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Explore the fundamental principles and institutions of financial markets through this comprehensive economics course taught by Nobel Prize-winning economist Robert Shiller at Yale University. Examine how financial institutions serve as pillars of civilized society by supporting productive ventures and managing economic risks. Delve into the theory of finance and its relationship to the history, strengths, and imperfections of banking, insurance, securities, futures, and derivatives markets. Study portfolio diversification, the CAPM model, and risk management principles including pooling and hedging strategies. Investigate behavioral finance and the psychological factors that influence market behavior, alongside concepts of market efficiency and excess volatility. Analyze debt markets, stock markets, and real estate finance while understanding their vulnerabilities to financial crises. Learn about banking successes and failures, investment banking, secondary markets, and the role of professional money managers. Discover options and futures markets, including stock index and commodity futures trading. Examine the democratization of finance and how financial innovations can work for ordinary people. Benefit from guest lectures by prominent financial figures including David Swensen, Andrew Redleaf, Carl Icahn, Stephen Schwarzman, and Lawrence Summers, who provide real-world insights into investment management, private equity, corporate activism, and crisis response. Gain understanding of monetary policy evolution, brokerage systems, electronic communication networks, and the future trajectory of financial institutions in the information age.
