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1969 2012
Prize category:
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2004
Finn E. Kydland, Edward C. Prescott
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2004
Nobel Prize Award Ceremony
Finn E. Kydland
Edward C. Prescott
Useful Links / Further Reading / Lästips
| The Laureates |
| Finn E. Kydland, Tepper School of Business, Carnegie Mellon |
| Edward C. Prescott, Federal Reserve Bank of Minneapolis |
| Original Papers |
| Kydland, F. and E. Prescott (1977), "Rules rather than discretion: The inconsistency of optimal plans", Journal of Political Economy 85, pp. 473-490. |
| Kydland, F. and E. Prescott (1982), "Time to build and aggregate fluctuations", Econometrica 50, pp. 1345-1371. |
| Other Articles and Books |
| The time-consistency problem is by now a well established element of macroeconomic analysis. Good expositions can be found in any intermediate textbook, see e.g. O. Blanchard, Macroeconomics, Prentice-Hall, 2000, ch. 25. |
| A good presentation of the Laureates contribution to business cycle theory is given in C. Plosser, "Understanding Real Business Cycles", Journal of Economic Perspectives 1989, no. 3, pp. 51-77. |
| For a discussion emphasizing methodological aspects, see F. E. Kydland and E. C. Prescott, "The Computational Experiment: An Econometric Tool", Journal of Economic Perspectives 1996, no. 1, pp. 69-85. |
TO CITE THIS PAGE:
MLA style: "The Prize in Economics 2004 - Further Reading". Nobelprize.org. 26 May 2013 http://www.nobelprize.org/nobel_prizes/economics/laureates/2004/ecoreading.html
MLA style: "The Prize in Economics 2004 - Further Reading". Nobelprize.org. 26 May 2013 http://www.nobelprize.org/nobel_prizes/economics/laureates/2004/ecoreading.html