Ray Fair
Encyclopedia
Ray Clarence Fair is the John M. Musser Professor of Economics
at Yale University
.
Fair received his B.A. from Fresno State College in 1964 and his Ph.D. from MIT
in 1968. He spent several years at Princeton University
before moving to Yale. He is now a professor within the Cowles Foundation
and the International Center for Finance.
Fair's teaching and research interests include macroeconomic theory
, econometrics
, and macroeconometric modeling. He is the author, along with Karl Case of Wellesley College, of the economics textbook Principles of Economics. He has also authored several books pertaining to modeling, including Testing Macroeconometric Models(1994), Estimating How the Macroeconomy Works (2004) and the more recent Predicting Presidential Elections and Other Things (2002).
Ray Fair maintains a macroeconomic model, data, software and forecasts on his home page and that are also available for free downloading for use on a personal computer. The Fair Model macroeconmic model forecasts for the United States and 38 other countries.
Fair lives in New Haven
, Connecticut
, with his wife Sharon Oster
, a professor at the Yale School of Management
. He is the father of Emily Oster
, an economist at the University of Chicago
.
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
.
Fair received his B.A. from Fresno State College in 1964 and his Ph.D. from MIT
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
in 1968. He spent several years at Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
before moving to Yale. He is now a professor within the Cowles Foundation
Cowles Foundation
The Cowles Commission for Research in Economics is an economic research institute, founded in Colorado Springs in 1932 by Alfred Cowles, a businessman and economist. In 1939, the Cowles Commission moved to the University of Chicago under the directorship of Theodore O. Yntema. Jacob Marschak took...
and the International Center for Finance.
Fair's teaching and research interests include macroeconomic theory
Macroeconomics
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
, econometrics
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
, and macroeconometric modeling. He is the author, along with Karl Case of Wellesley College, of the economics textbook Principles of Economics. He has also authored several books pertaining to modeling, including Testing Macroeconometric Models(1994), Estimating How the Macroeconomy Works (2004) and the more recent Predicting Presidential Elections and Other Things (2002).
Ray Fair maintains a macroeconomic model, data, software and forecasts on his home page and that are also available for free downloading for use on a personal computer. The Fair Model macroeconmic model forecasts for the United States and 38 other countries.
Fair lives in New Haven
New Haven, Connecticut
New Haven is the second-largest city in Connecticut and the sixth-largest in New England. According to the 2010 Census, New Haven's population increased by 5.0% between 2000 and 2010, a rate higher than that of the State of Connecticut, and higher than that of the state's five largest cities, and...
, Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
, with his wife Sharon Oster
Sharon Oster
Sharon Oster is Frederic D. Wolfe Professor of Management and Entrepreneurship at Yale School of Management. She is widely known as an economist focusing on business strategy and non-profit organization management. Sharon lives in New Haven, Connecticut, with her husband Ray Fair, a professor at...
, a professor at the Yale School of Management
Yale School of Management
The Yale School of Management is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers Master of Business Administration and Ph.D. degree programs. As of January 2011, 454 students were enrolled in its MBA...
. He is the father of Emily Oster
Emily Oster
Emily Fair Oster is an American economist. After receiving an B.A. and Ph.D. from Harvard in 2002 and 2006 respectively, Oster moved to the University of Chicago where she is now a Becker Fellow, which is a two year position at the Becker Center on Chicago Price Theory...
, an economist at the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
.