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Lars Peter Hanser - Research Paper Example

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Student Professor Course Date: Lars Peter Hansen Lars Peter Hansen won the Nobel Prize when still a professor at the University of Chicago. Hansen has made great contribution to economic analysis through his contribution to the concept of prices. Following Hansen’s pioneered development of econometric methods; he received a Nobel Prize in Economic Sciences…
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Download file to see previous pages The most noticeable element of his work is that he shed light on how various policy proposals may affect the economy (Tom, 12). Hansen also made changes to the process of carrying out empirical research through his work, “Large Sample Properties of Generalized-Methods of Moment Estimators.” His work had great impacts to macroeconomics and finance since these are the areas in which the concept of prices has big effects. Hansen shares the prized with Eugene F. Fama who is also a professor at the same university. With their imperial analysis and provisions on asset prices, the Royal Swedish Academy of Sciences greatly honored them. Their research and development is important in the fact that evaluators use the analysis to give basis to why and how band and stock prices fluctuates with time (Tom, 16). Hansen came up with an important statistical concept that may be used to determine short-term changes in the price of assets. In his research, Hansen came up with a statistical method that could be used to test for the rational theories of asset pricing. The two professors were also very important from the university’s perspective since they demonstrated its mission towards solving rampant economic problems in the society today. Their work has had great impacts in the shaping of the nature of today’s financial markets and economics in general. ...
He tactfully used various economic models to explain asset prices. Hansen has always looked for chances through which financial and economic data may be linked up with economic models. Hansen saw the development data analysis methods and processes such as testing analyzing and formulating dynamic models in areas of high uncertainty (Tom, 28). With the help of these models, Hansen has been able to the determinants of important variables such as security market prices, savings and consumption. During the early days of 1980’s, Hansen was mentioned to be the leading contributor when it came to the development and use of testing methods and rigorous estimation for financial data. To this date, Hansen is still a prolific researcher. His most recent works consist of models that seek to incorporate the beliefs of investors and consumers as well as existing ambiguity in the relationship. More precisely, Hansen sought to explain how models may be used in the analysis of financial and economic data to help determine the consequences accruing to various policy options (Tom, 29). Hansen is the one who invested on a research project to bring together a group of elite economists to come up with new economic models to help in creating linkages to the financial sector. The developed models will be of great importance as they will provide more powerful policy tools to be used in the measuring, monitoring of an economy’s systematic risks arising from financial markets. International studies Hansen has been working with the University of Chicago ever since 1981, where he happens to have been a former, chairman and director of graduate circles. Hansen has also received an award of 2006 Erwin Plein Nemmers prize ...Download file to see next pagesRead More
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