Last month Edward C. Prescott and Finn E. Kydland won the 2004 Nobel Prize in Economic Sciences for two important papers they coauthored that advanced the field of dynamic macroeconomics. As the Royal Swedish Academy of Sciences put it, Prescott and Kydland’s work “has not only transformed economic research, but has also profoundly influenced the practice of economic policy in general, and monetary policy in particular.” Knowledge@Wharton asked Prescott to explain the importance of his research to issues that confront our society today.
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