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Advances in Econometrics is a series of research annuals first published in 1982 by JAI Press. In this paper, we present a brief history of the series over its first 30…
Advances in Econometrics is a series of research annuals first published in 1982 by JAI Press. In this paper, we present a brief history of the series over its first 30 years. We describe key events in the history of the volume, and give information about the key contributors: editors, editorial board members, Advances in Econometrics Fellows, and authors who have contributed to the great success of the series.
The collection of chapters in this 30th volume of Advances in Econometrics provides a well-deserved tribute to Thomas B. Fomby and R. Carter Hill, who have served as editors of the Advances in Econometrics series for 25 and 21 years, respectively. Volume 30 contains a more varied collection of chapters than previous volumes, in essence mirroring the wide variety of econometric topics covered by the series over 30 years. Volume 30 starts with a chapter discussing the history of this series over the last 30 years. The next five chapters can be broadly categorized as focusing on model specification and testing. Following this section are three contributions that examine instrumental variables models in quite different settings. The next four chapters focus on applied macroeconomics topics. The final chapter offers a practical guide to conducting Monte Carlo simulations.
On March 24, 2012, we had one of the greatest surprises of our lives. We walked into the Lod Cook Conference Center on the LSU campus, to find scores of people, including our friend, mentor and major Professor Stanley R. Johnson, and many old colleagues and students. This event, in honor of the 30th volume of Advances in Econometrics, was engineered by our friend Dek Terrell, with the aide of his spouse, Dannielle Lewis, our spouses Nancy Fomby and Melissa Waters, Julianna Richard of LSU, Daniel Millimet of SMU, and our former Emerald Press editor Emma Whitfield. True to our nature we were oblivious to the nine months of planning and work that had gone into preparing the event. These cunning and diabolical people, obviously skilled in hiding the truth and keeping poker faces through it all, had organized a surprise conference! Not a birthday party, not a dinner, but a weekend conference with participants from all over the world! We are amazed, and honored.
The main theme of this volume is credit risk and credit derivatives. Recent developments in financial markets show that appropriate modeling and quantification of credit risk is fundamental in the context of modern complex structured financial products. Moreover, there is a need for further developments in our understanding of this important area. In particular modeling defaults and their correlation has been a real challenge in recent years, and still is. This problem is even more relevant after the so-called subprime crisis that hit in the summer of 2007. This makes the volume very timely and hopefully useful for researchers in the area of credit risk and credit derivatives.