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October 15, 2013 - The C.D. Howe Institute congratulates Robert J. Shiller for winning the 2013 Nobel prize for economics.

"Robert Shiller is an outstanding intellectual leader in economics and economic policy," said William B.P Robson, President and CEO of the C.D. Howe Institute.

"The C.D. Howe Institute has benefited from his contributions as a writer and a presenter, and we congratulate him and his co-recipients on this major achievement."

Shiller's work is familiar to many Institute members. He spoke at a 2008 Roundtable on "Subprime Solution - How the Global Financial Crisis Happened and What to Do about It." He also co-wrote a 2008 C.D. Howe Institute study with Mark Kamstra, "The Case for Trills: Giving Canadians and their Pension Funds a Stake in the Wealth of the Nation."

The study proposed that the Government of Canada issue a new debt security, the "Trill," which would essentially offer Canadian investors an equity stake in the Canadian economy. The Trill was so-named because its coupon payment would be one-trillionth of Canada's GDP.

Robert J. Shiller is Sterling Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management.

The C.D. Howe Institute is an independent not-for-profit research institute whose mission is to raise living standards by fostering economically sound public policies. It is Canada's trusted source of essential policy intelligence, distinguished by research that is nonpartisan, evidence-based and subject to definitive expert review. It is considered by many to be Canada's most influential think tank.