Feb 24 2010
Dr. Edward C Prescott
Joint Nobel Prize Winner in Economics, 2004
Dr. Edward Prescott was awarded the Nobel Prize for contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles. He is currently working as an economist at the Federal Reserve Bank of Minneapolis and a Professor at Arizona State University’s W.P. Carey School of Business. His work has altered the course of macroeconomic thinking in the past three decades.
“Edward Prescott is a major figure in macroeconomics, especially the theories of business cycles and general equilibrium”
Edward Prescott received his bachelor’s degree in Mathematics from Swarthmore College, a master’s degree from Case Western Reserve University and a Ph.D. at Carnegie Mellon University. He has held teaching positions at the University of Minnesota, the University of Chicago, Carnegie-Mellon University, and the University of Pennsylvania. During 1979-82, he served on the faculties of Northwestern’s Weinberg College of Arts and Sciences and Kellogg School of Management. He is a co-editor of Economic Theory and a research associate for the National Bureau of Economic Research. He is a former president of the Society of Economic Dynamics and Control and Society for the Advancement of Economic Theory and a former associate editor of the Journal of Economic Theory, International Economic Review and the Journal of Econometrics.[/expand]
Lauded for a lifetime of original thinking that has addressed some of the most important long-standing questions in macroeconomics, Edward Prescott describes himself as an econometrician, namely someone dedicated to making neoclassical economics quantitative. His contributions to economics have not only fueled advances in theoretical work, but have also had profound impacts at a policy level and his audiences benefit from this wisdom. [/expand]
Having transformed the methods of macroeconomic thinking, Edward Prescott lays out theory in his presentations, so simply and clearly, knowing and understanding the importance and power of good language. His audiences don’t learn to be acolytes of Ed Prescott – they learn to be excellent researchers, to think for themselves.[/expand]
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Topics
Macroeconomics
Business Cycles
General Equilibrium Theory
Global Monetary and Economic Policies
Financial Economics and Banking
Economic Dynamics and Control
Publications
2008 Elected member, National Academy of Science
2007 Honorary Doctorate of Mathematics, Athens University
2006 Regents’ Professor, Arizona State University
2004 The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (joint with Finn Kydland) “For their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.”
2003–present W.P. Carey Chair, Department of Economics, Arizona State University
2003 McKnight Presidential Chair in Economics, University of Minnesota
2002 Laurea Honoris Causa in Economica, University of Rome “Tor Vergata”
2002 Erwin Plein Nemmers Prize in Economics, Northwestern University
1996–2003 Regents’ Professor, University of Minnesota
1992 Fellow, American Academy of Arts and Science
1980 Fellow, Econometric Society
1974–75 Guggenheim Fellow
1969–70 Brookings Economic Policy Fellow
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