Robert Engle, Professor at NYU Stern, wins 2003 Nobel Prize inEconomics

On October 8, it was announced that Robert Engle, Michael Armellino Professor of Finance at NYU Stern, was awarded the Nobel Prize in Economics along with Clive Granger, his longtime colleague at the University of California at San Diego. Engle, 60, a Stern professor since 2000 and a pioneer in the field of econometrics, was cited for the development of Autoregressive Conditional Heteroskedasticity (ARCH), a method that allows researchers and analysts to measure volatility over time. On November 4, Stern faculty, staff, and students, led by Dean Thomas Cooley and William Greene, former chairman of the department of economics, gathered at the Henry Kaufman Management Center for a town hall meeting to honor Professor Engle and discuss his work.