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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2004
Finn E. Kydland, Edward C. Prescott

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Finn E. Kydland - Facts

Finn E. Kydland

Finn E. Kydland

Born: 1 December 1943, Gjesdal, Norway

Affiliation at the time of the award: Carnegie Mellon University, Pittsburgh, PA, USA, University of California, Santa Barbara, CA, USA

Prize motivation: "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles"

Field: macroeconomics

Contribution: Showed that economic policies are often plagued by problems of time inconsistency. Demonstrated that society could gain from prior commitment to economic policy. Introduced new ideas about economic policy design and the driving forces behind business cycles.

Prize share: 1/2

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This Prize was established in memory of Alfred Nobel.