Two Former U of M Faculty Win Nobel Prize

Thomas Sargent and Christopher Sims-both former faculty members of the University of Minnesota-jointly won the 2011 Nobel Prize in Economics.

Two former University of Minnesota faculty-Thomas Sargent of New York University and Christopher Sims of Princeton University-have been jointly awarded the 2011 Nobel Memorial Prize in Economic Sciences.

Sargent and Sims were both faculty members in the U of M's Department of Economics. Sargent taught at the university from 1975 to 1987, and Sims taught from 1970 to 1990.

The two men were awarded the Nobel Prize on Monday for their research on the cause and effect of government policies on the economy, according to a New York Times report. They examined historical data to study how policy changes in the past affected the economy.

“We are beyond excited at the University of Minnesota for our former colleagues,” U of M President Eric Kaler said in a statement. “Their accomplishments carry on our economics program's legacy of teaching and research that has had a worldwide impact.”

Sargent and Sims still have strong ties to the U of M, the university said. For example, Sargent is a current board member of the university's Heller-Hurwicz Economics Institute, an organization created to support and further economic research.