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| Finn
E. Kydland
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| Finn
E. Kydland |
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| Finn
E. Kydland |
Finn E. Kydland
Jeff Henley Chair in Economics at UCSB
2004 Nobel Prize in Economics
"For their contributions to dynamic macroeconomics:
the time consistency of economic policy and the driving forces
behind business cycles"
Finn E. Kydland, the Henley Professor of Economics at the
University of California, Santa Barbara, has been awarded
the 2004 Nobel Prize in Economics. The prize, which he shares
with Edward C. Prescott of Arizona State University, is "for
their contribution to dynamic macroeconomics: the time consistency
of economic policy and the driving forces behind business
cycles."
Kydland joined the UC Santa Barbara faculty on July 1, 2004.
He previously taught at Carnegie Mellon University, where
he earned his Ph.D.
UCSB Chancellor Henry T. Yang placed a congratulatory telephone
call to
Kydland in Bergen, Norway, where he was delivering a lecture
at the
Norwegian School of Economics and Business Administration.
"I am obviously delighted to be at Santa Barbara and
so glad that everyone there is excited about this news,"
said Kydland. "I'm a little bit of a shy
person in public, but I guess I'll have to get used to
this attention."
Kydland said he was sorry that he could not be in Santa Barbara
when the Nobel Prize announcement was made. However, he participated
by telephone in a news conference on the UC Santa Barbara
campus on Tuesday, October 12. Other speakers included Chancellor
Yang, Dean of Social Sciences Melvin Oliver, and Jeff Henley,
who, with his wife, Judy, established the professorship in
economics now held by Kydland. Jeff Henley, who graduated
from UCSB in 1966, is chairman of the board of Oracle Corporation.
Prescott, who was a visiting professor at UC Santa Barbara
last year, is the W.P. Carey Chair of Economics at Arizona
State's W.P. Carey School of Business. He is also a senior
monetary adviser at the Minneapolis Federal Reserve Bank.
Noting that the driving forces behind business cycle fluctuations
and the design of economic policy are key areas in macroeconomic
research, the Royal Swedish Academy of Sciences said the two
scholars have made "fundamental contributions of great
significance" to these areas, "not only for macroeconomic
analysis, but also for the practice of monetary and fiscal
policy in many countries."
The prize is the second Nobel awarded to a UC Santa Barbara faculty member this year.
The 2004 Nobel Prize in Physics was awarded to David J. Gross, director of the Kavli
Institute for Theoretical Physics at UCSB. The prizes bring to five the number of Nobel
Prizes won by UCSB faculty members since 1998.
"All of us here at UC Santa Barbara are overjoyed by
the wonderful news of this prize to our distinguished new
colleague, Finn Kydland, who has held the Jeff Henley Chair
in Economics since July 1, 2004," said Chancellor Yang.
"This is a wonderful and fitting recognition of the tremendous
impact his research has had on macroeconomics, international
economics, and monetary economics. We offer our congratulations
to him and to his research colleague, Edward Prescott of Arizona
State University, who was a distinguished visiting professor
on our campus in winter quarter 2004, when he held the Maxwell
and Mary Pellish Chair in Economics."
UC President Robert C. Dynes applauded the news. "The
research in the 1970s
by Professor Kydland and his colleague Edward Prescott has
made a
fundamental contribution to the practice of monetary and fiscal
policy,
which other researchers have used as a foundation for their
own work. The
work of professors Kydland and Prescott again illustrates
the importance of
our research universities and I am heartened that our UC students
are being
taught by economists of such renown."
Said Oliver, the social sciences dean: "We are all delighted
that Finn Kydland is a member of our stellar department of
economics at UC Santa Barbara. His receipt of the Nobel Prize
is a public acknowledgement of both his path breaking work
and the growing visibility and achievements of the social
sciences at UC Santa Barbara."
News Release and Press Conference
UCSB Economist Finn Kydland Wins 2004 Nobel Prize:
http://www.ia.ucsb.edu/pa/display.aspx?pkey=1193
Audio from UCSB Campus News Conference:
http://www.ucsb.edu/nobel/kydland-audio.shtml
Information from the Nobel Foundation
Announcement of the prize:
http://nobelprize.org/mediaplayer/index.php?id=863
Press release:
http://nobelprize.org/economics/laureates/2004/press.html
Background information on the economic science:
http://nobelprize.org/economics/laureates/2004/public.html
UCSB Department of Economics Web
Site
http://econ.ucsb.edu/nobel/
Finn E. Kydland Web Site
http://www.econ.ucsb.edu/people/faculty_directory.html?f=finn_kydland
UCSB's Other Nobel Laureates
About the Nobel Foundation
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