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Econometrica

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Econometrica is a peer-reviewed academic journal of economics , publishing articles in many areas of economics , especially econometrics . It is published by Wiley-Blackwell on behalf of the Econometric Society . The current editor-in-chief is Guido Imbens .

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57-576: Econometrica was established in 1933. Its first editor was Ragnar Frisch , recipient of the first Nobel Memorial Prize in Economic Sciences in 1969, who served as an editor from 1933 to 1954. Although Econometrica is currently published entirely in English, the first few issues also contained scientific articles written in French. Econometrica is abstracted and indexed in: According to

114-848: A daughter, Ragna (b. 1938 ). His granddaughter, Nadia Hasnaoui (Ragna's child), became a Norwegian television performer. After his first wife died in 1952, he remarried in 1953 with childhood friend Astrid Johannessen. who died in 1980. Frisch was one of the founders of economics as a modern science. He made a number of significant advances in the field of economics and coined a number of new words including econometrics and macroeconomics . His 1926 paper on consumer theory helped set up Neo-Walrasian research . He formalized production theory , especially in addressing nonallocable inputs leading to jointness, meaning less than full control, in production processes (see esp. Chapters 14 and 15). In econometrics he worked on time series (1927) and linear regression analysis (1934). With Frederick V. Waugh , he introduced

171-455: A fellowship from the university which enabled him to spend three years studying economics and mathematics in France and England . After his return to Norway , in 1923, although the family's business was having difficulties, he continued his scientific activity, believing that research, not jewellery, was his real calling. He published a few papers about probability theory , started teaching at

228-404: A long list of notable academics and alumni, spanning the fields of scholarship covered by the university. The university is home to five Nobel Prize winners and is institutionally tied to some of the most prestigious prizes in the world. The Nobel Peace Prize was awarded in the university's atrium between 1947 and 1989, thus making it the only university to host a Nobel Prize ceremony. Since 2003,

285-572: A massive rise in student enrollment during the 1960s, which again made it difficult to balance research with the demands for teaching. In the years leading up to 1940, research was more strongly linked with the growth of the nation, with progress and self-assertion; research was also seen to contribute to Norway's commitment to international academic and cultural development. During the period after World War I, research among Norwegian researchers resulted in two Nobel prizes. The Nobel prize in Economics

342-408: A survey of the country—a survey of culture, language, history and folk traditions. The staff of the university strove to undertake a wide range of tasks necessary for developing a modern society. Throughout the 1800s, the university's academic disciplines gradually became more specialised. One of the major changes in the university came during the 1870s when a greater emphasis was placed upon research,

399-606: A thesis on mathematics and statistics at the University of Oslo in 1926 . After his doctoral thesis, he spent five years researching in the United States at the University of Minnesota and Yale University . After teaching briefly at Yale from 1930–31, he was offered a full professorship in economics, which he declined after pressures by colleagues to return to the University of Oslo. After returning to Oslo, Frisch

456-460: A time when Norwegians feared political domination by the Swedes, the new university became a key institution that contributed to Norwegian political and cultural independence. The main initial function of The Royal Frederick University was to educate a new class of upper-echelon civil servants, as well as parliamentary representatives and government ministers. The university also became the centre for

513-676: A voluntary sum of 40  kr (roughly US$ 5 ) is donated to SAIH (Studentenes og Akademikernes Internasjonale Hjelpefond). In 2023, Shanghai Jiao Tong University 's Academic Ranking of World Universities ranked UiO 73rd worldwide and the best in Norway, while the 2024 Times Higher Education World University Rankings ranked UiO 127th and the 2024 rankings of the QS World University Rankings ranked UiO 117th worldwide. The 2022 Webometrics Ranking of World Universities ranked UiO 94th worldwide. The 2022 rankings of

570-593: Is the oldest university in Norway and consistently considered the country's leading university, one of the highest ranked universities in the Nordic countries and one of world's hundred highest ranked universities. Originally named the Royal Frederick University, the university was established in 1811 as the de facto Norwegian continuation of Denmark-Norway 's common university, the University of Copenhagen , with which it shares many traditions. It

627-652: The Journal Citation Reports , the journal has a 2020 impact factor of 5.844, ranking it 22/557 in the category "Economics". The Econometric Society aims to attract high-quality applied work in economics for publication in Econometrica through the Frisch Medal . This prize is awarded every two years for an empirical or theoretical applied article published in Econometrica during the past five years. Even apart from those being awarded with

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684-630: The Abel Prize is awarded in the Atrium. Five researchers affiliated with the university have been Nobel laureates and three have been Turing Award winners. In 1811, a decision was made to establish the first university in the Dano-Norwegian Union, after an agreement was reached with King Frederik VI, who had earlier believed that such an institution might encourage political separatist tendencies. In 1813, The Royal Frederik's University

741-504: The Abel Prize is awarded in the university's atrium. Some of the notable academics of the university are: The seal of the University of Oslo features Apollo with the Lyre , and dates from 1835. The seal has been redesigned several times, most recently in 2009. Like all public institutions of higher education in Norway, the university does not charge tuition fees. However, a small fee of 600  kr (roughly US$ 70 ) per term goes to

798-548: The Center for World University Rankings (CWUR), which "publishes the only global university ranking that measures the quality of education and training of students as well as the prestige of the faculty members and the quality of their research without relying on surveys and university data submissions", ranked UiO 99th worldwide. The University of Oslo administers the Henrik Steffens Professorship at

855-701: The Faculty of Law and most of the other faculties have been transferred to the Blindern campus in the suburban West End , erected in the 1930s. The Faculty of Medicine is split between several university hospitals in the Oslo area. The Faculty of Theology sponsors 8 research groups in the following fields: Centres of Excellence: The Faculty of Humanities is the University of Oslo's largest faculty, and has approximately 8000 students and 917 employees. The University of Oslo has several units which are not part of one of

912-485: The United States in 1927. There, seeking other economists interested in the new mathematical and statistical approaches to economics, he associated with Irving Fisher , Wesley Clair Mitchell , Allyn Young and Henry Schultz . He wrote a paper analyzing the role of investment in explaining economic fluctuations . Wesley Mitchell, who had just written a book on business cycles , popularized Frisch's paper which

969-528: The 1970s and 1980s. The strong rise in student numbers during the 1990s was attributed partly to the poor labour market. The highest position at the university is Professor, i.e. "full Professor." In Norway, the title "Professor," which is protected by law, is only used for full professors. Before 1990, all professors were appointed for life to their chairs by the King-in-Council , i.e. by the King upon

1026-704: The Associate Professor level; an associate professor may apply for promotion to full professor if he or she holds the necessary competence. Additionally, there are temporary, qualifying positions such as stipendiat (Research Fellow) and postdoktor (Postdoctoral Fellow). A small number of employees with few or no teaching obligations hold the special research career pathway ranks researcher , senior researcher and research professor , which correspond to assistant professor, associate professor and professor, respectively. Several other less common academic positions also exist. Historically, only professors had

1083-472: The Blindern campus in particular. The faculties situated in central Oslo—Law and Medicine—experienced only a doubling in student enrollment during the 1960s, while the number of students in the humanities and social sciences tripled. By 1968, revolutionary political ideas had taken root in earnest among university students. The "Student Uprising" became a turning point in the history of universities throughout

1140-574: The David Andersen workshop in Oslo. However at his mother's advice, while doing his apprenticeship Frisch also started studying at the Royal Frederick University . His chosen topic was economics, as it seemed to be "the shortest and easiest study" available at the university, and passed his degree in 1919. In 1920 he also passed his handicraftsman tests and became a partner in his father's workshop. In 1921 Frisch received

1197-602: The Dissolution of the Union. Waldemar Christofer Brøgger was Professor of Geology and became the university's first rector. Brøgger vacillated between a certain pessimism and a powerfully energetic attitude regarding how to procure finances for research and fulfill his more general funding objectives. With the establishment of the national research council after World War II, Brøgger's vision was largely fulfilled; research received funding independent of teaching. This coincided with

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1254-644: The Faculties of Dentistry, Educational Sciences, Humanities, Law, Mathematics and Natural Sciences, Medicine, Social Sciences and Theology. The university's old campus, strongly influenced by Prussian architect Karl Friedrich Schinkel 's neoclassical style, is located in the centre of Oslo near the National Theatre , the Royal Palace and the Parliament . The old campus was then occupied by

1311-470: The Frisch medal, numerous Econometrica articles have been highly influential in economics and social sciences, including: Ragnar Frisch Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was an influential Norwegian economist known for being one of the major contributors to establishing economics as a quantitative and statistically informed science in the early 20th century. He coined

1368-473: The Lutheran Church of Norway having been Norway's state church since 1536), law, medicine, humanities , mathematics, natural sciences , social sciences , dentistry , and education. The university's original neoclassical campus is located in the centre of Oslo; it is currently occupied by the Faculty of Law . Most of the university's other faculties are located at the newer Blindern campus in

1425-506: The Oslo University. During 1927 and 1928 Frisch published a series of articles on the statistics of time series. In 1929 he published his first important essay on econometric methodology, "Correlation and scatter in statistical variables", followed in the same year by "Statics and dynamics in economic theory", which introduced dynamics in economic analysis. Frisch became a full Professor at the university in 1931. He also founded at

1482-482: The University of Oslo during 1925 and, in 1926, he obtained the Dr. Philos. degree with a thesis in mathematical statistics . Also in 1926, Frisch published an article outlining his view that economics should follow the same path towards theoretical and empirical quantization that other sciences, especially physics, had followed. During the same year, he published his seminal article "Sur un problème d'économie pure" starting

1539-527: The advice of the Cabinet . The position below Professor was historically Docent (translated as Reader in a UK context and Professor in an American context). In 1985, all Docents became full professors. The most common positions below that are førsteamanuensis (translated as Associate Professor), and amanuensis or universitetslektor (translated as Lecturer or Assistant Professor). At the University of Oslo, almost all new permanent positions are announced at

1596-476: The celebrated Frisch–Waugh theorem ( Econometrica 1933) (sometimes referred to as the Frisch–Waugh–Lovell theorem ). In oligopoly theory he developed the conjectural variation approach. Frisch also is credited with introducing the term "model" in its modern economic sense by Paul Samuelson, based on a 1930 Yale University lecture. His 1933 work on impulse-propagation business cycles became one of

1653-449: The faculties, including some interdisciplinary research centres, research centres abroad, the scientific museums, and libraries: Affiliated institutes are independent institutes that have a formal cooperation agreement with and close ties to the University of Oslo. Most of them were established by the University of Oslo, but have been organised as entities formally separate from the university for various reasons. The University of Oslo has

1710-507: The implementation of his own quantization programme. The article offered theoretical axiomatizations which result in a precise specification of both ordinal and cardinal utility , followed by an empirical estimation of the cardinal specification. Frisch also started lecturing a course on production theory , introducing a mathematization of the subject. Frisch received a fellowship from the Rockefeller Foundation to visit

1767-620: The journal Econometrica for its first 21 years. Ragnar Frisch has given name to the Frisch Medal , which is awarded every year by the Econometric Society for the best paper in econometrics published in the last five years, as well as the Frisch-centre for Applied Economic Analysis at the University of Oslo. The Grand Auditorium at the Institute of Economics, University of Oslo also bears his name. Ragnar Frisch

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1824-528: The management of the university became more professional, academic subjects were reformed, and the forms of teaching evolved. Classical education came under increasing pressure. When the union with Sweden was dissolved in 1905, the university became important for producing highly educated experts in a society which placed increasing emphasis on ensuring that all its citizens enjoy a life of dignity and security. Education, health services and public administration were among those fields that recruited personnel from

1881-411: The millennium, the number of students enrolled at the university rose exponentially. In 1992, UiO implemented a restriction on admissions for all of its faculties for the first time. A large part of the explanation for the high student numbers was thought to be found in the poor job market. In 1996, there were 38,265 students enrolled at UiO. This level was approximately 75 per cent above the average during

1938-486: The previous five years. Frisch's most important hobby was bee-keeping, for which Frisch performed genetic studies. There is a bibliography of Frisch's writings up to 1960 in and there is a collection of selected essays Royal Frederick University The University of Oslo ( Norwegian : Universitetet i Oslo ; Latin : Universitas Osloensis ) is a public research university located in Oslo , Norway . It

1995-406: The principles of modern New Classical business cycle theory. He also helped introduce econometric modeling to government economic planning and accounting. He was one of the founders of the Econometric Society and editor of Econometrica for over twenty years. The Frisch Medal , so named in his honor, is given every two years for the best paper published in the aforementioned Econometrica in

2052-489: The right to vote and be represented in the governing bodies of the university. Originally, all professors were automatically members of the Collegium Academicum , the highest governing body of the university, but soon afterwards its membership was limited. Docents were granted the right to vote and be represented in 1939 and other academics and students in 1955. In 1975, the technical-administrative support staff

2109-413: The student welfare organisation Foundation for Student Life in Oslo , to subsidise kindergartens, health services, housing and cultural initiatives, the weekly newspaper Universitas and the radio station Radio Nova . In addition the students are charged a copy and paper fee of 200  kr (roughly US$ 25 ) for full-time students and 100  kr (roughly US$ 12 ) for part-time students. Lastly

2166-540: The suburban West End . The Faculty of Medicine is split between several university hospitals in the Oslo area. The university also includes some formally independent, affiliated institutes such as the Centre for International Climate and Environmental Research (CICERO), NKVTS  and the Frisch Centre. The Nobel Peace Prize was awarded in the university's Atrium , from 1947 to 1989 and in 2020. Since 2003,

2223-484: The term econometrics in 1926 for utilising statistical methods to describe economic systems, as well as the terms microeconomics and macroeconomics in 1933, for describing individual and aggregate economic systems, respectively. He was the first to develop a statistically informed model of business cycles in 1933. Later work on the model, together with Jan Tinbergen , won the first Nobel Memorial Prize in Economic Sciences in 1969. Frisch became dr.philos. with

2280-400: The university as the 1960s. The decade represented an unparalleled period of growth. From 1960 to 1970, student enrollment tripled, rising from 5,600 to 16,800. This tremendous influx would have been enough in itself to transform the way the university was perceived, from both the inside and the outside. As it turned out, the changes were even more comprehensive. The university campus at Blindern

2337-667: The university closed and the students arrested. A number of students and teachers were detained by the Germans nearly until the end of the war. After WWII, public authorities made loans available to students whose families were unable to provide financial assistance; the State Educational Loan Fund for Young Students was established in 1947. As a result, the post-war years saw a record increase in student numbers. Many of these students had been unable to begin their studies or had seen their studies interrupted because of

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2394-698: The university the Rockefeller-funded Institute of Economics in 1932 and became its Director of Research. Ragnar Frisch received the Antonio Feltrinelli prize from the Accademia Nazionale dei Lincei in 1961 and the Nobel Memorial Prize in Economic Sciences in 1969 (awarded jointly with Jan Tinbergen ) for "having developed and applied dynamic models for the analysis of economic processes". He

2451-421: The university's graduates. Research changed qualitatively around the turn of the century as new methods, scientific theories and forms of practice changed the nature of research. It was decided that teachers should arrive at their posts as highly qualified academics and continue academic research alongside their role as teachers. Scientific research—whether to launch or test out new theories, to innovate or to pave

2508-413: The war; they could now enroll. For the 1945 autumn semester, 5951 students registered at the university. This represented the highest student enrollment at UiO up to that time. In 1947, the number had risen to more than 6000 students. This represented a 50 per cent increase in the number of students compared to the number enrolled before the war. In no prior period had one decade brought so many changes for

2565-441: The way for discoveries across a wide range of disciplines—became part of the increased expectations placed on the university. Developments in society created a need for more and more specialised and practical knowledge, not merely competence in theology or law, for example. The university strove to meet these expectations through increasing academic specialisation. The position of rector was established by Parliament in 1905 following

2622-543: The western world. Often, the outlook for students in the 1960s was bleak. More than ever before came from non-academic backgrounds and had few role models. The "University of the Masses" was unable to lift all its students to the "lofty, elite positions" enjoyed by prior generations of academics. Many students dissociated themselves, therefore, from the so-called "establishment" and from the way it functioned. Many were impatient and wanted to use their knowledge to change society. It

2679-899: Was a member of both the American Academy of Arts and Sciences and the American Philosophical Society . During the occupation of Norway by Nazi Germany , Frisch was arrested, along with 13 other University of Oslo faculty members and more than 100 students, in October 1943. He was imprisoned in Bredtveit concentration camp from 17 October 1943, then in Berg concentration camp from 22 November 1943, then in Grini detention camp from 9 December 1943 to 8 October 1944. Frisch married Marie Smedal in 1920 and they had

2736-479: Was also granted the right to vote and be represented in certain bodies, as the last group. Formerly by law, and now by tradition, the highest positions, such as Rector or Dean, are only held by professors. They are elected by the academic community (academics and students) and by the technical-administrative support staff, but the votes of the academics carry significantly more weight. The university's research structure consists of eight schools, or "faculties." They are

2793-537: Was awarded to Ragnar Frisch . The Nobel prize in Chemistry was awarded to Odd Hassel . In the field of linguistics, several Norwegian researchers distinguished themselves internationally. Increased research activity during the first half of the 1900s was part of an international development that also included Norway. Student enrollment doubled between 1911 and 1940, and students were recruited from increasingly broad geographical, gender and social bases. The working class

2850-763: Was born on 3 March 1895 in Christiania as the son of gold- and silversmith Anton Frisch and Ragna Fredrikke Frisch (née Kittilsen). The Frisch family had emigrated from Germany to Kongsberg in Norway in the 17th century and his ancestors had worked for the Kongsberg Silver Mines for generations; Ragnar's grandfather Antonius Frisch had become a goldsmith in Christiania in 1856. His family had thus worked with precious metals like silver and gold for at least 300 years. Being expected to continue his family business, Frisch became an apprentice in

2907-406: Was expanded, and the number of academic and administrative employees rose. The number of academic positions doubled, from fewer than 500 to around 1,200. The increase in the number of students and staff transformed traditional forms of work and organisation. The expansion of the Blindern complex allowed the accommodation of 7,000 students. The explosive rise in student numbers during the 1960s impacted

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2964-432: Was first appointed by the King-in-Council as Professor of Economics and Statistics at the Faculty of Law, University of Oslo (then the Royal Frederick University ) in 1931, before becoming leader of the newly founded Institute of Economics at the University of Oslo in 1932. He remained at the University of Oslo until his retirement in 1965. Frisch was one of the founders of the Econometric Society in 1930, and edited

3021-549: Was founded in Christiania (later renamed Oslo), a small city at that time. Circumstances then changed dramatically one year into the commencement of the university, as Norway proclaimed independence. However, independence was somewhat restricted, as Norway was obliged to enter into a legislative union with Sweden based on the outcome of the War of 1814. Norway retained its own constitution and independent state institutions, although royal power and foreign affairs were shared with Sweden. At

3078-442: Was introducing new advanced methods. Although his fellowship was extended to travel to Italy and France, the next year Frisch had to return to Norway because of his father's death. He spent one year to modernize and recapitalize his family's workshop by selling family assets and to find a jeweller to manage the business for him. Then he resumed academic work, in 1928 being appointed Associate Professor of statistics and economics at

3135-532: Was named for King Frederick VI of Denmark and Norway, and received its current name in 1939. The university was commonly nicknamed "The Royal Frederick's" ( Det Kgl. Frederiks ) before the name change, and informally also referred to simply as Universitetet ( lit.   ' the university ' ). The university was the only university in Norway until the University of Bergen was founded in 1946. It has approximately 27,700 students and employs around 6,000 people. Its faculties include ( Lutheran ) theology (with

3192-537: Was still largely left behind, however. During the German occupation, which lasted from 1940 to 1945, the university rector, Didrik Arup Seip , was imprisoned. The university was then placed under the management of Adolf Hoel , a NS (Norwegian Nazi Party) appointee. A number of students participated in the Norwegian resistance movement ; after fire was set in the university auditorium, Reich Commissar Terboven ordered

3249-417: Was thought that academics should stand in solidarity with the underprivileged. The most fundamental change in the student population was the increasing proportion of female students. Throughout the 1970s, the number of women increased until it made up the majority of students. At the same time, the university became a centre for the organised women's liberation movement , which emerged in the 1970s. Up until

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