DURHAM, N.C. -- A Duke University economics professor who studied under Robert F. Engle, who along with Briton Clive W.J. Granger won the 2003 Nobel Memorial Prize in Economic Sciences on Wednesday, says the award is a "great validation" of the use of statistical methods to better understand stock prices, consumer spending and other long-running series of data.

"This is one of the most active areas of research the past 15 years," said Tim Bollerslev, the Juanita and Clifton Kreps Professor of Economics at Duke. "I'm thrilled. It's very exciting."

Bollerslev, who studied under Engle from 1983 to 1986 at the University of California at San Diego, is an internationally known time series econometrician whose work measuring and forecasting financial market volatility continues to be influenced by Engle.

"We've coauthored several papers, and we see each other frequently," Bollerslev said. "I consider him a very good friend and a great mentor. This kind of research is very important for the way we think about, measure and manage financial market risk."

In fact, Bollerslev was mentioned by name in the Nobel Prize announcement, which notes that Engle worked with students and colleagues to further develop this concept. The "best-known extension," the Nobel announcement says, is a model Bollerslev developed in 1986. "This development has turned out to be very useful; (Bollerslev's model) is the model most often applied today," the announcement says.

Bollerslev can be reached for additional comment in his office at (919) 660-1846 or by email. After 5:30 p.m. EST, he can be reached at home at (919) 489-2652.