...hinking in the past three decades. He was lauded for a lifetime of original thinking that has addressed some of the most important long-standing questions in macroeconomics

Professor Prescott's work has focused on business cycles and economic fluctuations. He has demonstrated that standard growth behavior historically studied by microeconomists also can explain business cycle fluctuations that macroeconomists have sought to understand. His theory that a substantial part of business cycles are simply the best response of the economy to policy changes that affect the economy's productivity is widely accepted in the field of economics.

Prescott's work also has focused on the importance of an organization's ability and willingness to commit to specific policies over the long term. Prescott argues that people put their trust in organizations -- including government and corporations -- because they believe those organizations will deliver on their commitments. Failure to follow through on commitments would make people unwilling to invest in those organizations in the future. This line of reasoning has been considered crucial in the development of central banks that can act independently and maintain credibility in the marketplace.

In 2002, Professor Prescott presented the Richard T. Ely Lecture at the American Economic Association Meetings, "Prosperity and Depression". Also in 2002, he was awarded the Erwin Plein Nemmers Prize in Economics, a prestigious honor for economists for "major contributions to new knowledge or the development of significant new modes of analysis." It is intended that the contributions be of the quality associated with the highest achievements in the profession.

In 1997, Prescott presented the first Lawrence R. Klein Lecture, "Needed: A Theory of Total Factor Productivity"; in 1994, the third Pareto-Walras Lecture, "Barriers to Riches"; and in 1990, the first Lionel McKenzie Lecture, "Dynamic Coalitions".

Prescott received his bachelor's degree in mathematics from Swarthmore College in 1962, his master's degree in operations research from Case-Western University in 1963, and his Ph.D. in economics from Carnegie-Mellon University in 1967.

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.

Prescott 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.

He has authored more than 70 principal articles, addressing topics like business cycles, economic development, general equilibrium theory, banking and finance and economic policy. He is a fellow of the Econometric Society and a fellow of the American Academy of Arts and Science.

We have not received any reviews yet for Edward Prescott