VANCOUVER, BC—A trio of researchers from Stanford University and the University of Chicago have been awarded the Addington Prize in Measurement presented by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
Nicholas A. Bloom (Professor of Economics, Stanford University), Steven J. Davis (William H. Abbott Professor of International Business and Economics, University of Chicago Booth School of Business) and Scott R. Baker (Ph.D. candidate, Stanford University) received the award, which comes with a $10,000 prize, for their paper Measuring Economic Policy Uncertainty. Co-published through the National Bureau of Economic Research, this ground-breaking report develops the first rigorous analytical framework for measuring the extent and impact of economic policy uncertainty in the United States. The authors have since expanded their work to include Canada, Europe, China, and India.
“Baker, Bloom, and Davis conclude that U.S.-based economic policy uncertainty surged upward since 2008 and remains extremely high today, hindering recovery from the recession,” said Stephen Easton, chair of the Fraser Institute’s Addington Centre for the Study of Measurement.
“Their research serves as a sober warning about the short- and long-term consequences of economic policy uncertainty, which foreshadows declines in economic growth and employment.”
The Addington Prize in Measurement is named after Raymond Addington, former chairman of the Fraser Institute Board of Trustees. The prize recognizes a person or team who has developed a new, interesting, and important concept in public policy, exemplifying the Institute’s motto: If it matters, measure it.
The winning paper was selected by a panel of academics. Entries were judged on several criteria, including originality and significance of the ideas presented, persuasiveness of the argument, and integrity of the data.
The 2013 Addington Prize in Measurement will be open for nominations this fall.