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a simple yet convincing example. In this example they take an area that has been shown likely to flood (a flood plain) and the government has stated that the "socially optimal outcome" is to not have houses be built in that area and therefore the government states that it will not provide flood protection (dams, levees, and flood insurance) rational agents will not live in that area. However, rational agents are forward planning creatures and know that if they and others build houses in the flood plain the government which makes decisions based on current situations will then provide flood protection in the future. While
Prescott never used these words he was describing a moral hazard.
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know the timing and magnitude of the effects of their actions... correct evaluation of the end-of-point position does not result in the social objective being maximized." Prescott and Kyland were pointing out that agents in the economy already factor into their decision making the assumed response by
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Additionally
Prescott and Kydland felt that the policy makers due to their relationship with government suffered from a credibility issue. The reason for this dynamic is that the political process is designed to fix problems and benefit its citizens today. Prescott and Kydland demonstrated this with
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The second paper, written in 1982, "Time to Build and
Aggregate Fluctuations," Prescott and Kydland argued that shifts in supply typically caused by changes and improvements in technology accounted for "Not only long term increases in living standards but also to many of the short term fluctuations
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based on two papers they authored. In the first paper, written in 1977 "Rules Rather than
Discretion: The inconsistency of optimal planning" Prescott and Kydland argue that purpose and goals of economic planning and policy is to trigger a desired response from the economy. However, Prescott and
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and 1980. Using this model the two economists were able to correlate 70% of the fluctuation in output to changes and growth in technology. Their main contribution, however, was the way of modeling macroeconomic variables with microfoundations.
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Kydland realized that these sectors are made up of individuals, individuals who make assumptions and predictions about the future. As
Prescott and Kydland stated "Even if there is a fixed and agreed upon
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in business cycles." To study this hypothesis
Prescott established a model to study the change in output, investment, consumption, labor productivity, and employment, between the end of the
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project ranked him as the 19th most influential economist in the world as of August 2012 based on his academic contributions. More recently working as an economist at the
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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
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Prescott, Edward C.; Mehra, Rajnish (1980). "Recursive
Competitive Equilibrium: The Case of Homogeneous Households".
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In
January 2009 Prescott, along with more than 250 other economists and professors, signed an open letter to
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Rules Rather than
Discretion: The Inconsistency of Optimal Plans by Finn Kydland|Kydland and E. C. Prescott
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Kydland, Finn; E. C. Prescott (1990). "Business Cycles: Real Facts and a Monetary Myth".
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His late writings focused on the negative effect of taxes on the economy in Europe.
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since 1981. In 2004, he held the Maxwell and Mary Pellish Chair in Economics at the
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1202:(December 26, 1940 – November 6, 2022) was an American economist. He received the
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Time to Build and Aggregate Fluctuations, by Finn Kydland and E. C. Prescott
1246:, Australia. Prescott died of cancer on November 6, 2022, at the age of 81.
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1299:. He then returned to Carnegie Mellon until 1980, when he moved to the
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1646:"Edward C Prescott (1940–2022): Economist, Teacher, Mentor and Friend"
1628:"Edward C. Prescott, 81, Dies; Won Nobel for Studying Business Cycles"
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1601:"Economist Rankings at IDEAS – Top 10% Authors, as of February 2013"
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2017:"Modern Business Analysis (A Report to the Nobel Prize Committee)"
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2158:
The 4% Solution: Unleashing the Economic Growth America Needs
747:
523:
2161:, edited by Brendan Miniter. New York: Crown Business. 2012.
1737:"Staff Details: Edward C. Prescott, Senior Monetary Advisor"
1715:"Staff Faculty – Directory – W. P. Carey School of Business"
1671:"Edward Prescott, Nobel Prize Winning Economist, Dies at 81"
2146:
1439:. The letter was sponsored by libertarian think tank, the
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Members of the United States National Academy of Sciences
2165:
Farquhar, Elizabeth (Summer 2006). "Power of the Prize".
2197:
The Transformation of Macroeconomic Policy and Research
2118:
1976:"House OKs Stimulus Without Any Votes From Republicans"
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and stayed there until 1982. From 2003 on he taught at
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Research Professor. In the following year, he visited
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Fellows of the American Academy of Arts and Sciences
2149:
Federal Reserve Bank of Minneapolis Quarterly Review
1275:
fraternity. He then received a master's degree from
2164:
347:
Adaptive decision rules for macro economic planning
2244:Laureate of the Nobel Memorial Prize in Economics
2028:Lucas, Robert E Jr.; Prescott, Edward C. (1971).
2023:. Rochester Center for Economic Research, WP 520.
1767:"Finn E. Kydland – 2004 Nobel Prize in Economics"
1650:University of Minnesota – College of Liberal Arts
3458:
1995:: CS1 maint: bot: original URL status unknown (
1978:. Archived from the original on January 30, 2009
1385:, used to smooth fluctuations in a time series.
2155:Prescott, Edward C. 'More Time on the Job', in
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3205:
2524:
2288:
1180:
2544:Sveriges Riksbank Prize in Economic Sciences
2195:contains the Nobel Prize Lecture 8 dec 2004
2069:, Federal Reserve Bank of Minneapolis, 2007.
1381:. He is also well known for his work on the
1224:Graduate School of Industrial Administration
2302:
2119:Mehra, Rajnish; Edward C. Prescott (1985).
1500:. Unsourced material may be challenged and
1407:policy makers to a given economic climate.
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2066:Great Depressions of the Twentieth Century
1534:United States National Academy of Sciences
1295:From 1966 to 1971, Prescott taught at the
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29:
2014:
1540:Nobel Memorial Prize in Economic Sciences
1520:Learn how and when to remove this message
1322:Prescott was an economic advisor at the
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1593:
1393:Prescott and Finn Kydland received the
1328:University of California, Santa Barbara
138:University of California, Santa Barbara
3492:Case Western Reserve University alumni
3459:
1960:: CS1 maint: archived copy as title (
1910:: CS1 maint: archived copy as title (
1833:: CS1 maint: archived copy as title (
1546:Erwin Plein Nemmers Prize in Economics
1437:American Recovery and Reinvestment Act
1210:, "for their contributions to dynamic
497:Measures of national income and output
3193:
2512:
2276:
2207:The Concise Encyclopedia of Economics
1625:
1553:American Academy of Arts and Sciences
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1423:
3577:National Bureau of Economic Research
1693:"Edward C. Prescott – Autobiography"
1590:
1498:adding citations to reliable sources
1465:
1240:Australian National University (ANU)
98:Australian National University (ANU)
2182:Federal Reserve Bank of Minneapolis
1741:Federal Reserve Bank of Minneapolis
1351:Federal Reserve Bank of Minneapolis
1324:Federal Reserve Bank of Minneapolis
1283:in 1963, and a PhD in economics at
113:Federal Reserve Bank of Minneapolis
13:
3557:Fellows of the Econometric Society
3537:University of Pennsylvania faculty
3502:Carnegie Mellon University faculty
2007:
14:
3593:
3542:People from Glens Falls, New York
2175:
1204:Nobel Memorial Prize in Economics
3572:21st-century American economists
3567:20th-century American economists
3497:Tepper School of Business alumni
3487:Arizona State University faculty
3477:Economists from New York (state)
2211:Library of Economics and Liberty
1626:Risen, Clay (23 November 2022).
1548:, Northwestern University (2002)
1470:
1206:in 2004, sharing the award with
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383:
118:Federal Reserve Bank of Richmond
3532:University of Minnesota faculty
2620:Leonid Vitaliyevich Kantorovich
2063:, and E. C. Prescott, editors,
1968:
1918:
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1841:
1796:
1785:
1717:. Wpcarey.asu.edu. July 8, 2010
1277:Case Western Reserve University
1271:, where he was a member of the
181:Case Western Reserve University
2121:"The Equity Premium: A Puzzle"
2030:"Investment Under Uncertainty"
1792:Australian National University
1759:
1729:
1707:
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1663:
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1359:W. P. Carey School of Business
1340:Australian National University
1218:and the driving forces behind
1102:Publications in macroeconomics
16:American economist (1940–2022)
1:
2203:"Edward C. Prescott (1940– )"
2128:Journal of Monetary Economics
1572:
1365:, especially the theories of
1254:
3522:Nobel laureates in Economics
2412:New classical macroeconomics
2140:10.1016/0304-3932(85)90061-3
1673:. Bloomberg. 7 November 2022
1605:Research Papers in Economics
1435:opposing the passage of the
1347:Research Papers in Economics
1249:
7:
1361:, he was a major figure in
10:
3598:
3507:Federal Reserve economists
2612:Friedrich August von Hayek
2460:Real business cycle school
2015:Greenwood, Jeremy (1994).
1769:. Ucsb.edu. Archived from
1334:Visiting Professorship at
1297:University of Pennsylvania
1285:Carnegie Mellon University
1232:Carnegie Mellon University
1214:: the time consistency of
853:New neoclassical synthesis
836:Real business-cycle theory
283:Real Business Cycle theory
186:Carnegie Mellon University
133:University of Pennsylvania
108:Carnegie Mellon University
3527:Swarthmore College alumni
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3010:Christopher A. Pissarides
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1586:Timothy J. Kehoe Workshop
1566:Alexander Henderson Award
1400:social objective function
1395:Nobel prize for economics
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1228:Tepper School of Business
1200:Edward Christian Prescott
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3512:American macroeconomists
3482:American Nobel laureates
2327:Francis Ysidro Edgeworth
1568:, Carnegie Mellon (1967)
1355:Arizona State University
1317:Arizona State University
858:Saltwater and freshwater
305:Nobel Prize in Economics
103:Arizona State University
74:Paradise Valley, Arizona
3582:Economists from Arizona
2305:Neoclassical economists
1383:Hodrick–Prescott filter
1330:. In 2006, he held the
1313:Northwestern University
1307:, where he was named a
1301:University of Minnesota
786:International economics
711:Overlapping generations
317:IDEAS / RePEc
163:New classical economics
128:University of Minnesota
123:Northwestern University
3390:Nobel Prize recipients
3336:Physiology or Medicine
2317:William Stanley Jevons
1353:and as a professor at
1129:Mathematical economics
880:Modern monetary theory
643:Universal basic income
3562:Cato Institute people
2731:James M. Buchanan Jr.
2380:Jean-Michel Grandmont
2167:ASU Research Magazine
1305:University of Chicago
1261:Glens Falls, New York
1259:Prescott was born in
969:Wesley Clair Mitchell
944:Thomas Robert Malthus
781:Development economics
143:University of Chicago
55:Glens Falls, New York
2994:Oliver E. Williamson
2624:Tjalling C. Koopmans
1494:improve this section
1267:in mathematics from
706:Ramsey–Cass–Koopmans
546:Liquidity preference
3319:Hugh David Politzer
3022:Christopher A. Sims
2950:Thomas C. Schelling
2922:Robert F. Engle III
2823:Robert E. Lucas Jr.
2671:Theodore W. Schultz
2397:Jean-Pascal BĂ©nassy
2352:Walrasian economics
2265:Thomas C. Schelling
2233:Robert F. Engle III
2021:Rcer Working Papers
1773:on October 15, 2010
1560:Econometric Society
1371:general equilibrium
1336:New York University
1281:operations research
1234:. According to the
1161:Business portal
1097:Macroeconomic model
974:John Maynard Keynes
771:Economic statistics
716:General equilibrium
335:Academic background
148:New York University
3375:Edward C. Prescott
2938:Edward C. Prescott
2926:Clive W.J. Granger
2902:Joseph E. Stiglitz
2875:Daniel L. McFadden
2763:Harry M. Markowitz
2488:Edward C. Prescott
2250:Served alongside:
2237:Clive W.J. Granger
2189:on Nobelprize.org
2187:Edward C. Prescott
2112:2022-11-12 at the
1942:on 3 February 2009
1632:The New York Times
1462:Honours and awards
1446:The New York Times
1424:Political activity
1269:Swarthmore College
1049:Edward C. Prescott
776:Monetary economics
176:Swarthmore College
23:Edward C. Prescott
3454:
3453:
3361:Economic Sciences
3239:Aaron Ciechanover
3187:
3186:
3086:Richard H. Thaler
3050:Robert J. Shiller
3046:Lars Peter Hansen
3018:Thomas J. Sargent
3006:Dale T. Mortensen
2898:A. Michael Spence
2894:George A. Akerlof
2863:Robert A. Mundell
2831:James A. Mirrlees
2799:Douglass C. North
2771:William F. Sharpe
2723:Franco Modigliani
2699:George J. Stigler
2683:Lawrence R. Klein
2572:Paul A. Samuelson
2506:
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2445:Thomas J. Sargent
2425:Axel Leijonhufvud
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2258:Succeeded by
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1265:bachelor's degree
1197:
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1124:Political economy
1079:N. Gregory Mankiw
1069:Thomas J. Sargent
914:Market monetarism
728:Endogenous growth
558:National accounts
362:
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262:Robert Lucas, Jr.
257:Morris H. DeGroot
201:Michael C. Lovell
51:December 26, 1940
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2843:Robert C. Merton
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2807:John C. Harsanyi
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2435:Bennett McCallum
2430:Robert Lucas Jr.
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2337:John Bates Clark
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2230:Preceded by
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1146:
1145:
1059:William Nordhaus
1044:Robert Lucas Jr.
934:François Quesnay
570:Nominal rigidity
541:Demand for money
519:Microfoundations
455:Financial crisis
435:Effective demand
405:Aggregate supply
400:Aggregate demand
387:
364:
363:
288:Time consistency
241:Richard Rogerson
236:Fernando Alvarez
216:Costas Azariadis
69:
66:November 6, 2022
50:
48:
35:Prescott in 2015
33:
19:
18:
3597:
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3592:
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3590:
3588:
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3586:
3457:
3456:
3455:
3450:
3388:
3380:
3377:(United States)
3369:Finn E. Kydland
3355:
3352:(United States)
3346:(United States)
3330:
3327:(United States)
3321:(United States)
3315:(United States)
3299:
3294:Wangari Maathai
3280:
3256:
3253:(United States)
3225:
3218:
3188:
3183:
3175:
3166:Douglas Diamond
3156:
3137:
3122:
3103:
3091:
3083:
3078:Bengt Holmström
3071:
3063:
3055:
3039:
3027:
3015:
2999:
2987:
2979:
2963:
2955:
2943:
2934:Finn E. Kydland
2931:
2919:
2914:Vernon L. Smith
2910:Daniel Kahneman
2907:
2891:
2880:
2868:
2860:
2852:
2840:
2835:William Vickrey
2828:
2820:
2815:Reinhard Selten
2804:
2795:Robert W. Fogel
2792:
2784:
2779:Ronald H. Coase
2776:
2760:
2755:Trygve Haavelmo
2752:
2744:
2739:Robert M. Solow
2736:
2728:
2720:
2712:
2704:
2696:
2688:
2680:
2668:
2660:
2648:
2643:Milton Friedman
2640:
2629:
2617:
2605:
2597:
2585:
2577:
2569:
2557:
2546:
2537:
2507:
2502:
2483:Charles Plosser
2473:Finn E. Kydland
2454:
2440:Patrick Minford
2406:
2387:
2346:
2332:Alfred Marshall
2308:
2301:
2267:
2263:
2253:Finn E. Kydland
2249:
2247:
2239:
2235:
2201:
2178:
2173:
2123:
2114:Wayback Machine
2092:10.2307/1912812
2046:10.2307/1909571
2010:
2008:Further reading
2005:
2004:
1988:
1987:
1981:
1979:
1974:
1973:
1969:
1953:
1952:
1945:
1943:
1939:
1928:
1926:"Archived copy"
1924:
1923:
1919:
1903:
1902:
1896:
1894:
1890:
1883:
1881:"Archived copy"
1879:
1878:
1874:
1864:
1862:
1858:
1851:
1847:
1846:
1842:
1826:
1825:
1819:
1817:
1813:
1806:
1804:"Archived copy"
1802:
1801:
1797:
1790:
1786:
1776:
1774:
1765:
1764:
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1624:
1620:
1610:
1608:
1607:. February 2013
1599:
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1591:
1584:
1580:
1575:
1526:
1515:
1509:
1506:
1491:
1475:
1464:
1426:
1391:
1379:monetary policy
1375:Finn E. Kydland
1367:business cycles
1309:Ford Foundation
1293:
1257:
1252:
1220:business cycles
1216:economic policy
1208:Finn E. Kydland
1193:
1153:
1143:
1141:
1134:
1133:
1092:
1084:
1083:
1064:Joseph Stiglitz
1024:Milton Friedman
1004:Friedrich Hayek
929:
919:
918:
801:
791:
790:
761:
753:
752:
738:Mundell–Fleming
733:Matching theory
671:Keynesian cross
656:
648:
647:
618:
610:
609:
395:
296:
292:economic policy
271:
245:
208:
196:
190:
169:Alma mater
158:
152:
86:Academic career
77:
71:
67:
58:
52:
46:
44:
36:
24:
17:
12:
11:
5:
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3248:
3242:
3235:
3233:
3227:
3226:
3217:
3216:
3209:
3202:
3194:
3185:
3184:
3182:
3181:
3178:Claudia Goldin
3173:
3154:
3147:Joshua Angrist
3135:
3120:
3117:Michael Kremer
3101:
3089:
3081:
3069:
3061:
3053:
3042:Eugene F. Fama
3037:
3025:
3013:
2997:
2985:
2977:
2970:Eric S. Maskin
2966:Leonid Hurwicz
2961:
2953:
2941:
2929:
2917:
2905:
2888:
2886:
2882:
2881:
2879:
2878:
2866:
2858:
2850:
2838:
2826:
2818:
2802:
2790:
2787:Gary S. Becker
2782:
2774:
2758:
2750:
2747:Maurice Allais
2742:
2734:
2726:
2718:
2710:
2702:
2694:
2686:
2678:
2666:
2658:
2655:James E. Meade
2646:
2637:
2635:
2631:
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2628:
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2583:
2575:
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2500:
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2414:
2408:
2407:
2405:
2404:
2399:
2394:
2382:
2377:
2372:
2367:
2362:
2360:Maurice Allais
2356:
2354:
2348:
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2292:
2285:
2277:
2269:
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2259:
2256:
2240:
2231:
2227:
2226:
2220:
2219:
2199:
2184:
2177:
2176:External links
2174:
2172:
2171:
2162:
2153:
2144:
2134:(2): 145–161.
2116:
2104:
2086:(6): 1365–79.
2075:
2070:
2058:
2040:(5): 659–681.
2025:
2011:
2009:
2006:
2003:
2002:
1967:
1917:
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1840:
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1527:
1478:
1476:
1469:
1463:
1460:
1441:Cato Institute
1430:U.S. President
1425:
1422:
1390:
1387:
1363:macroeconomics
1292:
1289:
1256:
1253:
1251:
1248:
1212:macroeconomics
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1126:
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1119:Microeconomics
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1085:
1082:
1081:
1076:
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1041:
1036:
1034:Lawrence Klein
1031:
1029:Paul Samuelson
1026:
1021:
1016:
1011:
1006:
1001:
996:
991:
986:
984:Michał Kalecki
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951:
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925:
924:
921:
920:
917:
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911:
906:
904:Disequilibrium
901:
900:
899:
892:Post-Keynesian
889:
884:
883:
882:
872:
861:
860:
855:
850:
845:
840:
839:
838:
828:
823:
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821:
816:
802:
797:
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792:
789:
788:
783:
778:
773:
768:
762:
760:Related fields
759:
758:
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750:
745:
740:
735:
730:
725:
724:
723:
713:
708:
703:
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693:
688:
686:Phillips curve
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538:
536:Money creation
533:
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531:
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516:
515:
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509:
504:
494:
492:Liquidity trap
489:
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478:
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452:
451:
450:
445:
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427:
422:
417:
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410:Business cycle
407:
402:
396:
394:Basic concepts
393:
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389:
388:
380:
379:
377:Macroeconomics
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157:School or
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125:
120:
115:
110:
105:
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94:
92:
88:
87:
83:
82:
79:
78:
72:
70:(aged 81)
64:
60:
59:
53:
42:
38:
37:
34:
26:
25:
22:
15:
9:
6:
4:
3:
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3404:
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3397:
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3387:
3386:
3383:
3376:
3373:
3370:
3367:
3366:
3364:
3362:
3358:
3351:
3350:Linda B. Buck
3348:
3345:
3342:
3341:
3339:
3337:
3333:
3326:
3325:Frank Wilczek
3323:
3320:
3317:
3314:
3311:
3310:
3308:
3306:
3302:
3295:
3292:
3291:
3289:
3287:
3283:
3276:
3273:
3272:
3270:
3267:
3263:
3259:
3252:
3249:
3246:
3245:Avram Hershko
3243:
3240:
3237:
3236:
3234:
3232:
3228:
3223:
3215:
3210:
3208:
3203:
3201:
3196:
3195:
3192:
3179:
3174:
3171:
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3121:
3118:
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3110:
3106:
3102:
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3090:
3087:
3082:
3079:
3075:
3070:
3067:
3062:
3059:
3054:
3051:
3047:
3043:
3038:
3035:
3031:
3030:Alvin E. Roth
3026:
3023:
3019:
3014:
3011:
3007:
3003:
2998:
2995:
2991:
2990:Elinor Ostrom
2986:
2983:
2978:
2975:
2971:
2967:
2962:
2959:
2954:
2951:
2947:
2942:
2939:
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2812:
2808:
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2800:
2796:
2791:
2788:
2783:
2780:
2775:
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2768:
2764:
2759:
2756:
2751:
2748:
2743:
2740:
2735:
2732:
2727:
2724:
2719:
2716:
2715:Richard Stone
2711:
2708:
2707:GĂ©rard Debreu
2703:
2700:
2695:
2692:
2687:
2684:
2679:
2676:
2672:
2667:
2664:
2659:
2656:
2652:
2647:
2644:
2639:
2638:
2636:
2632:
2625:
2621:
2616:
2613:
2609:
2608:Gunnar Myrdal
2604:
2601:
2596:
2593:
2589:
2588:John R. Hicks
2584:
2581:
2580:Simon Kuznets
2576:
2573:
2568:
2565:
2564:Jan Tinbergen
2561:
2560:Ragnar Frisch
2556:
2555:
2553:
2549:
2545:
2541:
2534:
2529:
2527:
2522:
2520:
2515:
2514:
2511:
2499:
2498:Alan Stockman
2496:
2494:
2493:SĂ©rgio Rebelo
2491:
2489:
2486:
2484:
2481:
2479:
2476:
2474:
2471:
2469:
2466:
2465:
2463:
2461:
2457:
2451:
2448:
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2441:
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2436:
2433:
2431:
2428:
2426:
2423:
2421:
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2417:
2415:
2413:
2409:
2403:
2400:
2398:
2395:
2391:
2386:
2383:
2381:
2378:
2376:
2375:Jacques Drèze
2373:
2371:
2368:
2366:
2365:GĂ©rard Debreu
2363:
2361:
2358:
2357:
2355:
2353:
2349:
2343:
2342:Irving Fisher
2340:
2338:
2335:
2333:
2330:
2328:
2325:
2323:
2320:
2318:
2315:
2314:
2311:
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2279:
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2262:
2255:
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2228:
2223:
2216:
2212:
2208:
2204:
2200:
2198:
2193:
2188:
2185:
2183:
2180:
2179:
2168:
2163:
2160:
2159:
2154:
2150:
2145:
2141:
2137:
2133:
2129:
2122:
2117:
2115:
2111:
2108:
2105:
2101:
2097:
2093:
2089:
2085:
2081:
2076:
2074:
2071:
2068:
2067:
2062:
2059:
2055:
2051:
2047:
2043:
2039:
2035:
2031:
2026:
2022:
2018:
2013:
2012:
1998:
1992:
1977:
1971:
1963:
1957:
1938:
1934:
1927:
1921:
1913:
1907:
1893:on 2014-05-14
1889:
1882:
1876:
1857:
1850:
1844:
1836:
1830:
1816:on 2014-08-11
1812:
1805:
1799:
1793:
1788:
1772:
1768:
1762:
1747:on 9 May 2013
1746:
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1547:
1544:
1541:
1538:
1535:
1532:
1531:
1524:
1521:
1513:
1510:November 2022
1503:
1499:
1495:
1489:
1488:
1484:
1479:This section
1477:
1473:
1468:
1467:
1459:
1456:
1454:
1453:
1448:
1447:
1442:
1438:
1434:
1431:
1421:
1418:
1412:
1408:
1405:
1404:policy makers
1401:
1396:
1386:
1384:
1380:
1376:
1372:
1368:
1364:
1360:
1356:
1352:
1348:
1343:
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1337:
1333:
1329:
1325:
1320:
1318:
1314:
1310:
1306:
1302:
1298:
1288:
1286:
1282:
1278:
1274:
1273:Delta Upsilon
1270:
1266:
1262:
1247:
1245:
1241:
1237:
1233:
1229:
1225:
1221:
1217:
1213:
1209:
1205:
1201:
1190:
1185:
1183:
1178:
1176:
1171:
1170:
1168:
1167:
1162:
1157:
1152:
1150:
1140:
1139:
1138:
1137:
1130:
1127:
1125:
1122:
1120:
1117:
1113:
1110:
1109:
1108:
1105:
1103:
1100:
1098:
1095:
1094:
1088:
1087:
1080:
1077:
1075:
1072:
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3344:Richard Axel
3162:Ben Bernanke
3151:Guido Imbens
3128:Paul Milgrom
3113:Esther Duflo
3066:Angus Deaton
2982:Paul Krugman
2937:
2885:2001–present
2651:Bertil Ohlin
2487:
2450:Neil Wallace
2420:Robert Barro
2251:
2248:2004
2242:
2215:Liberty Fund
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2080:Econometrica
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2061:Kehoe, T. J.
2037:
2034:Econometrica
2033:
2020:
1980:. Retrieved
1970:
1944:. Retrieved
1937:the original
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1920:
1895:. Retrieved
1888:the original
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1856:the original
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1818:. Retrieved
1811:the original
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1771:the original
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1492:Please help
1480:
1457:
1450:
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1433:Barack Obama
1427:
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1332:Shinsei Bank
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1074:Paul Krugman
1048:
1019:Hyman Minsky
979:Alvin Hansen
863:
862:
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766:Econometrics
743:Overshooting
696:Harrod–Domar
691:Arrow–Debreu
638:Central bank
605:Unemployment
595:Supply shock
553:Money supply
430:Disinflation
425:Demand shock
350: (1967)
346:
226:Finn Kydland
68:(2022-11-06)
3472:2022 deaths
3467:1940 births
3313:David Gross
3222:Nobel Prize
3074:Oliver Hart
3058:Jean Tirole
2855:Amartya Sen
2691:James Tobin
2468:Robert King
2402:Yves Younes
2388: [
2385:Guy Laroque
2322:LĂ©on Walras
1865:October 19,
1777:October 19,
1751:1 September
1721:October 19,
1699:October 19,
1389:Nobel Prize
1236:IDEAS/RePEc
954:LĂ©on Walras
848:Supply-side
681:Accelerator
590:Stagflation
575:Price level
470:Demand-pull
313:Information
231:V. V. Chari
221:Gary Hansen
91:Institution
3461:Categories
3262:Literature
3251:Irwin Rose
3143:David Card
3098:Paul Romer
1982:2009-02-18
1946:11 January
1897:2016-05-18
1820:2016-05-18
1677:8 November
1655:8 November
1573:References
1255:Early life
1009:John Hicks
939:Adam Smith
897:Circuitism
887:Ecological
875:Chartalism
826:Monetarism
804:Mainstream
701:Solow–Swan
676:Multiplier
633:Commercial
529:Endogenous
487:Investment
250:Influences
47:1940-12-26
3277:(Austria)
3231:Chemistry
3224:laureates
2634:1976–2000
2551:1969–1975
2540:Laureates
2478:John Long
1481:does not
1287:in 1967.
1250:Biography
1107:Economics
949:Karl Marx
864:Heterodox
843:Stockholm
809:Keynesian
580:Recession
475:Cost-push
465:Inflation
420:Deflation
267:John Muth
159:tradition
3371:(Norway)
3247:(Israel)
3241:(Israel)
2169:: 46–48.
2110:Archived
1991:cite web
1956:cite web
1933:cato.org
1906:cite web
1829:cite web
1611:March 9,
1558:Fellow,
1551:Fellow,
1449:and the
1244:Canberra
1091:See also
870:Austrian
628:Monetary
617:Policies
448:Rational
443:Adaptive
369:a series
367:Part of
209:students
207:Doctoral
195:Doctoral
3305:Physics
3296:(Kenya)
2542:of the
2225:Awards
2217:. 2008.
2151:: 3–18.
2100:1912812
2054:1909571
1502:removed
1487:sources
1112:Applied
909:Marxian
799:Schools
197:advisor
3176:2023:
3092:2018:
3084:2017:
3072:2016:
3064:2015:
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2558:1969:
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1562:(1980)
1555:(1992)
1542:(2004)
1536:(2008)
1291:Career
927:People
655:Models
623:Fiscal
600:Saving
460:Growth
341:Thesis
307:(2004)
301:Awards
76:, U.S.
57:, U.S.
3421:2004
3286:Peace
3220:2004
2392:]
2124:(PDF)
2096:JSTOR
2050:JSTOR
1940:(PDF)
1929:(PDF)
1891:(PDF)
1884:(PDF)
1859:(PDF)
1852:(PDF)
1814:(PDF)
1807:(PDF)
1230:) at
1226:(now
748:NAIRU
666:AD–AS
661:IS–LM
524:Money
3446:2009
3441:2008
3436:2007
3431:2006
3426:2005
3416:2003
3411:2002
3406:2001
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3396:1999
3266:2004
3158:2022
3139:2021
3124:2020
3105:2019
1997:link
1962:link
1948:2022
1912:link
1867:2010
1835:link
1779:2010
1753:2014
1723:2010
1701:2010
1679:2022
1657:2022
1613:2013
1485:any
1483:cite
1402:and
1369:and
1345:The
814:Neo-
721:DSGE
415:CAGR
63:Died
41:Born
2136:doi
2088:doi
2042:doi
1496:by
1357:'s
1279:in
1242:in
819:New
563:SNA
512:NNI
507:GNI
502:GDP
315:at
290:in
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