Nobel Prize winning American economist Edward C. Prescott is best known for his work relating to macroeconomics, business cycles and the effects of economic policies. A Guggenheim Fellowship student in his youth, he has dedicated his career to economic research and has held professorships at numerous universities and editorial positions with several leading economic journals.
Knowledgeable and insightful, Prescott is an original thinker who is prepared to challenge conventional approaches to economics in order to benefit organisations and individuals.
In 2004, Edward Prescott and Finn Kydland were awarded the Nobel Memorial Prize in economics. The prominent accolade was granted to the pair in recognition of their contribution to the field of dynamic macroeconomics and related subjects including business cycles and general equilibrium. Prescotts research (both individual and with Kydland) has proved very influential over recent years, helping to end over-reliance on central banks and to encourage increased independence from such organisations. Prescott and Kydlands assessment of policies which influence changes in interest rates and inflation in their 1977 article Rules Rather than Discretion: The Inconsistency of Optimal Plans have helped to shape modern economics. The pair also co-authored Time to Build and Aggregate Fluctuations in 1982, detailing their research into the effects of technology changes and supply price fluctuations on economic growth.
Currently W. P. Carey professor of economics at Arizona State University, Dr Prescott has worked as a professor, lecturer and visiting professor at numerous universities throughout his career, educating and inspiring the next generation of economists.
Prescott studied for his B.A. in mathematics at Swarthmore College and at Cape-Western Reserve University for his masters degree in operations research, before gaining his Ph.D. in economics from Carnegie-Mellon University in 1967. He was awarded the prestigious Guggenheim Fellowship grant in order to enable him to complete his education.
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