{"id":32,"date":"2011-10-11T13:59:49","date_gmt":"2011-10-11T13:59:49","guid":{"rendered":"http:\/\/rulesofreason.wordpress.com\/?p=32"},"modified":"2011-10-11T13:59:49","modified_gmt":"2011-10-11T13:59:49","slug":"the-nobel-prize-for-economics-var-and-political-science","status":"publish","type":"post","link":"http:\/\/re-design.dimiter.eu\/?p=32","title":{"rendered":"The ‘Nobel’ prize for Economics, VAR and Political Science"},"content":{"rendered":"

Yesterday the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel\u00a0 was awarded to the economists Thomas J. Sargent and\u00a0Christopher A. Sims “for their empirical research on cause and effect in the macroeconomy” <\/em>(press-release here<\/a>, Tyler Cowen<\/a> presented the laureates here<\/a> and here<\/a>). The award for Christopher Sims in particular comes for the development of vector autoregression<\/a><\/em>\u00a0 – a method for analyzing ‘how the economy is affected by temporary changes in economic policy and other factors’. In fact, the application of vector autoregression<\/em> (VAR) is not confined to\u00a0economics and can be used for the analysis of any dynamic relationships.<\/p>\n

Unfortunately, despite being developed back in the 1970s,\u00a0VAR remains somewhat unpopular in political science and public administration (as I learned the hard way trying to publish an analysis<\/a> that uses VAR to explore the relationship between public opinion and policy output in the EU over time). A quick-and-dirty search for ‘VAR’\/’vector autoregression’ in Web of Science [1980-2011] returns 1810 hits under the category Economics and only\u00a052 under Political Science (of which\u00a023 are also filed under Economics).\u00a0This is the distribution over the last decades:<\/p>\n

Time period – Econ\/ PolSci<\/span>
\n1980-1989 –\u00a0\u00a0 13\/1
\n1990-1999\u00a0– 406\/15
\n2000-2011 – 1391\/36<\/p>\n

With\u00a0all the disclaimers that go with using Web of Science as a data source, the discrepancy is clear.<\/p>\n

It remains to be seen whether the Nobel prize for Sims will serve to popularize VAR\u00a0outside the field of economics.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel\u00a0 was awarded to the economists Thomas J. Sargent and\u00a0Christopher A. Sims “for their empirical research on cause and effect in the macroeconomy” (press-release here, Tyler Cowen presented the laureates here and here). The award for Christopher Sims in particular comes for the development of vector autoregression\u00a0 – a method for analyzing ‘how the economy is affected by temporary changes in economic policy and other factors’. In fact, the application of vector autoregression (VAR) is not confined to\u00a0economics and can be used for the analysis of any dynamic relationships. Unfortunately, despite being developed back in the 1970s,\u00a0VAR remains somewhat unpopular in political science and public administration (as I learned the hard way trying to publish an analysis that uses VAR to explore the relationship between public opinion and policy output in the EU over time). A quick-and-dirty search for ‘VAR’\/’vector autoregression’ in Web of Science [1980-2011] returns 1810 hits under the category Economics and only\u00a052 under Political Science (of which\u00a023 are also filed under Economics).\u00a0This is the distribution over the last decades: Time period – Econ\/ PolSci 1980-1989 –\u00a0\u00a0 13\/1 1990-1999\u00a0– 406\/15 2000-2011 – 1391\/36 With\u00a0all the disclaimers that go with using Web of Science as a data source, the discrepancy is clear. It remains to be seen whether the Nobel prize for Sims will serve to popularize VAR\u00a0outside the field of economics.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[6,45],"tags":[90,206,441,497,597,646,675,677],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7g3hj-w","jetpack-related-posts":[{"id":724,"url":"http:\/\/re-design.dimiter.eu\/?p=724","url_meta":{"origin":32,"position":0},"title":"The failure of political science","date":"March 25, 2013","format":false,"excerpt":"Last week the American Senate\u00a0supported with a clear bi-partisan majority a decision to stop funding for political science research from the National Science Foundation. 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