US economist Robert Engle and Britain's Clive Granger have won the 2003 Nobel economics prize, the Royal Swedish Academy of Sciences said today.
"This year's Laureates devised new statistical methods for dealing with two key properties of many economic time series: time-varying volatility and non-stationarity," the Academy said in its citation for the prize, awarded since 1969 and worth 10 million crowns ($1.3 million).