Thomas J. Sargent and Christopher A Sims: The art of distinguishing between cause and effect in the macroeconomy

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No 2011-1, Nobel Prize in Economics documents from Nobel Prize Committee

Abstract: How are GDP and inflation affected by a temporary increase in the interest rate or a tax cut? What happens if a central bank makes a permanent change in its inflation target or a government modifies its objective for budgetary balance? This year’s Laureates in economic sciences, Thomas J. Sargent and Christopher A. Sims, have developed methods for answering these and many other questions regarding the causal relationship between economic policy and different macroeconomic variables such as GDP, inflation, employment and investments.

Keywords: Causation; macroeconomics (search for similar items in EconPapers)
JEL-codes: C32 E60 (search for similar items in EconPapers)
Pages: 5 pages
Date: 2011-10-10
New Economics Papers: this item is included in nep-cba
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