Christopher A. Sims (1942–2026): Paradigm-shifting macroeconomist and econometrician

R.I.P.

That makes 2026 the year renown econometricians died. This is the second one! See also my blog post here.

From the abstract:

"Christopher A. Sims, who died on March 14, 2026, left behind an indelible mark on macroeconomics and econometrics. His Nobel Prize winning research reshaped the paradigm for empirical macroeconomics, creating a rigorous and flexible framework for inferring the effects of macroeconomic policies. He also made important contributions to time series forecasting, Bayesian econometrics, factor modeling, approximation theory, and models of monetary and fiscal policy.

Few academics have had as direct an impact on the work of central banks throughout the world. A frank and generous mentor with numerous students, Chris’s impact extends well beyond his published papers."

Christopher A. Sims (1942–2026): Paradigm-shifting macroeconomist and econometrician | PNAS (open access)

Sims teaching a class in 2011 right after being awarded the Nobel Prize in economics.

‘Miliwatt’ in MAGAland (or another mediocre British top politician?)

Headline of the day! Who is Ed Miliband? Another mediocre British top politician?

Was this a bad choice by the new PM Andy Burnham? We will find out!

Where are the coward European powers when the US needs them in the War against the terrorism sponsor and nuclear weapons seeking, fanatical theocracy of Iran? The US will remember next time!

Mr. Ed Miliband is almost unknown to me. What has he achieved so far in his political career? Just another lifelong career politician?

"... On 25 July 2002, it was announced that Miliband would take a 12-month unpaid sabbatical from HM Treasury to be a visiting scholar at the Center for European Studies of Harvard University for two semesters. He spent his time at Harvard teaching economics, and stayed there after September 2003 for an additional semester teaching a course titled "What's Left? The Politics of Social Justice". ..." (Wikipedia)

"... It’s an inauspicious occasion for Ed Miliband’s first visit to Washington as Britain’s 71st Foreign Secretary. Ahead of one-on-one talks with his US counterpart Marco Rubio, Miliband has duly trotted out the usual lines about the direct impact of the Strait’s closure on living standards in the US and at home.  This is amid some media excitement about how Miliband – one of many penitent Labour Trump critics – would collide with MAGAworld. 

‘Miliwatt’ is, according to the Times, the less-than-witty nickname some Trumpites are calling our eco-loving plenipotentiary...."

"Ed Miliband lands in Washington this week with a reputation to dispel. Before his appointment, senior officials in the Trump administration privately warned against the idea of Miliband as chancellor. They pointed to Miliband’s opposition to oil and gas drilling in the North Sea as “ideologically driven” — and stopping tax revenues that could fund defence spending. ..."

Spectator Daily

Ed Miliband comes to Washington. Maga has a nickname for him "Despite having called President Trump a ‘racist’, the foreign secretary seems keen to find common ground with his administration. But is it willing to engage?"

Ed Miliband meets the secretary of state Marco Rubio on Wednesday [8/5/2026]

The Never-Ending Credit Crunch and great stagnation in the UK since the 2008-09 financial crisis

Recommendable! Will the new Prime Minister Andy Burnham make a difference?

Caveat: I did not read the entire briefing.

"[Findings]:

• The UK is now around 40 per cent poorer per person than the US, having been on course for near economic parity as recently as 2007. If it were a US state, the UK would be the poorest in the union, ranked below Mississippi.
• Britain has not always been outpaced by the US. Between 1955 and 2008, the UK experienced an annual trend rate of real growth per person of 2.3 per cent, slightly faster than the US at 2.1 per cent.
• After the Global Financial Crisis, the US suffered a drop in the level of economic activity but then essentially returned to trend growth. In contrast, the UK experienced both a sharp drop in the level of economic activity and a decline in the subsequent rate of economic growth.
• Austerity cannot explain the UK’s underperformance since the US pursued a similar policy over the same period.
• The real cause was post-2009 banking regulation, which required banks to substitute perceived low-risk lending to governments for lending to business.
• The effects of regulation fell disproportionately on the UK’s bank-dependent economy, and undermined lending to small and medium-sized businesses, inhibiting their ability to grow. The US was less affected due to its greater reliance on non-bank credit and the abundance of small banks subject to fewer regulatory requirements.
• Whereas US lending to non-financial businesses recovered by mid-2013, in the UK bank lending remains 15 per cent below its early 2008 level.

"

The Never-Ending Credit Crunch "Britain’s weak recovery from the 2008-09 financial crisis was caused by post-crisis banking regulation, not fiscal austerity or an inevitable feature of deep recessions, according to a new briefing from the Institute of Economic Affairs. The briefing, by Tyler Goodspeed, formerly Chairman of the White House Council of Economic Advisers, sets out the case that Britain’s slow recovery was a policy choice rather than a historical inevitability. ..."

Petition Calls on new UK PM to Reinstate Margaret Thatcher Portrait to 10 Downing Street

Good news! Bravo! I second to that wholeheartedly!

This is the new Prime Minister Andy Burnham's chance/opportunity to indicate he is different and better than his predecessors!

Which fools of British Prime Ministers ever took down or left this portrait removed!

You may disagree with the Iron Lady, but she was one of the best British Prime Ministers since 1945 and definitely in my lifetime so far! What she together with US President Ronald Reagan and the Polish Pope John Paul II accomplished is for the ages! Rarely there is such a meeting of great minds in history!

Petition Calls on PM to Reinstate Thatcher Portrait to 10 Downing Street "The left-wing Labour Party government in Britain should reinstate the public portrait of former Prime Minister Margaret Thatcher to its place in 10 Downing Street, a petition has demanded."

Source: Richard Stone, royal portrait painter

US deploys B-1 bomber to strike Iran for first time since war resumed

President Trump is getting serious again! See also my recent, cautionary  blog post here.

It appears the UK is finally supporting the US in this war against Iran.

"... The first strike using the bomber was conducted on Tuesday.

An Axios report published earlier on Thursday noted that the deployed B-1 began its mission from a base in the UK. ... This comes shortly after Bloomberg News reported that newly sworn-in British Prime Minister Andy Burnham approved the use of British bases for attacks by the United States against Iran. ...

The US conducted several B-1 missions between February and April during Operation Epic Fury, hitting missile bases, command centers, weapons storage facilities, and air defense systems. ..."

US deploys B-1 bomber to strike Iran for first time since war resumed | The Jerusalem Post "Using B-1 bombers, which can carry two dozen 2,000-lb. bombs or dozens of cruise missiles, signaled a significant escalation and expansion of the US military campaign, per Axios."

Source

UK government scraps plans for digital ID cards after millions of Brits opposed

Good news! Some lovely British traditions and customs die hard!

Are we dealing with Luddites or do we need better personal privacy protections in the digital age?

Waw this digital ID scheme another one of those failures/blunders of previous PM Keir Starmer?

"The U.K.’s incoming prime minister Andy Burnham has confirmed the U.K. government is scrapping a controversial digital ID card scheme announced last year by the country’s previous leader. ...

The plan to roll out digital identity cards was introduced by the former prime minister Keir Starmer, who argued that state-issued IDs would crack down on migrants working illegally and would modernize access to government services. ...

Millions of Brits had opposed the plan for mandatory digital ID cards, leading to the second-largest public parliamentary petition on record, gathering close to 3 million signatures rejecting the plan. Critics said that the introduction of ID cards would enable surveillance. ..."

UK government scraps plans for digital ID cards after millions of Brits opposed | TechCrunch

President Trump gives unexpected PRAISE to new socialist UK prime minister

How far left will the new British Prime Minister go (without an electoral mandate)? Hopefully, he will be smarter!

(1058) Trump gives unexpected PRAISE to new socialist UK prime minister - YouTube

Incoming UK PM Andy Burnham to announce plans for new North Sea oil and gas drilling

Good news! Bravo!

The moronic BBC obsessed about how the UK would then meet net zero requirements! Laughable!

(819) Andy Burnham to announce plans for new North Sea oil and gas drilling | BBC News - YouTube