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Yale Professor Robert Shiller Among 3 Americans To Win Nobel For Economics

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Robert Shiller

File photo of Yale professor Robert Shiller speaking during an interview in New York, May 29, 2012. The 2013 Nobel prize for economics was awarded jointly to Americans Eugene F. Fama, Lars Peter Hansen and Shiller “for their empirical analysis of asset prices.” (REUTERS)

By Chris Isidore

NEW YORK (CNNMoney) — Robert Shiller, who became famous for calling the housing and Internet stock bubbles, was one of three Americans to win the Nobel in economics Monday.

Shiller is a professor at Yale University. He is joined by Eugene Fama and Lars Peter Hansen, who both teach at the University of Chicago.

The award was for their work concluding that predicting the price of stocks and bonds in the short term is virtually impossible. But they showed it is possible to forecast the broad course of prices over longer periods, such as the three to five years.

Shiller was among those who warned in the 1990s that the run-up in stock prices as part of the Internet stock bubble was the result of “irrational exuberance.”

Last decade Shiller made similar warnings about the run-up in U.S. home prices. That proved to be correct when the housing bubble burst and plunged the nation into the worst economic downturn since the Great Depression.

He helped to develop the S&P/Case-Shiller home price index, which is one of the most closely watched measures of home values.

Last year’s prize went to Alvin Roth of Harvard University and Lloyd Shapley of UCLA, whose work on resource allocation was used for everything from matching job applicants to openings to coming up with way to allocate transplant organs to patients.

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