Ragnar Anton Kittil Frisch was an influential Norwegian economist known for being one of the major contributors to establishing economics as a quantitative and statistically informed science in the early 20th century. He coined the term econometrics in 1926 for utilising statistical methods to describe economic systems, as well as the terms microeconomics and macroeconomics in 1933, for describing individual and aggregate economic systems, respectively. He was the first to develop a statistically informed model of business cycles in 1933. Later work on the model, together with Jan Tinbergen, won the first Nobel Memorial Prize in Economic Sciences in 1969.
Robert Emerson Lucas Jr. was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Prize in Economics in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". He was characterized by N. Gregory Mankiw as "the most influential macroeconomist of the last quarter of the 20th century". In 2020, he ranked as the 10th most cited economist in the world.
Jan Tinbergen was a Dutch economist who was awarded the first Nobel Memorial Prize in Economic Sciences in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis of economic processes. He is widely considered to be one of the most influential economists of the 20th century and one of the founding fathers of econometrics.
The Lucas critique argues that it is naïve to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data. More formally, it states that the decision rules of Keynesian models—such as the consumption function—cannot be considered as structural in the sense of being invariant with respect to changes in government policy variables. It was named after American economist Robert Lucas's work on macroeconomic policymaking.
Edward Christian Prescott was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he was the 19th most widely cited economist in the world in 2013. In August 2014, Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia. Prescott died of cancer on November 6, 2022, at the age of 81.
The Norwegian School of Economics or NHH is a business school situated in Bergen, Norway. It was founded in 1936 as Norway's first business school and is the leading teaching and research institution in Norway for the fields of management and business administration.
Jan Mossin (1936–1987) was a Norwegian economist. Born in Oslo, he graduated with a siv.øk. degree from the Norwegian School of Economics (NHH) in 1959. After a couple of years in business, he started his PhD studies in the spring semester of 1962 at Carnegie Mellon University.
Constantine Christos "Costas" Azariadis is a macroeconomist born in Athens, Greece. He has worked on numerous topics, such as labor markets, business cycles, and economic growth and development. Azariadis originated and developed implicit contract theory.
Dale Thomas Mortensen was an American economist, a professor at Northwestern University, and a winner of the Nobel Memorial Prize in Economic Sciences.
Süleyman Başak is a financial economist of Turkish Cypriot origin. He is Professor at the Institute of Finance and Accounting of the London Business School, an MBA-granting part of the University of London and has previously taught at the Wharton School of the University of Pennsylvania until June 30, 2000, where he received the David W. Hauck Award for Outstanding Teaching in 1997, and an honourable mention in 1998 and 1999 for the Geewax, Terker Prize for Investment Research.
Stanley Eugene Zin is a Canadian economist. He is the William R. Berkley Professor Economics and Business at the Leonard N. Stern School of Business, New York University.
Lars Peter Hansen is an American economist. He is the David Rockefeller Distinguished Service Professor in Economics, Statistics, and the Booth School of Business, at the University of Chicago and a 2013 recipient of the Nobel Memorial Prize in Economics.
Christopher Albert Sims is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd '52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011. The award cited their "empirical research on cause and effect in the macroeconomy".
Varadarajan Venkata Chari is an Indian-American economist and professor of economics, currently teaches macroeconomic theory, public economics, and monetary economics at the University of Minnesota's College of Liberal Arts.
Dynamic stochastic general equilibrium modeling is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modelling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks.
The Carnegie School is a school of economic thought originally formed at the Graduate School of Industrial Administration (GSIA), the current Tepper School of Business, of Carnegie Institute of Technology, the current Carnegie Mellon University, especially during the 1950s to 1970s.
Wouter J. den Haan is a professor of economics at the London School of Economics, research fellow and programme director of the CEPR, and co-director of the Centre for Macroeconomics. Currently, his main areas of interest are business cycles, frictions in financial and labor markets, and numerical methods to solve models with a large number of heterogeneous agents.
Following the development of Keynesian economics, applied economics began developing forecasting models based on economic data including national income and product accounting data. In contrast with typical textbook models, these large-scale macroeconometric models used large amounts of data and based forecasts on past correlations instead of theoretical relations. These models estimated the relations between different macroeconomic variables using regression analysis on time series data. These models grew to include hundreds or thousands of equations describing the evolution of hundreds or thousands of prices and quantities over time, making computers essential for their solution. While the choice of which variables to include in each equation was partly guided by economic theory, variable inclusion was mostly determined on purely empirical grounds. Large-scale macroeconometric model consists of systems of dynamic equations of the economy with the estimation of parameters using time-series data on a quarterly to yearly basis.
The Tepper School of Business is the business school of Carnegie Mellon University. It is located in the university's 140-acre (0.57 km2) campus in Pittsburgh, Pennsylvania.
