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Finn Kydland and Edward Prescott: Business Cycles and Time-consistent Economic Policy

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  • Committee, Nobel Prize

    (Nobel Prize Committee)

Abstract

Finn Kydland and Edward Prescott have made fundamental contributions to the research area known as macroeconomics. In a highly innovative way, the Laureates have analyzed the design of economic policy and the driving forces behind business cycles. Their work has not only transformed economic research, but has also profoundly influenced the practice of economic policy in general, and monetary policy in particular.

Suggested Citation

  • Committee, Nobel Prize, 2004. "Finn Kydland and Edward Prescott: Business Cycles and Time-consistent Economic Policy," Nobel Prize in Economics documents 2004-2, Nobel Prize Committee.
    • Handle: RePEc:ris:nobelp:2004_002
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    Keywords

    Business Cycles; Time Consistency;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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