Two former University of Minnesota professors won the Nobel Prize Monday for their research on economic policy, according to a Star Tribune article.  

Thomas Sargent and Christopher Sims – both of whom were members of the University’s Department of Economics in the 70’s and 80’s – received the award for work that explored how people respond to changes in economic policy such as inflation and increased interest rates. 

In the article, University President Eric Kaler is quoted as saying the pair’s achievements have shown the “worldwide impact” of the work done by the University’s economics program. 

The Star Tribune reported that in this time of financial difficulty for the U.S., their work could be key to discovering a “way out of this mess.”  

The pair of 68 year-olds will receive their awards on Dec. 10.  For more information, see the Star Tribune’s article.