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Lives of the LaureatesTwenty-three Nobel Economists$
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Roger W. Spencer and David A. Macpherson

Print publication date: 2014

Print ISBN-13: 9780262027960

Published to MIT Press Scholarship Online: May 2015

DOI: 10.7551/mitpress/9780262027960.001.0001

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Edward C. Prescott

Edward C. Prescott

(p.287) Edward C. Prescott
Lives of the Laureates

Roger W. Spencer

David A. Macpherson

The MIT Press

This chapter looks at the life of Edward C. Prescott who received a Nobel Prize in 2004. Prescott was born in 1940 and earned his Ph.D. at Carnegie Mellon University in 1967. He was a senior adviser at the Federal Reserve Bank of Minneapolis and later, chair and professor of economics at Arizona State University. Along with Robert Townsend, he extended the theory of valuation equilibrium to the study of environments. He also worked with Rogerson and Wallenius looking at differences in workweek lengths across different occupations. He and Finn Kydland focused on the business cycle using economic time series statistical properties. Prescott explained nationwide differences in actual working-hours, which he concluded were due to different tax rates. His success lay in his contribution to developing a methodology for the study of dynamic economic phenomena. His publications include Contractual Arrangements for Intertemporal Trade and Great Depressions of the Twentieth Century.

Keywords:   Edward C. Prescott, Robert Townsend, Finn Kydland, economic time series, workweek lengths

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