FINANCIAL CRISIS: US history holds key to resolution of eurozone debt crisis, Nobel laureates say

Toshiaki Watanabe, 29 November 2011In October 2011, Christopher Sims of Princeton University shared the Nobel Prize for economics with Thomas Sargent of New York University “for their empirical research on cause and effect in the macroeconomy”. This column by one of Professor Sims’ former students – now a distinguished professor – discusses the importance of his work. Full Article: Why Christopher Sims won the Nobel Prize

US researchers Thomas Sargent and Christopher Sims won the 2011 Nobel Economics Prize on Monday for their work on macro-economics and government economic policymaking, the Nobel jury said.This year's laureates "have developed methods for answering ... questions regarding the causal relationship between economic policy and different macro-economic variables, such as GDP, inflation, employment and investments," the jury said.Sargent worked on structural macro-economics, which can be used to analyse permanent changes in economic policy.

The American winners of this year's Nobel prize in economics said Tuesday that the solutions to the eurozone crisis are clear, economically, and the issue is mainly political.New York University's Thomas Sargent, who with Princeton University colleague Christopher Sims captured the annual prize for economics, said the history of the founding of the United States shows what the issues and solutions are."There are no new issues in economic theory with Europe and the euro... the difficult thing is the politics," Sargent told a news conference in Princeton.

Two US researchers won the 2011 Nobel Economics Prize Monday for research on how different events affect economies and which could help find answers to the current crisis, the Nobel jury said.Thomas Sargent and Christopher Sims, both 68, have developed methods that help answer questions "regarding the causal relationship between economic policy and different macroeconomic variables, such as GDP, inflation, employment and investments," the Nobel jury said.

Two US researchers won the 2011 Nobel Economics Prize Monday for research on how different events affect economies and which could help find answers to the current crisis, the Nobel jury said.Thomas Sargent and Christopher Sims, both 68, have developed methods that help answer questions "regarding the causal relationship between economic policy and different macroeconomic variables, such as GDP, inflation, employment and investments," the Nobel jury said.

I'm a little late getting to this (by standards of cyberspace time anyway), but I wanted to comment on Monday's announcement about the Nobel prize in economics.

Americans Thomas Sargent and Christopher Sims have won the 2011 Nobel economics prize.