MINNEAPOLIS (AP) -- A Nobel Prize-winning economist is receiving an honorary degree from the University of Minnesota.
Thomas Sargent will receive the degree Monday -- after he presents a lecture about monetary unions.
Sargent was a longtime faculty member at the University of Minnesota and is currently a professor at New York University.
He and former University of Minnesota professor Christopher Sims received the Nobel Prize in Economic Sciences in 2011 for their empirical research on cause and effect in the macroeconomy, and for their development of the "rational expectations" model.
Rational expectations found that since consumers and investors adjust their behavior when the government shifts policies, those policies rarely have the effect they intend.
Work on the model was largely done when Sargent and Sims were at the University of Minnesota.
All content © Copyright 2001 - 2013 WorldNow and KTTC, a Quincy station.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Jodi Neyens at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.