CHICAGO, May 16, 2022 /PRNewswire/ — CME Group, the world’s leading derivatives market, and the Mathematical Sciences Research Institute (MSRI), announced today that Nancy StokeyFrederick Henry Prince Distinguished Service Professor of Economics, University of Chicagois the winner of the 2021 CME Group-MSRI Innovative Quantitative Applications Prize for her work in economics and mathematics.
The CME Group-MSRI award recognizes people who bring original concepts in mathematical, statistical or computational methods to the study of market behavior and the global economy. Stokey’s recent work has focused on economic growth and development, and the role of trade and technology transfer in accelerating growth in middle-income countries.
Previous winners of the CME Group-MSRI award are eminent figures in economics and mathematics. Seven of the 15 past recipients have been awarded the Nobel Prize in Economics. A full list of past recipients is available at msri.org.
“It’s a great honor to receive this award: past winners form a group any economist would be proud to join,” said Stokey. “The Prize’s emphasis on mathematical and quantitative methods makes it particularly significant. The rigor demanded by mathematical models has been a critical part of the development of economics. Without models and frameworks common to all applications and questions, economics would not be a science.”
Stokey is a Fellow of the National Academy of Sciences and the American Academy of Arts and Sciences, Fellow of the Econometric Society, Distinguished Fellow of the American Economic Association, and 2021 President of the Society for the Advancement of Economic Theory.
Stokey served as co-editor of “Econometrica” and “The Journal of Political Economy” and vice president of the American Economic Association. She is the author of “The Economics of Inaction” (2009) and co-author of the influential monograph “Recursive Methods in Economic Dynamics” (1989).
Stokey received a bachelor’s degree in economics from the University of Pennsylvania and a Doctor of Philosophy from Harvard University. She also received an honorary doctorate in law from the University of Western Ontario.
“We are delighted to recognize Professor Stokey for her achievements in economics and mathematics,” said Leo Melamed, Chairman Emeritus of the CME Group. “During her career, Professor Stokey has led significant research efforts that have helped shape the dialogue on global economic growth, changing market dynamics, and fiscal and monetary policy.
“This year’s MSRI award coincides with the 50th anniversary of the international money market and the birth of Financial Futures,” he added. “Nobel Laureate Merton Miller named the IMM and its financial future, ‘the most significant innovation of the past two decades, the one that ushered in the modern age of finance.’ IMM has become a melting pot of new ideas and innovations, paving the way not only for other financial futures, but also helping to advance understanding of the futures industry by instituting educational programs across These efforts included a number of CME Group awards, such as the annual Melamed-Arditti Innovation Award and the MSRI Award for Innovative Quantitative Applications.”
“It gives me immense pleasure to announce that Professor Stokey will be the recipient of the CME Group-MSRI award this year,” said David Eisenbuddirector of the MSRI and professor of mathematics at the University of California, Berkeley. “His fundamental work on economic dynamics forms part of the mathematical backbone of modern macroeconomics, and his work on the role of trade in the growth of economies could not be more timely.”
The mission of the CME Center for Innovation is to identify, foster and showcase examples of meaningful innovation and creative thinking regarding markets, commerce or exchange in the public and private sectors. For more information on the CME Center for Innovation, visit http://www.cmegroup.com/company/center-for-innovation/.
The Mathematical Sciences Research Institute (MSRI) of Berkeley, California, is one of the world’s leading centers for collaborative research in the mathematical sciences. MSRI has been advancing mathematical research through workshops and conferences since its founding in 1982, and more than 1,700 mathematicians are hosted by MSRI each year. A rotating committee of renowned mathematicians directs the scientific program of the Institute with a vision of the field in perpetual renewal. A Board of Trustees, comprised of accomplished business leaders and academics, oversees the Institute’s strategy and ensures its operational and financial well-being. The Institute was funded primarily by the National Science Foundation with additional support from other government agencies, private foundations, corporations, individual donors, and more than 100 academic institutions.
MSRI also serves a broader community through the development of human scientific capital, providing postdoctoral training to outstanding young scientists, and increasing the diversity of the research workforce. The Institute advances youth education with lectures on critical issues in math education and the creation of a nationwide movement of math circles engaging children in math as a hobby. MSRI strives to make mathematics accessible and exciting to those outside the field through the National Math Festival, sponsorship of Numberphile, YouTube’s most popular informal math channel, production of films for the public television and the Mathical Book Prize for children’s literature. www.msri.org
About CME Group
As the world’s leading derivatives market, CME Group (www.cmegroup.com) enables its clients to trade futures, options, cash and over-the-counter markets, optimize portfolios and analyze data, which enables market players around the world to effectively manage risks and seize opportunities. CME Group exchanges offer the widest range of global benchmark products in all major asset classes based on interest rates, equity indices, currencies, energy, agricultural commodities and metals. The company offers futures and futures options through the CME Globex® platform, fixed income through BrokerTec, and foreign exchange trading through the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.
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