Measure of chance

"If they (Chinese authorities) can figure out what's the right thing to do, they'll do it. And they've been very good at that," he adds.

Engle, who is on an advisory board of the Chinese Academy of Social Sciences, comes to China more often these days, attending conferences and giving talks.

In 2014, Engle launched a branch of the Volatility Institute of the Stern School of Business, in Shanghai as part of a New York University initiative there. He is director of the institute.

NYU Shanghai, which was jointly established by New York University and East China Normal University, is the first Sino-US university campus.

Operated in close partnership with the Stern School and applying tools such as an award-winning model to analyze data, the Volatility Institute at NYU Shanghai provides financial information and analysis of the markets on its website for economists, regulators and even the general public.

The Shanghai institute has cooperated with the stock exchange and universities in the southern metropolis, and has also started an annual conference series that brings experts to discuss China's financial system, Engle says.

Despite his busy schedule as a high-profile economist and a regular teaching schedule, Engle tries to stick to hobbies like figure skating and dancing.

But whenever he gets a chance to relax, he finds a lot of questions running through his mind.

"I always look for simple answers," says Engle, who rewards himself with simple pleasures like a cup of coffee every time he figures out an answer.

Contact the writer at liuxiangrui@chinadaily.com.cn