FOR IMMEDIATE RELEASE
The Royal Swedish Academy of Science today (Wednesday, Oct. 8) announced that the Nobel Prize in economic sciences has been awarded to two UC San Diego economics professors, Robert F. Engle and Clive W.J. Granger. The researchers were cited for inventing models used to evaluate investment risk and study the relations between simultaneous economic phenomena.
"This year's laureates devised new statistical methods for dealing with two key properties of many economic time series: time-varying volatility and non-stationarity," the Royal Swedish Academy of Sciences said on Wednesday. The Academy described Engle's and Granger's research as "indispensable."
Granger, 69, and Engle, 60, retired from UC San Diego last June, but continue their work in economics. Currently, Granger is a visiting scholar at New Zealand's Canterbury University and Engle is at New York University.
University of California President Robert C. Dynes said, "Government and business leaders and economists are in a better position to interpret economic information -- and forecast where the economy is headed -- as a result of the pioneering research conducted by Professor Granger and Professor Engle. Their research clearly has had real-world applications and again illustrates how UC's discoveries and innovations help us better understand our world."
UC faculty have been awarded the Nobel prize in economic sciences four times since 1994, the most recent being two years ago when the honor was given to Professor George A. Akerlof of UC Berkeley.
With today's award to Engle and Granger, 45 researchers
affiliated with the University of California have been awarded
Nobel Prizes and it's the sixth time UC faculty has won the
prize in economic sciences.
# # #
Send comments or questions
about this web site to one of the webmasters