From: http://www.cmu.edu/cmnews/extra/041011_nobel.html
Tepper School's Finn Kydland, Alumnus Edward Prescott Win Nobel Prize in Economics
Finn Kydland
Edward Prescott
Finn Kydland, a professor at Carnegie Mellon's Tepper School of Business and the University of California at Santa Barbara, and Carnegie Mellon alumnus and former Carnegie Mellon business school professor Edward Prescott, have won the Nobel Prize for Economics.
According to the Associated Press, the pair received the Nobel Memorial Prize in Economic Sciences for their work "that showed that driving forces behind business cycle fluctuations and the design of economic policy are key areas in macroeconomic research."
Kydland and Prescott made fundamental contributions to macroeconomic analysis and the practice of monetary and fiscal policy in many countries, the Royal Swedish Academy of Sciences said in its citation.
"I am delighted to congratulate Finn and our alumnus and former faculty member Ed Prescott on behalf of the university. They continue a long tradition of path breaking research in economics at Carnegie Mellon," said Carnegie Mellon President Jared L. Cohon.
Kydland, who earned his Ph.D. in economics at Carnegie Mellon in 1973, taught at Carnegie Mellon from 1978-94 before leaving for the University of Texas. He returned to Carnegie Mellon in 1995. He is currently on leave, teaching at the University of California at Santa Barbara.
Kydland has done work on how the money supply affects the business cycle and on international trade.
Prescott, Kydland's doctoral faculty adviser, earned a Ph.D. from Carnegie Mellon in 1967 and was a Carnegie Mellon professor from 1971-80. Currently a professor at Arizona State University, Prescott's research has focused on what causes economic depressions, why some countries thrive while others stagnate economically, and what boosts a nation's economic productivity.
Kydland and Prescott are the fifth and sixth business school faculty members to receive this prestigious distinction. Other Carnegie Mellon business school faculty Nobel laureates include: Herbert Simon (awarded 1978), Franco Modigliani (awarded 1985), Merton Miller (awarded 1990), and Robert Lucas (awarded 1995). Other Nobel Prize winners with connections to Carnegie Mellon include faculty members Clinton J. Davisson, 1937 in physics; Otto Stern, 1943 in physics; John Pople, 1998 in chemistry; Walter Kohn, 1998 in chemistry; and alumni John F. Nash, Jr., 1994 in economics; and Clifford Shull, 1994 in physics.
"Professors Kydland and Prescott reshaped the way all economists think," said Tepper School of Business Dean Kenneth Dunn. "In true Carnegie Mellon style, they applied an analytical, quantitative and interdisciplinary approach to profound economic questions. I congratulate them both on this well-deserved recognition."
This year's prize is worth approximately $1.36 million, which will be shared by the two men. Additionally, each will receive a gold medal and diploma at a formal ceremony on Dec. 10, the anniversary of Alfred Nobel's death in 1896.
For more, visit http://nobelprize.org/
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