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Norwegian, US Economists Win Nobel Economics Prize

Posted on: Tuesday, 12 October 2004, 06:00 CDT

Norwegian, US economists win Nobel Economics Prize

STOCKHOLM, Oct. 11 (Xinhua) -- Norwegian economist Finn E Kydland and Edward C Prescott from the United States have been awarded the 2004 Nobel Economics Prize for their contributions to dynamic macroeconomics, the Royal Swedish Academy of Sciences said Monday.

Kydland and Prescott won the award for their work in determining the consistency of economic policy and the driving forces behind business cycles worldwide.

They have made fundamental contributions not only in macroeconomic analysis, but also for the practice of monetary and fiscal policy in many countries, according to the academy.

The pair will share the 10 million Swedish crowns (1.36 million US dollars) which will be presented in the Swedish capital, Stockholm.

Kydland, 60, teaches at Carnegie Mellon University in Pittsburgh, Pennsylvania, and the University of California at Santa Barbara.

The 63-year-old Prescott, from the Arizona State University in Tempe, Arizona, is the fifth American to receive the economics award since 2000.

The economics prize is the only award not established in the will of Swedish industrialist Alfred Nobel, the inventor of dynamite. It was set up separately by the Swedish central bank in 1968. The other prizes, for medicine, physics, chemistry, literature and peace, were first awarded in 1901.

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