Monday, October 10, 2011

Congratulations, to Thomas Sargent & Christopher Sims

By now, you'll all know that the 2011 Nobel Prize in Economics has been awarded to Thomas Sargent (New York University) and Christopher Sims (Princeton University). To say that this is well deserved and overdue, is an under-statement. Congratulations!

There's not much more that I can really add, except to say to the younger economists out there:
  • Thomas Sargent = "rational expectations".
  • There was a timewhen it seemed that every conference paper had these words in the title!
  • Christopher Sims= "VAR models".
  • VAR models are fundamental to Granger non-causality testing & Johansen cointegration testing.
  • Both recipients exemplify how creative empirical economic modelling can influence policy-making in fundamental ways.
Over-simplified, I know, but really, "what more needs be said!"

© 2011, David E. Giles

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.