Edward C. Prescott Guide, Meaning , Facts, Information and Description
Edward C. Prescott, born 26 December 1940 in Glen Falls/New York, received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 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".He is currently serving as an economist at the Minneapolis branch of the Federal Reserve and Arizona State University and 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 "The Journal of Political Economy" 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.
Prescott received his bachelor's degree in mathematics from Swarthmore College in 1962, a master's degree from Case Western Reserve University in 1963, and his Ph.D. in 1967 at Carnegie-Mellon University.
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