Journal of Economic Literature (JEL) Code(s)
Prominent among the many contributions that economics has made to humanity are the ones we witness daily in the normal operations of our national economies and our …nancial systems. Less prominent is the work in econometrics that is largely done in universities developing theories and techniques, conducting empirical research, and analyzing the eﬀects of economic policies and social programs. Econometrics is the tool that forces our ideas about the economy and society to face the reality of observation. Its methods empower empirical modeling and evidence-based studies throughout the social and business sciences. This graduation speech recounts some experiences and lessons learnt in the author’s journey into the world of econometric research. Journeys like this begin with initial conditions rooted in our early lives and education. Teachers, colleagues, students, contemplation, and aspiration all influence our thinking and determine the directions we take in our research. This story is a personal account of the initial conditions and unit roots of experience that have had an enduring impact on my work and career as an econometrician.
Phillips, Peter C.B., "Unit Roots in Life and Research" (2017). Cowles Foundation Discussion Papers. 189.