Edward C. Prescott

Image:Prescott picture.jpg
Born	December 26, 1940 Glens Falls, New York
Residence	USA
Nationality	American
Field	Economics
Institutions	Federal Reserve Bank of Minneapolis W.P. Carey School of Business
Alma mater	Carnegie Mellon University Swarthmore College
Academic advisor	Michael C. Lovell
Notable students	Costas Azariadis Edward Green Gary Hansen Finn Kydland Rajnish Mehra José Víctor Ríos Rull
Known for	Quantitative general equilibrium business cycle theory Time consistency in economic policy
Notable prizes	Nobel Prize in Economics

Edward C. Prescott (born 26 December 1940) is an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration (now Tepper School of Business) at Carnegie Mellon University. is the 360th day of the year (361st in leap years) in the Gregorian calendar. ... This article or section does not cite any references or sources. ... Glens Falls is a city in Warren County, New York, USA. It is part of the Glens Falls, New York Metropolitan Statistical Area. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links This is a lossless scalable vector image. ... This article needs additional references or sources for verification. ... Federal Reserve Bank of Minneapolis The Federal Reserve Bank of Minneapolis covers the 9th District of the Federal Reserve, including Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan. ... The W.P. Carey School of Business is one of the schools of Arizona State University, and one of the nations leading business schools. ... Carnegie Mellon University is a private research university located in Pittsburgh, Pennsylvania. ... Swarthmore College is a private, independent, liberal arts college in the United States with an enrollment of about 1,450 students. ... Costas Azariadis, was born February 17, 1943 in Athens, Greece. ... Edward J. Green is an American economics economist best known for his contributions to the theory of dynamic contracts. ... Gary Hansen is a macroeconomist at UCLA. Hes known for creating the theory of indivisible labor. ... Finn E. Kydland (born 1943) is a Norwegian economist. ... José-Víctor Ríos-Rull is a macroeconomist born on the Canary Island of Tenerife, currently (2006) at the Department of Economics, University of Pennsylvania. ... // Business Cycles If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... In economics, dynamic inconsistency, or time inconsistency, describes a situation where a decision-makers preferences change over time, such that what is preferred at one point in time is inconsistent with what is preferred at another point in time. ... Economic policy refers to the actions that governments take in the economic field. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... is the 360th day of the year (361st in leap years) in the Gregorian calendar. ... This article or section does not cite any references or sources. ... Alan Greenspan, former chairman, United States Federal Reserve. ... The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Finn E. Kydland (born 1943) is a Norwegian economist. ... The David A. Tepper School of Business, located at Carnegie Mellon University in Pittsburgh, Pennsylvania, consistently ranks among the top business schools in the world. ... The Tepper School of Business at Carnegie Mellon, located in Pittsburgh, Pennsylvania, consistently ranks among the top business schools in the world[4][5]. It is also consistently among the leaders in a wide range of specializations, such as Finance, Entrepreneurship, Operations Management and Information Technology. ... Carnegie Mellon University is a private research university located in Pittsburgh, Pennsylvania. ...

Currently working as an economist at the Federal Reserve Bank of Minneapolis and as a professor at Arizona State University's W.P. Carey School of Business, he is a major figure in macroeconomics, especially the theories of business cycles and general equilibrium. In his "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," published in 1977 with Finn E. Kydland, he analyzed whether central banks should have strict numerical targets or be allowed to use their discretion in setting monetary policy. He is also well known for his work on the Hodrick-Prescott Filter, used to smooth fluctuations in a time series. Federal Reserve Bank of Minneapolis The Federal Reserve Bank of Minneapolis covers the 9th District of the Federal Reserve, including Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan. ... Arizona State University (ASU) is a public research institution of higher education and research with campuses located in the Phoenix Metropolitan Area. ... The W.P. Carey School of Business is one of the schools of Arizona State University, and one of the nations leading business schools. ... Circulation in macroeconomics Macroeconomics is a branch of Economics that deals with the performance, structure, and behavior of the economy as a whole. ... An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ... General Equilibrium (linear) supply and demand curves. ... Also: 1977 (album) by Ash. ... Finn E. Kydland (born 1943) is a Norwegian economist. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... The Hodrick-Prescott filter is a mathematical tool used in macroeconomics, especially in real business cycle theory. ...

Prescott was born in Glens Falls, New York. In 1962, he received his bachelor's degree in mathematics from Swarthmore College, where he was a member of the Delta Upsilon fraternity. He then received a master's degree from Case Western Reserve University in 1963 and a Ph.D. at Carnegie Mellon University in 1967. From 1966 to 1971, he taught at the University of Pennsylvania. He then returned to Carnegie Mellon until 1980, when he moved to the University of Minnesota. In 1978, he was a visiting professor at the University of Chicago, where he was named a Ford Foundation Research Professor. In the following year, he visited Northwestern University and stayed there until 1982. [1] [2] Since 2003, he has been teaching at Arizona State University. In 2004, he held the Maxwell and Mary Pellish Chair in Economics at the University of California, Santa Barbara.[3] Currently, he is the Shinshei Bank Visiting Professor at New York University. Glens Falls is a city in Warren County, New York, USA. It is part of the Glens Falls, New York Metropolitan Statistical Area. ... Year 1962 (MCMLXII) was a common year starting on Monday (the link is to a full 1962 calendar) of the Gregorian calendar. ... A bachelors degree is usually an undergraduate academic degree awarded for a course or major that generally lasts for three, four, or in some cases and countries, five or six years. ... Swarthmore College is a private, independent, liberal arts college in the United States with an enrollment of about 1,450 students. ... Delta Upsilon (ΔΥ) is one of the oldest international, all-male, college, Greek-letter social fraternities and is the first non-secret fraternity ever founded. ... This article does not cite any references or sources. ... Case Western Reserve University is a private research university located in Cleveland, Ohio, United States, with some residence halls on the south end of campus located in Cleveland Heights. ... Year 1963 (MCMLXIII) was a common year starting on Tuesday (link will display full calendar) of the Gregorian calendar. ... This article needs additional references or sources for verification. ... Carnegie Mellon University is a private research university located in Pittsburgh, Pennsylvania. ... Year 1967 (MCMLXVII) was a common year starting on Sunday (link will display full calendar) of the 1967 Gregorian calendar. ... Year 1966 (MCMLXVI) was a common year starting on Saturday (link will display full calendar) of the 1966 Gregorian calendar. ... Year 1971 (MCMLXXI) was a common year starting on Friday (link will display full calendar) of the 1971 Gregorian calendar. ... This article is about the private Ivy League university in Philadelphia. ... Year 1980 (MCMLXXX) was a leap year starting on Tuesday (link displays the 1980 Gregorian calendar). ... Washington Avenue Bridge at night The University of Minnesota, Twin Cities, almost always abbreviated U of M, and sometimes referred to as The U by locals, is the oldest and largest part of the University of Minnesota system. ... The University of Chicago is a private university located principally in the Hyde Park neighborhood of Chicago. ... Northwestern University is a private, coeducational, non-sectarian research university located in Evanston and Chicago, Illinois. ... Year 2003 (MMIII) was a common year starting on Wednesday (link displays 2003 calendar) of the Gregorian calendar. ... The University of California, Santa Barbara (UCSB) is a coeducational public university located on the Pacific Ocean in Santa Barbara County, California, USA. It is one out of 10 campuses of the University of California. ... New York University (NYU) is a private, nonsectarian, coeducational research university in New York City. ...

Awards, fellowships

• Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (2004)
• Erwin Plein Nemmers Prize in Economics, Northwestern University (2002)
• Fellow, American Academy of Arts and Sciences (1992)
• Fellow, Econometric Society (1980)
• Alexander Henderson Award, Carnegie Mellon (1967)

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... The Erwin Plein Nemmers Prize in Economics is awarded biennially from Northwestern University. ... The House of the Academy, Cambridge, Massachusetts. ... Current Fellows // In alphabetical order, year of election in parenthesis. ... The Alexander Henderson Award is presented to the student at the Tepper School of Business (fmr. ...

References

Kydland, F., and E. Prescott (1977). "Rules Rather than Discretion: The Inconsistency of Optimal Plans". Journal of Political Economy June: 473–492.  Finn E. Kydland (born 1943) is a Norwegian economist. ... Also: 1977 (album) by Ash. ... The Journal of Political Economy is a academic journal run by economists at the University of Chicago and published every two months. ...

Kydland, F., and E. Prescott (1982). "Time to Build and Aggregate Fluctuations". Econometrica 50: 1345–1370.  Finn E. Kydland (born 1943) is a Norwegian economist. ... Year 1982 (MCMLXXXII) was a common year starting on Friday (link displays the 1982 Gregorian calendar). ... Econometrica is a prestigious academic journal of economics, publishing articles in not only econometrics but in many areas of economics. ...

Kydland, F., and E. Prescott (1990). "Business Cycles: Real Facts and a Monetary Myth". Federal Reserve Bank of Minneapolis Quarterly Review Spring: 3–18.  Finn E. Kydland (born 1943) is a Norwegian economist. ... Year 1990 (MCMXC) was a common year starting on Monday (link displays the 1990 Gregorian calendar). ...

External links

• Federal Reserve Bank of Minneapolis
• Nobel Foundation