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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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.


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MLA style: "The Prize in Economics 2004 - Further Reading". Nobel Media AB 2014. Web. 25 Sep 2017. <>