Factbox: Winners of the 2011 Nobel Economics Prize
(Reuters) - Two Americans, Thomas Sargent and Christopher Sims, both 68, have won the Sveriges Riksbank Prize in Economic Sciences for their "empirical research on cause and effect in the macroeconomy," the prize committee said on Monday.
Here are some facts about the winners:
* THOMAS SARGENT:
-- Sargent was born in July 1943 and gained a BA in 1964 from the University of California at Berkeley and a PhD in 1968 from Harvard University.
-- He has specialized in the fields of macroeconomics, monetary economics and time series econometrics. He is known as "one of the leaders of the rational expectations revolution" and the author of numerous path-breaking papers.
-- In a series of articles written during the 1970s, Sargent showed how structural macroeconomic models could be constructed, solved and estimated. His approach turned out to be particularly useful in the analysis of economic policy, but is also used in other areas of macroeconometric and economic research.
-- Sargent has shown how structural macroeconometrics can be used to analyze permanent changes in economic policy. This method can be applied to study macroeconomic relationships when households and firms adjust their expectations concurrently with economic developments
-- He is presently Berkley Professor of Economics and Business, New York University.
* CHRISTOPHER SIMS: Continued...