Two American economists, whose decades-old research addresses currently salient economic questions, will receive the Nobel Prize in their field, the Associated Press reported Monday.
Thomas Sargent and Christopher Sims conducted research in the 1970s and '80s that created methods to answer questions like how do tax cuts or temporary cuts in the interest rate affect economic growth and inflation, the AP reported.
Sargent, of New York University, and Sims, of Princeton, carried out the research separately, according to the Royal Swedish Academy of Sciences, but their work was complementary.
"Today, the methods developed by Sargent and Sims are essential tools in macroeconomic analysis," the academy said in its Nobel citation.
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