Clive Granger (4 September 1934 – 27 May 2009) was a British economist. In 2003, Clive Granger was awarded the Nobel Prize in Economic Sciences.
Life and Career
Clive Granger was born on 4 September 1934, in Swansea, Wales.
He made significant advancements in econometrics, particularly in the study of non-stationary time series and cointegration, which are crucial in understanding long-term relationships in economic data.
He studied at the University of Nottingham, where he earned a Bachelor’s degree in Statistics and Mathematics, followed by a Ph.D. in Economics. He later held academic positions at institutions such as the University of Nottingham and the University of California, San Diego (UCSD).
Granger’s most notable work is related to time series econometrics. He developed the concept of cointegration along with Robert Engle, which revolutionized the field. Cointegration is a technique used to analyze long-term relationships among non-stationary variables, enabling researchers to understand the equilibrium connections between economic variables. This work earned Granger and Engle the Nobel Prize in Economic Sciences in 2003.
Clive Granger passed away on 27 May 2009 at the age of 74.
Award and Legacy
The Nobel Prize in Economic Sciences in 2003 was awarded jointly to Clive Granger and Robert Engle for their work in analyzing the relationships between non-stationary economic variables. This recognition solidified Granger’s legacy as a pioneer in the field of econometrics.
Clive Granger’s legacy is primarily associated with his groundbreaking work on cointegration, which has had a lasting impact on economics and econometrics. His research has become a cornerstone of modern economic analysis, enabling researchers to better understand the dynamics and relationships between economic variables over time. Granger’s work continues to influence the way economists and analysts approach time series data and conduct empirical research in various fields.