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Edward Prescott

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Journal Article
History of Political Economy (2017) 49 (1): 137–159.
Published: 01 March 2017
...Danilo Freitas Ramalho da Silva This article describes the work of Robert E. Lucas Jr. in the late 1960s, which culminated in the modeling and testing of the natural rate of unemployment hypothesis. I show the roles played by Edmund Phelps and Edward Prescott in Lucas's transition from adaptive...
Journal Article
History of Political Economy (2019) 51 (3): 579–599.
Published: 01 June 2019
... of calculation and refine the results. The Solow residual inspired a surge of interest (and criticism) in the 1980s when used by Finn Kydland and Edward Prescott to justify empirically the concept of technology shocks. In this paper, I argue that the resulting debates were not essentially different from those...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 334–355.
Published: 01 December 2009
... of this “black box.” Edward Prescott has remained committed to his earlier interpretation of the “Solow residual” as stochastic technology. Others have sought to bracket multiple supply shocks as the residual, abandoning attempts to decompose it. To the New Keynesians the “residual” has been more evidence...
Journal Article
History of Political Economy (2005) 37 (2): 227–232.
Published: 01 June 2005
..., and Pamela Lynn Abraham. 1978 . Economics: Simon Says. Newsweek , 30 October, 70 . Prescott, Edward C., ed. 1978 . Papers in Honor of Herbert A. Simon. Bell Journal of Economics 9.2 : 491 -608. Radner, Roy. 1986 . Can Bounded Rationality Resolve the Prisoners' Dilemma? In Contributions...
Journal Article
History of Political Economy (2012) 44 (suppl_1): 226–249.
Published: 01 December 2012
...”—at least relative to the underlying representative agent model. Finn Kydland and Edward Prescott, starting with their seminal real business cycle model in 1982, responded with a radical alternative to Han­ sen and Sargent. Instead of embracing the soundness of Haavelmo’s divi- sion of labor...
Journal Article
History of Political Economy (1997) 29 (suppl_1): 289–308.
Published: 01 January 1997
... aggregate instability could be explained in terms of models that allowed for real shocks. Real business cycle theory of Finn Kydland and Edward Prescott (1982) and John Long and Charles Plosser (1983), we might here argue, threw over the monetary distur­ bance impulse mechanism...
Journal Article
History of Political Economy (2001) 33 (4): 773–813.
Published: 01 November 2001
... . Optimal Employment and Inflation over Time . Cowles Paper no. 214, Yale University. ____. 1991 . Letter to authors , 7 October. Prescott, E. 1977 . Should Control Theory Be Used for Economic Stabilization? In Optimal Policies, Control Theory, and Technology Exports , edited by K. Brunner...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 182–199.
Published: 01 December 2009
... and Edward Prescott explicitly attempts to achieve this integration, but does so in a way that is the converse of Tobin’s. While Tobin’s objective was to inte- grate what are conventionally regarded as short-run factors such as wage and price rigidity and portfolio balance requirements into the long...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 67–87.
Published: 01 December 2009
...” metaphor, which was used on the very fi rst page of Solow’s 1956 classic, was perpetuated in Edward Prescott’s (1988, 8) remarks on Solow’s contributions deserving the Nobel Prize, and is still commonly used today. What made Harrod furious, who fought a lifelong hopeless battle against “Harrod’s...
Journal Article
History of Political Economy (2004) 36 (4): 689–734.
Published: 01 November 2004
.... Koopmans, T. C. [1947] 1966 . Measurement without Theory. In Readings in Business Cycle Theory , edited by the American Association of Economists, 186 -203. London: Unwin. Kydland, F., and E. Prescott. 1982 . Time to Build and Aggregate Fluctuations. Econometrica 50.6 : 1345 -69. ____. 1990...
Journal Article
History of Political Economy (2020) 52 (S1): 143–167.
Published: 01 December 2020
..., they are discussed as they were rst introduced into mathematical engineering and computer science. The next section shows how these tools have shaped Lucas s papers of the early 1970s. This article focuses on ve papers by Lucas (1971, with Prescott; 1972a, 1972b, 1973, 1975). This suf ces for the main claim...
Journal Article
History of Political Economy (2020) 52 (5): 827–861.
Published: 01 October 2020
..., Solow s criticism of axiomatics based on complexity does not apply to real business cycle and new classical macroeconomics. Solow s argument is summarized in a 1997 article: 840 History of Political Economy 52:5 (2020) 7. The relevance of that criticism can be illustrated by quoting Edward Prescott...
Journal Article
History of Political Economy (2013) 45 (1): 39–59.
Published: 01 March 2013
... on the History of Economic Thought , Oldenburg , August . Kydland Finn Prescott Edward . 1977 . “ Rules Rather Than Discretion: The Inconsistency of Optimal Plans .” Journal of Political Economy 85 : 473 – 90 . Laidler David . 1991 . The Golden Age of the Quantity Theory . Hemel...
Journal Article
History of Political Economy (2009) 41 (4): 754–756.
Published: 01 November 2009
..., but internalist—mainly sticking to the published record. The major exception is a Snowdon and Vane trademark—rich and insightful interviews with key players: Milton Friedman, James Tobin, Robert Lucas, Robert Solow, Paul Romer, Gregory Mankiw, Edward Prescott, and Alberto Alesina, as well as Keynes’s...
Journal Article
History of Political Economy (2009) 41 (4): 758–759.
Published: 01 November 2009
..., but internalist—mainly sticking to the published record. The major exception is a Snowdon and Vane trademark—rich and insightful interviews with key players: Milton Friedman, James Tobin, Robert Lucas, Robert Solow, Paul Romer, Gregory Mankiw, Edward Prescott, and Alberto Alesina, as well as Keynes’s...
Journal Article
History of Political Economy (2009) 41 (4): 749–751.
Published: 01 November 2009
..., but internalist—mainly sticking to the published record. The major exception is a Snowdon and Vane trademark—rich and insightful interviews with key players: Milton Friedman, James Tobin, Robert Lucas, Robert Solow, Paul Romer, Gregory Mankiw, Edward Prescott, and Alberto Alesina, as well as Keynes’s...
Journal Article
History of Political Economy (2009) 41 (4): 751–752.
Published: 01 November 2009
..., but internalist—mainly sticking to the published record. The major exception is a Snowdon and Vane trademark—rich and insightful interviews with key players: Milton Friedman, James Tobin, Robert Lucas, Robert Solow, Paul Romer, Gregory Mankiw, Edward Prescott, and Alberto Alesina, as well as Keynes’s...
Journal Article
History of Political Economy (2009) 41 (4): 752–754.
Published: 01 November 2009
..., but internalist—mainly sticking to the published record. The major exception is a Snowdon and Vane trademark—rich and insightful interviews with key players: Milton Friedman, James Tobin, Robert Lucas, Robert Solow, Paul Romer, Gregory Mankiw, Edward Prescott, and Alberto Alesina, as well as Keynes’s...
Journal Article
History of Political Economy (2009) 41 (4): 756–758.
Published: 01 November 2009
..., but internalist—mainly sticking to the published record. The major exception is a Snowdon and Vane trademark—rich and insightful interviews with key players: Milton Friedman, James Tobin, Robert Lucas, Robert Solow, Paul Romer, Gregory Mankiw, Edward Prescott, and Alberto Alesina, as well as Keynes’s...
Journal Article
History of Political Economy (2009) 41 (4): 760–762.
Published: 01 November 2009
..., but internalist—mainly sticking to the published record. The major exception is a Snowdon and Vane trademark—rich and insightful interviews with key players: Milton Friedman, James Tobin, Robert Lucas, Robert Solow, Paul Romer, Gregory Mankiw, Edward Prescott, and Alberto Alesina, as well as Keynes’s...