Edward C. Prescott
Facts
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
Died: 6 November 2022, Paradise Valley, AZ, 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.
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