He argued that central banks and economic policy chiefs did more damage to the economy when they pumped up interest rates to fight inflation.
now at the University of California at Santa Barbara, challenged views on the “credibility and political feasibility of economic policy.”For some detractors, however, Dr. Prescott and Kydland were on intellectual shaky ground.
Dr. Prescott countered that the Keynesian template is incomplete. He said economic cycles are more influenced by disruptions — new technologies or major events such as wars or the covid pandemic — than by monetary policies.that Dr. Prescott’s was “heavily laden with assumptions” and “educated, intelligent, plausible fiction.” In 2004,told the Wall Street Journal that Dr. Prescott’s theories on business cycles were “implausible.”Dr.
He graduated from Swarthmore College in 1962 with a degree in mathematics and received a master’s degree in operations research in 1963 from Case Institute of Technology in Cleveland. He completed a doctorate in economics at Carnegie Institute of Technology in 1967.Dr. Prescott taught economics at the University of Pennsylvania, Carnegie Mellon, the University of Minnesota and the University of Chicago. At Carnegie Mellon in the early 1970s, Dr.
Dr. Prescott often said one of his great pleasures was teaching and working as a doctoral adviser to “help students in that very difficult transition from student to researcher,” he wrote in hisA University of Minnesota tribute to Dr.
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