A One-Question Interview with Lars Peter Hansen, Nobel Prize Winner

The Winter 2014 Utah State magazine has a short article about Lars Peter Hansen, a USU alumni and recent recipient of the Nobel Prize in Economics:

Question (USU):  What one paper or abstract that you’ve authored would you most like read and understood by world leaders and why?

Lars:  My work has long focused on questions of how risk and investors’ uncertainty about the future are reflected in asset prices and play out in the economy.  Right now, one of the questions that fascinates me is that a lot of people are rushing to create policies to regulate financial systems to manage risk, but they are doing this without much information.  I have some concerns about the unintended effects of trying to control this so-called ‘systemic risk’ when we can’t really define or measure it very well.  I’ve written a book chapter about some of these measurement and modeling challenges.  We’re studying those issues in a research initiative at the Becker Friedman Institute for Research in Economics at the University of Chicago [where Lars is the director].  Through that project I’ve had the opportunity to talk with officials at the Federal Reserve, the Bank of England, the European Central Bank and other agencies about the problem, and we’re working together to build tools to address it.  That’s an issue I’d like more policymakers to be aware of.

After the Award Ceremony, Lars Examining His Nobel Prize

After the Award Ceremony, Lars Examining His Nobel Prize

You can read the referenced chapter written by Lars here.

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