I am clearly not the best blogger since I have not written for over a year. What a year it has been. When Rob won the Prize, he had to define volatility and risk to most people who were interested in what his formulas were good for. Now, we all know about volatility and risk. The ground has shaken (physically for Haiti and economically for the world) and now, hopefully, the very worst is behind us. In the meantime, Rob has a new Volatility Institute (www.stern.nyu.edu/volatility) and a Volatility Laboratory http://vlab.stern.nyu.edu/ with daily updates on volatility on a slew of things (indexes, stocks, countries, etc) and has appeared many places to talk about systemic risk. He chaired a committee for the National Academy of Science on the topic and will testify before the Banking Committee in the US Senate this week. He and twenty NYU Stern colleagues have published a book, Restoring Financial Stability: How to Repair a Failed System, on the crisis (edited by Matt Richardson and Viral Acharya) that seems to have had great impact on policy. It's amazing to see how much there is to learn quickly to attempt to apply what you know to what is happening. Only the world economy is at stake, after all.
On the personal side, we have a new grandchild, Graham Emory Richland, now 1 week old!! His older brother, Silas, is adorably thrilled to have a baby brother. His face just melts when he looks at him. We do too.