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Edward Prescott
Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration (now Tepper School of Business) at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he was the 19th most widely cited economist in the world in 2013. In August 2014, Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia. Prescott died of cancer on November 6, 2022, at the age of 81. Biography Early life Prescott was born in Glens Falls, New York, to Mathilde Helwig Prescott and William Clyde Prescott. In 1962 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Classical Economics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical economics, neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations. New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival New Keynesian economics, new Keynesian school that uses microfoundations such as Sticky (economics), price stickiness and imperfect competition to generate macroeconomic models similar to earlier, Keynesian ones. History Classical economics is the term used for the first modern school of economics. The publication of Adam Smith's ''The Wealth of Nations'' in 1776 is considered to be the birth of the school. Perhaps the central idea behind it is on the ability of the market to be self-correcting as well a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Costas Azariadis
Constantine Christos "Costas" Azariadis ( el, Κώστας Αζαριάδης; born February 17, 1943) is a macroeconomist born in Athens, Greece. He has worked on numerous topics, such as labor markets, business cycles, and economic growth and development. Azariadis originated and developed implicit contract theory. Education Azariadis studied engineering in the National Technical University of Athens before earning his MBA and PhD in economics at Carnegie Mellon during 1969-73. His doctoral dissertation at Carnegie Mellon was advised by Edward C. Prescott and Robert Lucas. His dissertation won him the Alexander Henderson Award for excellence in economics, an award also won by Nobel Laureates Oliver Williamson, Dale Mortensen, Finn Kydland and Edward Prescott. Academic trajectory He was an assistant professor at Brown during 1973-76, a visiting researcher at Hebrew University in 1977, then at University of Pennsylvania during 1977-92. He was appointed professor at U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize In Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Policy
The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy. Most factors of economic policy can be divided into either fiscal policy, which deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates. Such policies are often influenced by international institutions like the International Monetary Fund or World Bank as well as political beliefs and the consequent policies of parties. Types of economic policy Almost every aspect of government has an important economic component. A few examples of the kinds of economic policies that exist include: *Macroeconomic stabilization policy, which attempts to keep the money supply growing at a rate that does not result in excessive inflatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamic Inconsistency
In economics, dynamic inconsistency or time inconsistency is a situation in which a decision-maker's preferences change over time in such a way that a preference can become inconsistent at another point in time. This can be thought of as there being many different "selves" within decision makers, with each "self" representing the decision-maker at a different point in time; the inconsistency occurs when not all preferences are aligned. The term "dynamic inconsistency" is more closely affiliated with game theory, whereas "time inconsistency" is more closely affiliated with behavioral economics. In game theory In the context of game theory, dynamic inconsistency is a situation in a dynamic game where a player's best plan for some future period will not be optimal when that future period arrives. A dynamically inconsistent game is subgame imperfect. In this context, the inconsistency is primarily about commitment and credible threats. This manifests itself through a violation of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Business Cycles
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real (in contrast to nominal) shocks. Unlike other leading theories of the business cycle, RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment. That is, the level of national output necessarily maximizes ''expected'' utility, and governments should therefore concentrate on long-run structural policy changes and not intervene through discretionary fiscal or monetary policy designed to actively smooth out economic short-term fluctuations. According to RBC theory, business cycles are therefore "real" in that they do not represent a failure of markets to clear but rather reflect the most efficient possible operation of the economy, given the structure of the economy. RBC theory is associated with freshwater economics (the Chicago School of Economics in the neoclas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rajnish Mehra
Rajnish Mehra (Hindi: रजनीश मेहरा) (born January 15, 1950) is an Indian American financial economist. He currently holds the E.N. Basha Arizona Heritage Endowed Chair at the Arizona State University and is a Professor of Economics Emeritus at the University of California, Santa Barbara. Education Mehra received his doctorate in Industrial Administration from Carnegie Mellon University (1978), a M.S. in Computer Science from Rice University (1974), a B.Tech in Electrical Engineering from the Indian Institute of Technology, Kanpur (1972). He spent a year studying Mathematics at St. Stephen's College, Delhi University (1966–67). Career In 1976, he was appointed assistant professor at the School of Business, Queen's University in Kingston, Canada. He subsequently moved to the Columbia Business School in 1977, and in 1985 to the University of California, Santa Barbara, where he taught until 2010. He was department Chair from 2001-04. From 2012-2016 he hel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward J
Edward is an English given name. It is derived from the Anglo-Saxon name ''Ēadweard'', composed of the elements '' ēad'' "wealth, fortune; prosperous" and '' weard'' "guardian, protector”. History The name Edward was very popular in Anglo-Saxon England, but the rule of the Norman and Plantagenet dynasties had effectively ended its use amongst the upper classes. The popularity of the name was revived when Henry III named his firstborn son, the future Edward I, as part of his efforts to promote a cult around Edward the Confessor, for whom Henry had a deep admiration. Variant forms The name has been adopted in the Iberian peninsula since the 15th century, due to Edward, King of Portugal, whose mother was English. The Spanish/Portuguese forms of the name are Eduardo and Duarte. Other variant forms include French Édouard, Italian Edoardo and Odoardo, German, Dutch, Czech and Romanian Eduard and Scandinavian Edvard. Short forms include Ed, Eddy, Eddie, Ted, Teddy and Ned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Muth
John Fraser Muth (; September 27, 1930 – October 23, 2005) was an American economist. He is "the father of the rational expectations revolution in economics", primarily due to his article "Rational Expectations and the Theory of Price Movements" from 1961. Muth earned his PhD in mathematical economics from Carnegie Mellon University, and was in 1954 the first recipient of the Alexander Henderson Award. He was affiliated with Carnegie Mellon as a research associate from 1956 until 1959, as an assistant professor from 1959 to 1962, and as an associate professor without tenure from 1962 to 1964. He was a full professor at Michigan State University from 1964 to 1969 and a full professor at Indiana University from 1969 until his retirement in 1994. Muth asserted that expectations "are essentially the same as the predictions of the relevant economic theory." Although he formulated the rational expectations principle in the context of microeconomics it has subsequently become assoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Lucas, Jr
The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' ( non, Hróðr) "fame, glory, honour, praise, renown" and ''berht'' "bright, light, shining"). It is the second most frequently used given name of ancient Germanic origin. It is also in use as a surname. Another commonly used form of the name is Rupert. After becoming widely used in Continental Europe it entered England in its Old French form ''Robert'', where an Old English cognate form (''Hrēodbēorht'', ''Hrodberht'', ''Hrēodbēorð'', ''Hrœdbœrð'', ''Hrœdberð'', ''Hrōðberχtŕ'') had existed before the Norman Conquest. The feminine version is Roberta. The Italian, Portuguese, and Spanish form is Roberto. Robert is also a common name in many Germanic languages, including English, German, Dutch, Norwegian, Swedish, Scots, Danish, and Icelandic. It can be use ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Morris H
Morris may refer to: Places Australia * St Morris, South Australia, place in South Australia Canada * Morris Township, Ontario, now part of the municipality of Morris-Turnberry * Rural Municipality of Morris, Manitoba ** Morris, Manitoba, a town mostly surrounded by the municipality * Morris (electoral district), Manitoba (defunct) * Rural Municipality of Morris No. 312, Saskatchewan United States ;Communities * Morris, Alabama, a town * Morris, Connecticut, a town * Morris, Georgia, an unincorporated community * Morris, Illinois, a city * Morris, Indiana, an unincorporated community * Morris, Minnesota, a city * Morristown, New Jersey, a town * Morris (town), New York ** Morris (village), New York * Morris, Oklahoma, a city * Morris, Pennsylvania, an unincorporated community * Morris, West Virginia, an unincorporated community * Morris, Kanawha County, West Virginia, a ghost town * Morris, Wisconsin, a town * Morris Township (other) ;Counties and o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Rogerson
Richard Donald Rogerson is an American economist who is currently the Charles and Marie Robertson Professor of Public and International Affairs at Princeton University, where he is also the Director of the Louis A. Simpson Center for the Study of Macroeconomics. Education Rogerson graduated from the University of Alberta with a B.Sc. in physics in 1979 and received his Ph.D. in economics from the University of Minnesota in 1984. At Minnesota, Rogerson's dissertation advisor was the future Nobel Laureate in Economics Edward C. Prescott. Career Rogerson was an assistant professor of economics at University of Rochester from 1984 to 1987, an assistant professor of economics at New York University from 1987 to 1988, and an assistant professor of economics at Stanford University Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
