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Edward C. Prescott

Born: 26-Dec-1940
Birthplace: Glens Falls, NY

Gender: Male
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Economist

Nationality: United States
Executive summary: Dynamic macroeconomics

Edward C. Prescott and Finn E. Kydland shared the 2004 Nobel Prize in Economics, for their studies of dynamic macroeconomics, including the causes of business cycles and the time framing of economic policy. While remaining active in academia, since 1981 Prescott has also been a monetary advisor at the Minneapolis Federal Reserve Bank.

Father: William Clyde Prescott II (wallpaper engineer)
Mother: Mathilde Helwig Prescott (librarian, m. 1935)
Brother: William Clyde Prescott III (b. 1936)
Sister: Prudence Prescott (b. 1939)
Wife: Janet Dale Simpson Prescott (psychologist, m. 5-Jun-1965, three children)
Son: Edward Simpson Prescott (economist)
Daughter: Wynne Fraser Prescott
Son: Andrew Prescott (b. 1973)

    University: BA Mathematics, Swarthmore College (1962)
    University: MS Operations Research, Case Western Reserve University (1963)
    University: PhD Economics, Carnegie Mellon University (1967)
    Teacher: Economics, University of Pennsylvania (1967-71)
    Professor: Economics, Carnegie Mellon University (1971-80)
    Scholar: Economics, Norwegian School of Economics and Business Administration (1974-75)
    Professor: Economics, University of Chicago (1978-79, 1998-99)
    Professor: Economics, Northwestern University (1979-80)
    Professor: Economics, University of Minnesota (1980-98, 1999-2003)
    Professor: Economics, Arizona State University (2003-)
    Professor: Economics, University of California at Santa Barbara (2004-05)
    Professor: Economics, New York University (2005-06)

    Guggenheim Fellowship
    Nobel Prize for Economics 2004 (with Finn E. Kydland)
    Federal Reserve Monetary Advisor (1981-)
    American Academy of Arts and Sciences
    American Economic Association
    Brookings Institution Fellowship (1970-71)
    Econometric Society
    German Ancestry Maternal

Official Website:

Author of books:
Adaptive Decision Rules for Macro Economic Planning (1967)
Evaluating the Impact of MDTA Programs on Earnings under Varying Labor Market Conditions (1972, with Thomas F. Cooley)
The Impact of Manpower Training on Earnings: An Econometric Analysis (1975, with Thomas F. Cooley; Timothy W. McGuire)
A Longitudinal Analysis of the Effects of MDTA Manpower Training Programs (1976, with Thomas F. Cooley; Timothy W. McGuire)
Recursive Competitive Equilibrium: The Case of Homogeneous Households (1978, with Rajnish Mehra)
Dynamic Optimal Taxation, Rational Expectations and Control Theory (1979, with Finn E. Kydland)
Post-War U.S. Business Cycles: An Empirical Investigation (1981, with Robert J Hodrick)
A test of the Intertemporal Asset Pricing Model (1982, with Rajnish Mehra)
Financial intermediary-coalitions (1985, with John H. Boyd)
Dynamic Coalitions, Growth, and the Firm (1986, with John H. Boyd)
Theory Ahead of Business Cycle Measurement (1986)
Contractual Arrangements for Intertemporal Trade (1987, with Neil Wallace)
Time consistency and Policy (1988, with V. V. Chari and Patrick J. Kehoe)
The Equity Risk Premium (1988, with Rajnish Mehra)
Recursive Methods in Economic Dynamics (1989, with Nancy L. Stokey and Robert E. Lucas)
The Firm and the Plant in General Equilibrium Theory (1989, with Andreas Hornstein)
Hours and Employment Variation in Business Cycle Theory (1989, with Finn E. Kydland)
The Econometrics of the General Equilibrium Approach to Business Cycles (1990, with Finn E. Kydland)
On Stationary Distributions for Dynamic Economies (1990, with Hugo Andrés Hopenhayn)
Technology Adoption and Growth (1991, with Stephen L. Parente)
Recursive Methods for Computing Equilibria of Business Cycle Models (1991, with Gary Duane Hansen)
Stochastic Monotonicity and Stationary Distributions for Dynamic Economies (1991, with Hugo Andrés Hopenhayn)
Liquidity Constraints in Economies with Aggregate Fluctuations: A Quantitative Exploration (1992, with Javier Diaz-Giménez)
Effects of Alternative Monetary Stabilization Policies: An Unexpected Finding (1993)
Real Returns on Government Debt: A General Equilibrium Quantitative Exploration (1994, with Javier Diaz-Giménez)
Valuation Equilibria with Clubs (1994, with Harold Linh Cole)
The Computational Experiment: An Econometric Tool (1994, with Finn E. Kydland)
Equilibrium Business Cycles with Idle Resources and Variable Capacity Utilization (1994, with Thomas F. Cooley)
Needed: A Theory of Total Factor Productivity (1997)
Monopoly Rights: A Barrier to Riches (1997, with Stephen L. Parente)
Malthus to Solow (1998, with Gary Duane Hansen)
Barriers to Riches (2000, with Stephen L. Parente)
On the Equilibrium Concept for Overlapping Generations Organizations (2000, with José-Victor Rios-Rull)
Taxes, Regulations and Asset Prices (2001)
The Stock Market Crash of 1929: Irving Fisher Was Right! (2001, with Ellen R. McGrattan)
Is the Stock Market Overvalued? (2001, with Ellen R. McGrattan)
Non-Convexities in Quantitative General Equilibrium Studies of Business Cycles (2002)
Taxes, Regulations, and the Value of U.S. Corporations: A General Equilibrium Analysis (2002, with Ellen R. McGrattan)
Taxes, Regulations, and the Value of U.S. and U.K. Corporations (2003, with Ellen R. McGrattan)
The Equity Premium in Retrospect (2003, with Rajnish Mehra)
Average Debt and Equity Returns: Puzzling? (2003, with Ellen R. McGrattan)
A Unified Theory of the Evolution of International Income Levels (2004, with Stephen L. Parente)
Productivity and the Post-1990 U.S. Economy (2004, with Ellen R. McGrattan)
Capacity constraints, asymmetries, and the business cycle (2004, with Gary Duane Hansen)
Why Do Americans Work So Much More than Europeans? (2004)
Why Did U.S. Market Hours Boom in the 1990s? (2006, with Ellen R. McGrattan)
Unmeasured Investment and the 1990s U.S. Hours Boom (2006, with Ellen R. McGrattan)
The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy (2006, with Fumio Hayashi)

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