Useful Links / Further Reading / Lästips
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.
Nobel Prizes and laureates
Six prizes were awarded for achievements that have conferred the greatest benefit to humankind. The 14 laureates' work and discoveries range from quantum tunnelling to promoting democratic rights.
See them all presented here.
