Christopher A. Sims
USINFO | 2013-11-20 15:43
Nobel Memorial Prize in Economic Sciences (2011) Laureate
 
 
Christopher A. Sims
Born October 21, 1942 (age 71)
Washington, D.C.
Nationality United States
Institution Princeton University
Field Macroeconomics
Econometrics
Time series
Alma mater Harvard University, (A.B, PhD)
UC Berkeley
Opposed "Structural" macroeconomic models
Contributions Use of vector autoregression
Awards Nobel Memorial Prize in Economic Sciences (2011)
 
 
Christopher Albert "Chris" Sims (born October 21, 1942) is an American econometrician and macroeconomist. He is currently the John F. Sherrerd ’52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011. The award cited their "empirical research on cause and effect in the macroeconomy".
 
Biography
Sims earned his A.B. in mathematics from Harvard University magna cum laude in 1963 and his PhD in Economics from Harvard in 1968. He has held teaching positions at Harvard, University of Minnesota, Yale University and, since 1999, Princeton. Sims is a Fellow of the Econometric Society (since 1974), a member of the American Academy of Arts and Sciences (since 1988) and a member of the National Academy of Sciences (since 1989). In 1995 he was president of the Econometric Society; in 2012, he was president of the American Economic Association.
 
Contributions
Sims has published numerous important papers in his areas of research: econometrics and macroeconomic theory and policy. Among other things, he was one of the main promoters of the use of vector autoregression in empirical macroeconomics. He has also advocated Bayesian statistics, arguing for its power in formulating and evaluating economic policies.
 
Sims has been an outspoken opponent of the rational expectations revolution in macroeconomics, arguing that it should be thought of as a "cautionary footnote" to econometric policy analysis, rather than "a deep objection to its foundations." He has been similarly skeptical of the value of real business cycle models.
 
He also helped develop the fiscal theory of the price level and the theory of rational inattention.
 
Nobel Memorial Prize and lecture
On October 10, 2011, Christopher A. Sims together with Thomas J. Sargent was awarded the Nobel Memorial Prize in Economic Sciences. The award cited their "empirical research on cause and effect in the macroeconomy".His Nobel lecture, titled "Statistical Modeling of Monetary Policy and its Effects" was delivered on December 8, 2011.
 
Translating his work into everyday language, Sims said it provided a technique to assess the direction of causality in central bank monetary policy. It confirmed the theories of monetarists like Milton Friedman that shifts in the money supply affect inflation. However, it also showed that causality went both ways. Variables like interest rates and inflation also led to changes in the money supply.
 

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