Christopher A. Sims

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"Christopher Sims" redirects here. For other uses, see Christopher Sims (disambiguation).

Christopher A. Sims
PhD)
Academic career
InstitutionPrinceton University
Yale University
University of Minnesota
Harvard University
FieldMacroeconomics
Econometrics
Time series
Doctoral
advisor		Hendrik S. Houthakker
Doctoral
students		Lars Peter Hansen
Harald Uhlig[1]
ContributionsUse of vector autoregression
AwardsNobel Memorial Prize in Economic Sciences (2011)
Information at IDEAS / RePEc
Academic background
ThesisThe dynamics of productivity change: a theoretical and empirical study (1968)

Christopher Albert Sims (born October 21, 1942) is an American

Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011.[3] The award cited their "empirical research on cause and effect in the macroeconomy".[4]

Biography

Sims was born in Washington, D.C., the son of Ruth Bodman (Leiserson), a Democratic politician and daughter of

National Academy of Sciences (since 1989), and a member of the American Philosophical Society (since 2012).[12] In 1995 he was president of the Econometric Society; in 2012, he was president of the American Economic Association
. Sims currently lives in New Jersey.

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. However, some of the maintained assumptions in such models have been incorrectly tested (Sims, 1980) using asymptotic distribution theory since it is infeasible to test over 200 restrictions on model parameters using only 60 observations on time series (Sargan, 1961). He has also advocated Bayesian statistics, arguing for its power in formulating and evaluating economic policies.[13]

Sims has been an outspoken opponent of the

real business cycle models.[15]

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".[16] His Nobel lecture, titled "Statistical Modeling of Monetary Policy and its Effects" was delivered on December 8, 2011.[17][18]

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.[19]

Further reading

  • Sims, Christopher (1980). "Macroeconomics and reality" (PDF).
    JSTOR 1912017
    .
  • Sargan, J.D. (1961). The maximum likelihood estimation of economic relationships with autoregressive residuals. Econometrica, 29, 414-426.

References

  1. ^ "Advantage Financial Harald Uhlig". Archived from the original on October 1, 2016. Retrieved September 28, 2016.
  2. ^ "Christopher A Sims". Thomson Reuters website. Archived from the original on October 17, 2011. Retrieved October 10, 2011.
  3. ^ "Nobel prize for economics awarded to two Americans". BBC News website. October 10, 2011. Retrieved October 10, 2011.
  4. ^ "The Prize in Economic Sciences 2011". Nobelprize.org. December 10, 2008. Retrieved October 10, 2011.
  5. ^ Slotnik, Daniel E. (June 13, 2012). "Ruth Sims, First Woman Elected to Lead Greenwich, Conn., Dies at 92". The New York Times.
  6. ^ "Christopher A. Sims - Biographical". Nobel Foundation. Retrieved May 31, 2017.
  7. ^ "Yale Bulletin and Calendar". Yale University. August 30, 2002. Retrieved February 24, 2024.
  8. ^ "Sims, Christopher Albert (born 1942)". Archived from the original on March 3, 2016.
  9. ^ "CV (Christopher A. Sims)" (PDF). Princeton University. Retrieved May 31, 2017.
  10. ^ "Christopher A. Sims". nobelprize.org.
  11. ^ "Fellows of the Econometric Society as of February 2011". Archived from the original on December 10, 2008.
  12. ^ "APS Member History". search.amphilsoc.org. Retrieved March 29, 2021.
  13. ^ Sims, Christopher A. "The Role of Models and Probabilities in the Monetary Policy Process". Brookings Papers on Economic Activity, 2002, 1-62
  14. JSTOR 2534318
    .
  15. JSTOR 2138286
    .
  16. ^ "The Prize in Economic Sciences 2011". Nobelprize.org. December 10, 2008. Retrieved October 10, 2011.
  17. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2011". NobelPrize.org. December 8, 2011. Retrieved February 24, 2024.
  18. ^ "Statistical Modeling of Monetary Policy and its Effects, Nobel lecture" (PDF). Archived from the original (PDF) on March 8, 2023.
  19. ^ Sommer, Jeff (December 3, 2011). "Good Morning. You're Nobel Laureates". New York Times.

External links

Wikimedia Commons has media related to Christopher A. Sims.
Awards
Preceded by
Laureate of the Nobel Memorial Prize in Economics
2011
Served alongside: Thomas J. Sargent
 Succeeded by
Lloyd S. Shapley
Academic offices
Preceded by President of the American Economic Association
2012– 2013 		Succeeded by
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