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Sims earned his A.B. in mathematics from Harvard University magna cum laude in 1963 and his PhD in Economics from Harvard in 1968. He has held teaching positions at Harvard, University of Minnesota, Yale University and, since 1999, Princeton. Sims is a member of the National Academy of Sciences (since 1989) and of the American Academy of Arts and Sciences (since 1988).

Sargent earned his B.A. from the University of California, Berkeley in 1964, being the University Medalist as Most Distinguished Scholar in Class of 1964, and his Ph.D. from Harvard in 1968. He held teaching positions at the University of Pennsylvania (1970–1971), University of Minnesota (1971–1987), University of Chicago (1991–1998), Stanford University (1998–2002) and Princeton University (2009), and is currently the Berkley Professor of Economics and Business at New York University (since 2002). He is a Fellow of the Econometric Society since 1976.