The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Oct, 1960, Volume 28, Issue 4
https://doi.org/0012-9682(196010)28:4<909:AROPCR>2.0.CO;2-G
p. 909-915
Alfred Cowles
This paper reports results which verify the general proposition that, where each unit of a time series is an average of points within that unit, the effect of such averaging will be to introduce a positive first-order serial correlationin the first differences of such a series even where the original series is a random chain. The findings here reported are the result of an investigation undertaken after Professor Holbrook Working pointed out to me that certain erroneous conclusions had resulted from failure to recognize that such a disturbance had been caused by this averaging process in one of several time series analyzed in a paper by the late Herbert E. Jones and myself, entitled "Some A Posteriori Probabilities in Stock Market Action," which was published in the July, 1937, number of Econometrica, pages 280-294.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
