Portrait of Robert Shiller
Robert Shiller, American economist, academic, and best-selling author was in town a little while ago and I was assigned to make a portrait of him. Shiller is the Arthur M. Okun Professor of Economics at Yale University and is a Fellow at the Yale International Center for Finance, Yale School of Management. But perhaps he is best know for writing on economic topics that range from behavioral finance to real estate to risk management. His insight led him to correctly predict the coming bursting of the last couple of bubbles our economy has suffered. His book Irrational Exuberance (2000) – a New York Times bestseller – warned that the stock market had become a bubble in March 2000 (the very height of the market top) which could lead to a sharp decline.
In CNBC’s “How to Profit from the Real Estate Boom” in 2005, he noted that housing price rises could not outstrip inflation in the long term because, except for land restricted sites, house prices would tend toward building costs plus normal economic profit. Meanwhile, co-panelist, David Lereah, continued to cheerlead. In February, Lereah had put out his book “Are You Missing the Real Estate Boom?” signaling the market top for housing prices. While Shiller repeated his precise timing again for another market bubble, because the general level of nationwide residential real estate prices do not reveal themselves until after a lag of about one year, people did not believe Shiller had called another top until late 2006 and early 2007.
His most recent book is (with George Akerlof): Animal Spirits, Princeton, 2009
Portrait Photography by Seattle photographer Daniel Sheehan creating portraits for publications and Wedding Photographer with an artistic photojournalist style.