Clive W.J. Granger

Facts

Clive W.J. Granger

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Clive W.J. Granger
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2003

Born: 4 September 1934, Swansea, United Kingdom

Died: 27 May 2009, San Diego, CA, USA

Affiliation at the time of the award: University of California, San Diego, CA, USA

Prize motivation: “for methods of analyzing economic time series with common trends (cointegration)”

Prize share: 1/2

Life

Clive Granger was born in Swansea, U.K. At the age of six, while his father was serving in WWII, the family moved to Cambridge. He applied to Nottingham University to study mathematics and economics. He received his Ph.D. in 1956. In 1974 he became a professor at the University of California, USA. Granger wrote several books, covering such subjects as time series analysis and forecasting, statistical theory and applied statistics.

Work

Most macroeconomic time series follow a stochastic trend, so that a temporary disturbance in, say, GDP has a long-lasting effect. These time series are called nonstationary. Clive Granger demonstrated that the statistical method used for stationary time series could yield wholly misleading results when applied to analysis of nonstationary data. He developed methods that can be used to analyze the relations between for example wealth and consumption and exchange rates and price levels.

To cite this section
MLA style: Clive W.J. Granger – Facts. NobelPrize.org. Nobel Prize Outreach AB 2024. Tue. 5 Nov 2024. <https://www.nobelprize.org/prizes/economic-sciences/2003/granger/facts/>

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