Academic journal article Atlantic Economic Journal

Best Article Award

Academic journal article Atlantic Economic Journal

Best Article Award

Article excerpt

The Atlantic Economic Journal is proud to announce that the winner of the Best Article Award for 2005 is Franz Gehrels of Universitat Munchen, Germany. His paper entitled, "Random Economic Disturbances and Lagged Countermeasures," appeared in the June 2005 issue of the AEJ. A distinguished committee reviewed all eligible papers published during the year. The committee was chaired by IAES Vice President, Burton G. Malkiel of Princeton University. Members of the committee included the AEJ Board of Editors and IAES Endowment Fund Sponsors. The AEJ Managing Editor gratefully acknowledges the participation and diligence of all committee members who participated in the review process. The award emphasizes the intellectual and scholarly approach to economic research, which has always been a focal point of the AEJ.

The paper departs from the traditional deterministic treatment of economic fluctuations so well-known in the contributions of Samuelson, Hicks, and Goodwin, and more recently of Puu. Instead it uses the concept of Markov processes, under which the state of a variable at a point in discrete time gives all the probabilistic information for the further random path of that same variable over the immediate, and over the extended future. …

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