Edward C. Prescott

Facts

Edward C. Prescott

Photo from the Nobel Foundation archive.

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

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”

Prize share: 1/2

Life

Edward Prescott was born in Glenn Falls, New York, USA. He initially studied mathematics, but switched to economics and received his Ph.D. from the Carnegie Mellon University in Pennsylvania in 1967. He taught economics at the University of Pennsylvania 1966-1971 where he advised fellow Laureate Finn Kydland on his doctorate. Prescott is married with three children.

Work

Edward Prescott 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. Prescott and fellow Laureate Finn Kydland, working separately and together, influenced the monetary and fiscal policies of governments and laid the basis for the increased independence of many central banks.

To cite this section
MLA style: Edward C. Prescott – Facts. NobelPrize.org. Nobel Prize Outreach AB 2022. Fri. 12 Aug 2022. <https://www.nobelprize.org/prizes/economic-sciences/2004/prescott/facts/>

Back to top Back To Top Takes users back to the top of the page

Explore prizes and laureates

Look for popular awards and laureates in different fields, and discover the history of the Nobel Prize.