Members of the Royal Swedish Academy of Sciences Torsten Persson (L-R), Per Krusell, Staffan Normark and Per Stromberg announce the winners of the Nobel Prize in Economics, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, during a news conference at the Royal Swedish Academy of Sciences in Stockholm October 14, 2013. REUTERS/Claudio Bresciani/TT News Agency
WASHINGTON/STOCKHOLM (Reuters) - One of three American economists who won the 2013 economics Nobel prize on Monday for research into market prices and asset bubbles expressed alarm at the rapid rise in global housing prices.
Robert Shiller, who shared the 8 million Swedish crown (781 thousand pounds) prize with fellow laureates Eugene Fama and Lars Peter Hansen, said the U.S. Federal Reserve's economic stimulus and growing market speculation were creating a "bubbly" property boom.
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