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| Thomas J. Sargent and Christopher A. Sims |
Thomas Sargent, a professor at New York University, and Christopher Sims, a professor at Princeton University, both 68, will share the award and the $1.49 million prize money for the work they do together.
Thomas J. Sargent
Born: 1943, Pasadena, CA, USA
Affiliation at the time of the award: New York University,
New York, NY, USA
Prize motivation: "for their empirical research on cause
and effect in the macroeconomy"
Christopher A. Sims
Born: 1942, Washington, DC, USA
Affiliation at the time of the award: Princeton University,
Princeton, NJ, USA
Prize motivation: "for their empirical research on cause
and effect in the macroeconomy"
But the methods he and Sargent have developed could be used to help guide policymakers, he said.
"I don't think my research and methods have any simple direct implications for the current situation," he said in a telephone press conference with reporters in Sweden. "They point to ways to try to unravel why our current situation developed, and new research may lead us out of it."
Asked how he would invest his share of the winnings, Sims said he would keep it in cash while he considers what to do with it.
Sims and Sargent have known each other for decades, both receiving their doctorates from Harvard in 1968. While their research was carried out independently, the work of each is considered to be complementary. Sargent was traveling to Princeton Monday morning to appear with his colleague.
The Nobel committee's announcement said Sims and Sargent's work studies the two-way relationship between policy and the economy -- how policy affects the economy and vice versa. Read more
All Prizes in Economics Sciences