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The Stone Lectures in Economics is an annual series of presentations by the world's leading academic economists, jointly organised by the National Institute of Economic and Social Research and Cambridge University Press. Sir Richard Stone (1913-1991) was awarded the Nobel Prize in Economics in 1984 for his work on the development of systems of national accounts. Much of this work was published jointly by the Department of Applied Economics in Cambridge and the National Institute of Economic and Social Research. The first volume published contained his estimates of consumer spending and, equally importantly, a statistical analysis of consumer behaviour. In his Preface Sir Richard acknowledged the financial support of the National Institute and its role in his work: "The detailed investigation of consumers' expenditure ... was begun at the National Institute of Economic and Social Research in 1941". It is with this in mind that the National Institute and Cambridge University Press are proud to name this lecture series after Sir Richard Stone.

  • Selection Committee Members: Martin Weale, CBE, National Institute of Economic and Social Research

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2 results in The Stone Lectures in Economics

Imperfect Knowledge and Monetary Policy
  • Vítor Gaspar, Otmar Issing, Oreste Tristani, David Vestin
  • Published online:
    22 September 2009
    Print publication:
    16 February 2006
  • Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limitations of decision rules suggested by the academic literature and recommends an approach involving, first, a firm reliance on the few fundamental and robust results of monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and strengthens the case for conservatism.

Statistics, Econometrics and Forecasting
  • Arnold Zellner
  • Published online:
    22 September 2009
    Print publication:
    19 February 2004
  • Based on two lectures presented as part of The Stone Lectures in Economics series, Arnold Zellner describes the structural econometric time series analysis (SEMTSA) approach to statistical and econometric modeling. Developed by Zellner and Franz Palm, the SEMTSA approach produces an understanding of the relationship of univariate and multivariate time series forecasting models and dynamic, time series structural econometric models. As scientists and decision-makers in industry and government world-wide adopt the Bayesian approach to scientific inference, decision-making and forecasting, Zellner offers an in-depth analysis and appreciation of this important paradigm shift. Finally Zellner discusses the alternative approaches to model building and looks at how the use and development of the SEMTSA approach has led to the production of a Marshallian Macroeconomic Model that will prove valuable to many. Written by one of the foremost practitioners of econometrics, this book will have wide academic and professional appeal.