Finn E. Kydland
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2004
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”
Prize share: 1/2
Finn Kydland grew up outside Stavanger, Norway. He was educated at the Norwegian School of Economics in Bergen, after which he became a research assistant to his professor Sten Thore. He followed Thore to Carnegie Mellon University in 1969, where Kydland took his Ph.D. course, with a dissertation on Decentralized Economic Planning under his future fellow Laureate Edward Prescott. He was a professor at Carnegie-Mellon 1977-2004 after which he joined the faculty at the University of California, Santa Barbara.
Finn Kydland was awarded the Prize in Economic Sciences for contributions to two areas of dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycle fluctuations. Kydland and fellow Laureate Edward Prescott, working separately and together, influenced the monetary and fiscal policies of governments and laid the basis for the increased independence of many central banks.
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