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What did Sargent and Sims did to deserve a Nobel ? raed about it straight from Sweden...: NOBELPRIZE ORG : The art of distinguishing between cause and effect in the macroeconomy//
INTRO:
.....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......
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