citing surveys of homeowners...
...lively history of finance. Even more improbably, the book is gorgeous. You can see the crimson illumination on the Ligatio pecuniae and read the fine print on a futures contract from the Dutch West India Co. Each chapter is a minihistory written by stars like Niall Ferguson and Robert Shiller, who explain in rich prose the connections between Chinese pawnshops, Greek moneylenders and, ultimately, the cash in your pocket. --By Jyoti Thottam
...SHILLER But consider one 20-year period, which was '29 to '49, [the return] was just about zero. If you look at a broad indication of the world and history, it has been at times very risky, and it certainly has the potential to be risky in the next century, which is the future. Not the past...
...Robert Shiller is a professor of economics at Yale. James Glassman and Kevin Hassett are resident scholars at the American Enterprise Institute