UCSB Economics is delighted to announce that Finn Kydland has been awarded the Nobel Prize in Economics, jointly with Professor Edward Prescott of Arizona State University. The prize was awarded for their research on business cycles and macroeconomic policy. Kydland joined the UCSB faculty in July 2004, and holds the Jeff Henley Chair in Economics.
A highly influential component of Kydland's research focuses on the time-consistency problem in monetary policy: policymakers may wish to restrain inflation in the long run by raising interest rates, but political constraints make them reluctant to bear the short-term costs of doing so. Kydland and Prescott's work in this area has led to a move towards greater independence of the monetary authorities from the political process in a number of countries. Kydland's co-author and co-winner, Edward Prescott, taught at UCSB as a visiting professor in the Winter of 2004.
Links:View the nobelprize.org anouncement
View Finn Kydland's Nobel Prize Lecture
View the ucsb.edu anouncement
Left to Right: Melvin Oliver (Dean of Social Sciences), Jeff Henley, Finn Kydland, Judy Henley, Peter Kuhn (Economics Department Chair)
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The Department of Economics is proud to announce that two of our professors have contributed to the 2007 Nobel Peace Prize. Professors Stephen DeCanio and Charles Kolstad were involved through research and writing for the United Nations Intergovernmental Panel on Climate Change (IPCC), which shares the prize with former U.S. Vice President Al Gore. Stephen J. DeCanio, professor of economics, was a co-lead author of the chapter “Financing Partnerships for Technology Transfer” of a Special IPCC Working Group III report. Charles Kolstad, professor of economics and a professor of environmental economics at the Bren School of Environmental Science and Management, was a lead author of the chapter “Policies, Instruments and Co-operative Arrangements” in the report titled “Climate Change 2007: Mitigation.”
More information on Professor DeCanio or Kolstad’s research can be found at:
http://www.econ.ucsb.edu/~decanio/
http://www2.bren.ucsb.edu/~kolstad/HmPg/
Nobel Peace Prize 2007 announcement
http://nobelprize.org/nobel_prizes/peace/laureates/2007/
93106 News Article
www.ia.ucsb.edu/93106/2007/October22/nobel.html