Edward C. Prescott

Edward C. Prescott, an American economist, was the Nobel Prize winner for Economics in 2004. Edward C. Prescott is the co-recipient of the Nobel Prize with Finn E. Kydland, for their works on areas of dynamic macroeconomics.

Personal and career profiles

Edward C. Prescott was born on December 26, 1940 at Glens Falls, New York, USA. In 1962, Prescott completed B.A. in Mathematics from Swarthmore College and in 1963, he completed M.S. in operations research from Case Western Reserve University. In 1967, Edward C. Prescott was awarded PhD in economics from Carnegie Mellon University.

From 1966 to 1971, Prescott worked as a teacher of economics at the University of Pennsylvania. In 1980, Prescott became the advisor to the Federal Reserve Bank of Minneapolis.

During his working period as the advisor of the Federal Reserve Bank of Minneapolis, he influenced the government monetary and fiscal policies.

Prescott was an editor of several journals. One of his famous works include the International Economic Review (1980–90). His writings include matters like economic development, business cycles, general equilibrium theory, and finance. Prescott was the faculty of the University of Minnesota for more than 20 years,

Honors and Awards:

Prescott was awarded the titles of Regents Professor and McKnight Presidential Endowed Professor. In 2002, Prescott got academic award from University of Rome and in 2003 he got the Erwin Plein Nemmers Prize in Economics. In 2002, Prescott got Erwin Plein Nemmers Prize in Economics from Northwestern University In 2004, Edward C. Prescott, won the Nobel Prize for Economics

Fellowship

In 1967:Alexander Henderson Award, Carnegie Mellon

In 1980: Fellow, Econometric Society

In 1992: Fellow, American Academy of Arts and Sciences

Theories propounded

Edward C. Prescott, along with Professor Kydland formulated the theory on dynamic macroeconomics, which can be regarded as the impetus behind the business cycle theory. This theory explicates the business cycles by studying changes in technology and other supply side shocks like rise of oil price.

Works:

Some of his notable works include:

2007 (with Ellen R. McGrattan): "Openness, technology capital, and development," Working Papers 651, Federal Reserve Bank of Minneapolis

2007 (with Ellen R. McGrattan ): "Technology capital and the U.S. current account," Working Papers 646, Federal Reserve Bank of Minneapolis

2006 (with Fumio Hayashi): "The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy," NBER Working Papers 12081, National Bureau of Economic Research, Inc.

2006 (with Ellen R. McGrattan): "Why Did U.S. Market Hours Boom in the 1990s?," 2006 Meeting Papers 192, Society for Economic Dynamics

2006 (with Ellen McGrattan): "Why Did U.S. Market Hours Boom in the 1990s?," NBER Working Papers 12046, National Bureau of Economic Research, Inc.

2006 (with Kathryn Birkeland): "On the needed quantity of government debt," Working Papers 648, Federal Reserve Bank of Minneapolis.

2006 (with Ellen R. McGrattan): "Unmeasured investment and the 1990s U.S. hours boom," Staff Report 369, Federal Reserve Bank of Minneapolis.

2005(with Ellen R. McGrattan): "Expensed and sweat equity," Working Papers 636, Federal Reserve Bank of Minneapolis