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peter makau
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An overview of the ideas, methods, and institutions that permit human society to manage risks and foster enterprise. Description of practices today and analysis of prospects for the future. Introduction to risk management and behavioral finance principles to understand the functioning of securities, insurance, and banking industries.

Almost 30 hours of lectures.

23 lectures.

Exams with answers, quizzes with answer keys and problems with solutions. 

Course Structure

This Yale College course, taught on campus twice per week for 75 minutes, was recorded for Open Yale Courses in Spring 2011.

Course Materials

Download all course pages [zip - 10MB]


Robert J. Shiller is Arthur M. Okun Professor of Economics at Yale University and a Fellow at the International Center for Finance at the Yale School of Management. Specializing in behavioral finance and real estate, Professor Shiller has published in Journal of Financial Economics, American Economic Review, Journal of Finance, Wall Street Journal, and Financial Times. His books include Market Volatility, Macro Markets (for which he won TIAA-CREF's Paul A. Samuelson Award), Irrational Exuberance, The New Financial Order: Risk in the Twenty-First Century, and Finance and the Good Society.


Creative Commons License
ECON 252: FINANCIAL MARKETS (2011) by Robert J. Shiller is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
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Course content

  • Lecture 1 - Introduction and What this Course Will Do for You and Your Purposes

  • Lecture 2 - Risk and Financial Crises

  • Lecture 3 - Technology and Invention in Finance

  • Lecture 4 - Portfolio Diversification and Supporting Financial Institutions

  • Lecture 5 - Insurance, the Archetypal Risk Management Institution:

  • Lecture 6 - Guest Speaker: David Swensen

  • Lecture 7 - Efficient Markets

  • Exam 1 - Midterm Exam 1

  • Lecture 8 - Theory of Debt, Its Proper Role, Leverage Cycles

  • Lecture 9 - Corporate Stocks

  • Lecture 10 - Real Estate

  • Lecture 11 - Behavioral Finance and the Role of Psychology

  • Lecture 12 - Misbehavior, Crises, Regulation and Self Regulation

  • Lecture 13 - Banks

  • Lecture 14 - Guest Speaker Maurice "Hank" Greenberg

  • Lecture 15 - Forward and Futures Markets

  • Exam 2 - Midterm Exam 2

  • Lecture 16 - Guest Speaker Laura Cha

  • Lecture 17 - Options Markets

  • Lecture 18 - Monetary Policy

  • Lecture 19 - Investment Banks

  • Lecture 20 - Professional Money Managers and Their Influence

  • Lecture 21 - Exchanges, Brokers, Dealers, Clearinghouses

  • Lecture 22 - Public and Non-Profit Finance

  • Lecture 23 - Finding Your Purpose in a World of Financial Capitalism

  • Exam 3 - Final Exam

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