2011 Nobel Prize winners for Economics are Thomas Sargent and Christopher Sims

By on Oct 10, 2011 in Business, Economy, Europe, United States Comments

The 2011 Nobel Prize winners for Economics were revealed on Monday, October 10, 2011 and are Thomas J. Sargent and Christopher A. Sims.



2011 Nobel Prize for Economics winners:
Thomas Sargent (left) and Christopher Sims

Image Credit: New York University/Princeton University

As noted at NobelPrize.org that day, the two American economists were awarded the 2011 Nobel Prize for Economics “for their empirical research on cause and effect in the macroeconomy”.

According to the report, Sargent and Sims have carried out their research separately but their contributions complement with each other in several ways.

Sargent, 68, currently a Berkley professor of Economics and Business at New York University, was said to have shown how structural macroeconometrics can be used to analyze permanent changes in economic policy.

On the other hand, Sims of Princeton University, 68, has reportedly developed a method based on so-called vector autoregression to analyze how the economy is affected by temporary changes in economic policy.

The 2010 Nobel Prize winners for Economics were Peter Diamond of Massachusetts Institute of Technology (MIT); Dale T. Mortensen of Northwestern University, and Christopher Pissarides of London School of Economics and Political Sciences.

The three economic professors were awarded for their research on how economic policy affects unemployment and “helps us understand the ways in which unemployment, job vacancies, and wages are affected by regulation and economic policy”.

The 2011 Nobel Prize winners for Literature, Peace, Chemistry, Physics, and Physiology or Medicine were announced last week.



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