Nobel Prize Rumor du Jour (Brad DeLong made the Rats think Krugman would win. He didn't. BWA-HAA!)

The Semi-Daily Journal of Economist Brad DeLong ^ | October 8, 2003 | Brad DeLong

[Timesink]

October 08, 2003

Nobel Prize Rumor du Jour

The rumor is that it is going to be Jagdish Bhagwati and Paul Krugman for work on international trade.

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Nope. Clive Granger and Robert Engle. Reuters reports: "U.S. economist Robert Engle and Britain's Clive Granger have won the 2003 Nobel economics prize 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 two men share the 10 million Swedish crown ($1.3 million) prize, which has been awarded since 1969.

"Engle, born in 1942 in Syracuse in the state of New York, teaches at New York University and got the prize for improving methods of evaluating portfolio risk and asset pricing. 'Investors and financial institutions need forward-looking evaluation -- forecasts -- of volatility during the next day, week or year. Robert Engle formulated a model which allows such evaluations,' the Academy said. Granger, born in 1934 in Wales, is an emeritus professor at the University of California [at San Diego]. The academy said his work was used in studying links between wealth and consumption, exchange rates and price levels, and short and long-term interest rates."

Posted by DeLong at October 8, 2003 10:40 AM

[Timesink]

This was originally posted yesterday as just the one line. The latter two paragraphs were added this morning. But if you visit the web page, you can laugh at a long list of comments from a whole bunch of leftists wetting themselves in the false hope that a Nobel Prize for Krugman would somehow take a bit of the pain away from losing the entire state of Cal-ih-fohn-ee-uh to Governor Schawarzenegger.

Of course, Donald Luskin commented on this:

NOBEL INTENTIONS  We can rest easy for another year. Brad Delong's wishful thinking was wrong, as ever. Paul Krugman didn't win the Nobel Prize in economics today. It went to Robert F. Engle and Clive W. J. Granger for their contributions to statistical technique. But DeLong can always hope. An institution that awarded the Peace prize to Yassar Arafat is capable of any madness.

As to where this "rumor" originally came from, Mr. DeLong doesn't say.

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[NativeNewYorker]

DeLong is scary guy. The ex-Clinton aide and current employee of the state of California is clearly bright.

But he is literally blinded by passionate hatred of anyone not of his narrow political "social democrat" stripe. His blog is worth hitting periodically, but his comments section reads like an undergraduate seminar sponsored by DU.

[Redcoat LI]

Unspeakably cruel,
Unbelieveably Funny.
Those comments the RATS wrote are priceless,sucks to be them.
Since in their view the Nobel prize would have proved all the bad writings of his about the Bush economy were true,I guess his not getting it proves the opposite.

[steve8714]

Joseph McKenna was the smartest Economist ever...he won over $100,000.00 on Jeopardy when that was real money.

[steve8714]

These people worship at the altar of econometrics, and believe men can "control" and "fine-tune" a large economy.
They are fools.

[Timesink]

afternoon bump

[The Vast Right Wing]

When you win a nobel prize in economics, or have 1/100 th the amount of published papers as either Engle or Granger, come talk to me.

[steve8714]

Many fools are published; what does a Nobel mean after J. Carter wins for "Peace"?
Even Yanni has a book.

[steve8714]

Oh, and...urban planning is left to...architects?

[The Vast Right Wing]

If you actually understood their work at all you would realize they have been some of the chief economists to critize the large macroeconometric model. You obviously don't know much about their work.