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Nobel Prizes and Laureates


Nobel Prizes and Laureates

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

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Edward C. Prescott - Facts

Edward C. Prescott

Edward C. Prescott

Born: 26 December 1940, Glens Falls, NY, USA

Affiliation at the time of the award: Arizona State University, Tempe, AZ, USA, Federal Reserve Bank of Minneapolis, Minneapolis, MN, 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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MLA style: "Edward C. Prescott - Facts". Nobelprize.org. Nobel Media AB 2014. Web. 23 Oct 2014. <http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2004/prescott-facts.html>

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This Prize was established in memory of Alfred Nobel.