Dear Stern Community,

It is with great pleasure that I announce that Robert Engle, the Michael
R. Armellino Professor of the Management of Financial Services at NYU
Stern, has been awarded the 2003 Nobel Prize in Economics. He has
received the award for methods of analyzing economic time series with
time-varying volatility (ARCH) and shares the prize with Clive W. J.
Granger of the University of California at San Diego.

Professor Engle has been with NYU Stern since 2000. He is an expert in
time series analysis with a long-time interest in the analysis of
financial markets. His research has produced such innovative statistical
methods as ARCH, for which he was awarded the Nobel Prize,
cointegration, band spectrum regression, common features, CAViaR, and
most recently dynamic conditional correlation.

He has received this prestigious award for his research on the concept
of autoregressive conditional heteroskedasticity (ARCH). Professor Engle
demonstrated that it accurately captures the properties of many time
series and developed methods for statistical modeling of time-varying
volatility. His ARCH models have become indispensable tools not only for
researchers, but also for analysts on financial markets, who use them in
asset pricing and in evaluating portfolio risk.

Professor Engle has published more than 100 academic papers and three
books. His interest in financial econometrics covers equities, interest
rates, exchange rates and options. He is a fellow of both the American
Academy of Arts and Sciences and the Econometric Society. Professor
Engle received a B.A. in Physics from Williams College in 1964, a
masters degree in Physics from Cornell University in 1966, and a Ph.D.
in economics from Cornell in 1969.

Please join me in celebrating this tremendous milestone for the Stern
School and this great honor for Professor Engle's scholarly achievement.

Sincerely,

Thomas F. Cooley
Dean
NYU Stern School of Business