Christopher A. Sims

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Christopher A. Sims
Nobel Prize 2011-Press Conference KVA-DSC 7720.jpg
Born Christopher Albert Sims
(1942-10-21) October 21, 1942 (age 76)
Washington, D.C.
Nationality United States
Institution Princeton University
Field Macroeconomics
Econometrics
Time series
Alma mater Harvard University, (A.B, PhD)
Influences Hendrik S. Houthakker
Influenced Lars Peter Hansen
Contributions Use of vector autoregression
Awards Nobel Memorial Prize in Economic Sciences (2011)
Information at IDEAS / RePEc

Christopher Albert "Chris" Sims (born October 21, 1942) is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd ’52 University Professor of Economics at Princeton University.[1] Together with Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011.[2] The award cited their "empirical research on cause and effect in the macroeconomy".[3]

Biography

Sims was born in Washington, D.C., the son of Ruth Bodman (Leiserson), a Democratic politician, and Albert Sims, a state department worker.[4] His father was of English and Northern Irish descent, and his mother was of half Estonian Jewish and half English ancestry.[5] He earned his A.B. in mathematics from Harvard University magna cum laude in 1963 and his PhD in Economics from Harvard in 1968 under supervision of Hendrik S. Houthakker.[6] He has held teaching positions at Harvard, Yale University and, since 1999, Princeton. He spent the longest portion of his career at the University of Minnesota, teaching there from 1970 to 1990. Sims is a Fellow of the Econometric Society (since 1974),[7] 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.[8]

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."[9] He has been similarly skeptical of the value of real business cycle models.[10]

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".[11] His Nobel lecture, titled "Statistical Modeling of Monetary Policy and its Effects" was delivered on December 8, 2011.[12]

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.[13]

Publications

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References

  1. "Christopher A Sims". Thomson Reuters website. Retrieved October 10, 2011.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. "Nobel prize for economics awarded to two Americans". BBC News website. October 10, 2011. Retrieved October 10, 2011.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. "The Prize in Economic Sciences 2011". Nobelprize.org. December 10, 2008. Retrieved October 10, 2011.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. http://www.nytimes.com/2012/06/14/nyregion/ruth-sims-first-woman-elected-to-lead-greenwich-conn-dies-at-92.html
  5. http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2011/sims-bio.html
  6. http://www.dictionaryofeconomics.com/article?id=pde2012_S000550
  7. Fellows of the Econometric Society as of February 2011, Econometric Society, Retrieved October 12, 2011.
  8. Sims, Christopher A. "The Role of Models and Probabilities in the Monetary Policy Process". Brookings Papers on Economic Activity, 2002, 1-62
  9. Lua error in Module:Citation/CS1/Identifiers at line 47: attempt to index field 'wikibase' (a nil value).
  10. Lua error in Module:Citation/CS1/Identifiers at line 47: attempt to index field 'wikibase' (a nil value).
  11. "The Prize in Economic Sciences 2011". Nobelprize.org. 2008-12-10. Retrieved 2011-10-10.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  12. http://www.nobelprize.org/nobel_prizes/economics/laureates/2011/sims-lecture.html
       • Sims, Christopher A. (2011). " Statistical Modeling of Monetary Policy and its Effects," Nobel lecture.
  13. Sommer, Jeff (December 3, 2011). "Good Morning. You're Nobel Laureates". New York Times.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links