New Nobel Prize

I hear it is Robert Engle and Clive Granger, not yet on the major news outlets, more to follow later today.

Addendum: Here is the press release from Stockholm. Here is a short article on cointegration, Granger’s most important contribution. Here is an introduction to ARCH models, a technique pioneered by Engle. Here is Engle’s home page, and Clive Granger’s home page.

My take: Very good picks, economists use their contributions all the time, note that their work is of less interest to the general public than is usually the case.