Tim Bollerslev
Early Life and Education
Tim Bollerslev was born in Denmark. He received his undergraduate degree in economics from the University of Copenhagen. He then moved to the United States to pursue his graduate studies. He earned his Ph.D. in economics from the University of California, San Diego.
Career
Bollerslev began his career as an assistant professor at the Northwestern University in the Department of Economics. He later moved to the Duke University, where he currently holds the position of Juanita and Clifton Kreps Professor of Economics. He has also held visiting positions at several other institutions, including the University of Chicago and the University of Aarhus in Denmark.
Contributions to Econometrics
Bollerslev is best known for his work in econometrics, particularly in the area of time-series analysis. He developed the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model, which is widely used in financial econometrics for modeling and forecasting volatility. This model extends the ARCH model proposed by Robert Engle, by allowing for lagged values of both the squared error term and the conditional variance itself.
GARCH Model
The GARCH model has been influential in both academic research and practical applications. It has been used in a wide range of fields, including finance, economics, and meteorology. The model allows for more flexibility in modeling volatility, making it a valuable tool for risk management and financial forecasting.
Recognition and Awards
Bollerslev has received numerous awards and honors for his contributions to econometrics. He is a fellow of the Econometric Society and the Journal of Econometrics. He has also received the Multa Scripsit award from the Econometric Society for his numerous contributions to the field.
Personal Life
Bollerslev is married and has two children. He enjoys hiking and playing tennis in his spare time.
