REAL ESTATE PRICES AND FINANCIAL MARKETS: A FORUM WITH YALE ECONOMIST ROBERT SHILLER
The Newman Real Estate Institute, Baruch College
April 13, 2007, 11 am – 1 pm
Yale economist and best-selling author Robert Shiller will discuss the real estate boom, recent innovations in real estate finance, and the persistence of a “remarkably inefficient” real estate market, at a special public forum organized by the Department of Real Estate and the Steven L. Newman Real Estate Institute at Baruch College on Friday, April 13, 2007. This event, the first in a series of public forums hosted by the Newman Real Estate Institute and Baruch’s Department of Real Estate, takes place at the Newman Conference Center, 151 East 25 Street (between Lexington and Third Avenues), 7th floor, on Friday, April 13, 11 am to 1 pm. Phone: 646.660.6950. There is a $45 registration fee. Coverage Invited.
Robert Shiller, author of the acclaimed Irrational Exuberance (2002, 2005), will address the nascent development of real estate derivatives as a means of reducing the volatility of the real estate market and promoting price efficiency. He is also the chief economist and co-founder of MacroMarkets LLC, which worked with the Chicago Mercantile Exchange to launch U.S. house price futures and options contracts in May 2006. They created the first exchange-traded financial products for directly investing in and hedging U.S. housing. This product is intended to provide “market participants with a new, ideally efficient hedging mechanism for real estate risk,” said Professor John Goering, the forum's organizer. Shiller and his colleagues are working with investment banks to launch over-the-counter real estate derivatives.
Joining Shiller for commentary and discussion of real estate prices and financial markets will be Ethan Harris, chief economist at Lehman Brothers, Professor Christopher Mayer, director of the Paul Milstein Center for Real Estate at Columbia University, and Professor Susan Smith from the Center for the Study of Cities and Regions, Durham University, England. Baruch Professor John Goering organized this forum.
“Professor Shiller is one of the top people in the world in the field of behavioral finance,” said Jack Nyman, director of the Newman Real Estate Institute. “He has explained complicated issues of finance in terms of human behavior and, in so doing, has demystified a complex area of study.”
ABOUT THE Newman Programs in Real Estate at Baruch College
THE DEPARTMENT OF REAL ESTATE
This department is the first new department at Baruch College in many years and is headed by real estate finance expert, Prof. Ko Wang. The Department offers a BBA and an MBA in real estate.
STEVEN L. NEWMAN INSTITUTE
Since it was established in 1995, the Steven L. Newman Real Estate Institute has earned a reputation as a leader in education and research concerned with real estate and metropolitan development. Through public programs, conferences, publications and outreach activities, the institute serves as a unique resource for both students and for real estate and development professionals.
ABOUT ROBERT SHILLER
Robert Shiller is currently the Stanley B. Resor Professor of Economics at the Cowles Foundation for Research in Economics and International Center for Finance, Yale University. He is also the chief economist and co-founder of MacroMarkets LLC. He co-founded Case-Shiller® Weiss, Inc. (now Fiserv CSW, Inc.), a home price research company. Since 1982, Shiller has been Research Associate of the National Bureau of Economic Research and is co-director of its workshops in behavioral economics. He has received a Guggenheim Fellowship, an honorary doctorate and honorary professorships. He is a member of the American Philosophical Society and fellow of the American Academy of Arts and Sciences. Shiller is also a Vice President of the American Economic Association. He has published several books, including Irrational Exuberance, a NY Times Bestseller and the 1996 Paul A. Samuelson Award winning Macro Markets.
Contact: Zane Berzins, 646.660.6113