DEFINITION of Edward C. Prescott
The winner of the 2004 Nobel Memorial Prize in Economics, along with Finn Kydland, for his macroeconomic analysis of the business cycle and economic policy. His 1982 paper, co-authored with Kydland, challenged the Keynesian view of the business cycle. Prescott and Kydland are also famous for a 1977 paper on the time consistency problem in economic policymaking.
BREAKING DOWN Edward C. Prescott
Born in New York in 1940, Edward Prescott earned his Ph.D. in economics from Carnegie-Mellon University. Prescott was the Senior Monetary Advisor in the Research Department at the Federal Reserve Bank of Minneapolis, a research associate at the National Bureau of Economic Research and a professor of economics at Arizona State University as of 2010. He has also taught at the University of Minnesota, Northwestern University, Carnegie-Mellon University, the University of Pennsylvania and the University of Chicago.