| Abstract: | The first 150 words of the full text of this article appear below. The year 1982 was not a particularly good period for the worldeconomy. At year's end, the Organization for Economic Cooperationand Development (OECD) revised its growth figures for membernations from slightly over 1% to 0.5%, with some 32 millionunemployed in its 24 member states. In the United States thejobless rate was 11% and 30% of plant capacity stood idle. OttoEckstein found the economy in its worst shape in nearly halfa century. Truly the year belonged to Scrooge. Yet 1982 was a very good year indeed for financial econometrics,the debut of an explosion of activity in the area that continuesvigorously 20 years later, as the emergence of the Journal ofFinancial Econometrics attests. In fact, it can convincinglybe argued that 1982 heralded the beginning of our subject, andperhaps with the recent awarding of the Nobel Prize in Economicsto Robert Engle . . . [Full Text of this Article] |
