Yale economist shares Nobel for price analysis - WFSB 3 Connecticut

Yale economist shares Nobel for price analysis

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NEW HAVEN, CT (WFSB) -

Professor Robert J. Shiller said he wasn't even fully dressed when he was in the kitchen Monday morning and found out he was now a Nobel Laureate.

His phone began lighting up with congratulations. Shiller made just one call to his brother in Detroit.

"I said, 'Did you hear the news?' And he says the Tigers lost," Shiller said.

Shiller said he shares the award with two others and they received it for their "empirical analysis of asset prices."

Shiller became famous for predicting the dot-com and housing bubbles. He also developed a widely used way of measuring home prices. Just last Monday, another Yale professor, James Rothman, received a Nobel Prize in medicine.

"I have to say it made me feel awake and rather good," Rothman previously said.

When it comes to the government shutdown, Shiller said he does not think this is going to have a major impact on the markets.

"We won't see a default," Shiller said. "Even if we do, it will be for one day or something like that. And even if it's longer, it's not the end of the world."

Shiller said he thinks the bigger problem is the rising inequality not only in the United States, but worldwide.

Shiller went on to say he supports raising taxes on the rich now before it gets worse.

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