Thomas J. Sargent
Facts
© The Nobel Foundation. Photo: U. Montan
Thomas J. Sargent
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2011
Born: 19 July 1943, Pasadena, CA, USA
Affiliation at the time of the award: New York University, New York, NY, USA
Prize motivation: “for their empirical research on cause and effect in the macroeconomy”
Prize share: 1/2
Life
Thomas J. Sargent was born in Pasadena, California in the United States. After studying at the University of California, Berkeley, he was awarded a doctoral degree from Harvard University in 1968. Sargent has held positions at the University of Minnesota, the University of Chicago, and Stanford University. He has held a professorship at New York University since 2002.
Work
How is the economy affected by unexpected events and changes in economic policy? What effects do interest rate hikes and tax reductions have on the production of good and services, unemployment, inflation and investment? Thomas Sargent has developed methods for examining the relationship between policy and economics. For example, he has shown how the effects of the permanent restructuring of economic policy can be analysed and how households and businesses have adjusted their expectations to match economic development.
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