The 2011 Nobel Prize belongs to two Americans

Thomas J. Sargent and Christopher A. Sims - two American scientists were awarded the 2011 Nobel Prize in Economics for their studies of macroeconomic policy.

The Royal Swedish Academy of Sciences announced the winner of this year's Nobel Prize in Economics, belonging to two American scientists Thomas J. Sargent and Christopher A. Sims.

Christopher Albert "Chris" Sims, born in 1942 is an American economist. He is currently a Senior Professor of Economics and Banking at Princeton University.

And Thomas John "Tom" Sargent, born in 1943 is an economist specializing in macroeconomics, and currency. He is honored as one of the most influential economists in the world today.

Two economists have just won the Nobel Prize.

The Swedish Academy of Sciences announced the 2011 Nobel Prize in Economics for two American scientists Thomas Sargent and Christopher Sims for their studies on the relationship between macroeconomic policy and their impact. to the economy.

The two winners answered questions like how the economy grew and inflation dominated by a temporary increase in interest rates and tax cuts. They conducted independent studies from the 1970s and 1980s.

Research by Thomas J. Sargent and Christopher A. Sims mainly revolves around the relationship between macroeconomic policies and economic changes. Similar to the story of 'chickens and eggs' , economists have often argued that policies are the cause of change in the economy or actual fluctuations are the basis for formation. policy.

However, the research of two American scientists has contributed to qualitatively and quantitatively determining the above relationship. For example, how will the policies of regulatory agencies such as the Government or the Central Bank affect, and how long, and in terms of the variables of the economy such as GDP, inflation .

While Christopher A. Sims' research focuses on short-term fluctuations such as rising interest rates, rising unemployment, while Thomas J. Sargent focuses on more systematic and long-term changes. such as inflation target, budget deficit .

Because it is not possible to conduct experiments similar to the natural sciences, the two scientists' research is based primarily on past data. Through these data, they build mathematical models, explanations and, finally, a model of guesswork for possible changes to the economy as the policy changes in the future.

"Today, the methods developed by Sargent and Sims have a very important role in macroeconomic analysis," the Swedish Academy of Sciences honors two economists.

Like other Nobel laureates, the two scientists will be awarded 10 million kronor Swedish prizes (equivalent to 1.5 million USD).

This result also coincides with the previous prediction of the world science world. Two American scientists were chosen from a list of numerous names such as Indian anthropologist Avinash Dixit; French professor Jean Tirole with research on industrial organization; Professor from MIT Jerry A. Hausman, who created a method to help scientists evaluate statistical forms.

In 2010, Nobel Economics was awarded to two American scientists and an Englishman: Peter A. Diamond - Massachusetts Institute of Technology (MIT - USA); Dale T. Mortensen - Northwestern University (USA); Christopher A. Pissarides - London School of Economics and Politics (UK).