Edward C. Prescott

Edward C. Prescott , born in 1940, received the “Nobel Prize” of economy in 2004, sharing the reward with Finn E. Kydland, “for their contributions to the dynamic macroeconomics: the temporal coherence of the decisions of economic policy and economic forces responsible for the fluctuations of the economic situation”.

He is currently economist with the Federal fund of Mineapolis and with the Université of Arizona and an important figure in Macroéconomie, especially on the Théorie of the real cycles and the general stability. In “Rules Rather Than Discretion: The Inconsistency off Optimal Plans,” published in “The Journal off Political Economy” in 1977 with Finn E. Kydland, they analyze if the central banks must have strict rules or profit from discrétionnaires choices in the development of the Monetary policy. He is also known for the Filtre Hodrick-Prescott, used in order to smooth the fluctuations of the time serieses.

See too

• Theory of the real cycles

External bonds

• minneapolisfed.org/research/prescott/
• nobelprize.org/economics/laureates/2004/index.html

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