Saturday, December 10, 2011

New Nobel Laureates in Sweden

Thomas Sargent and Christopher Sims were announced as winners of the Sveriges Riksbank Prize in Economic Sciences in the Memory of Alfred Nobel.  They won for their "empirical research for cause and effect in the macroeconomy."  The announcement was made last October, as usual, but they are being awarded today with the Nobel laureates in Stockholm.

Christopher Sims and Thomas Sargent at the U.S. Embassy in Sweden

Christopher Sims' main contribution is a statistical technique known as vector autoregressions, which he first outlined in his often cited essay, "Macro-economics and Reality".  Thomas Sargent is known as one of the most important monetary economists of his generation and a key figure within the rational expectations movement.  His most often cited article is "Some Unpleasant Monetarist Arithmatic".

They are both top notch economists and deserve to be applauded for their contributions to the field.

(note: image contains two photos of Sargent and Sims, taken by embassy staff)

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