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The Royal Swedish Academy of Sciences today (Monday) announced that the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Finn E. Kydland, who holds the Jeff Henley Endowed Chair in Economics at UC Santa Barbara and is also a professor of economics at Carnegie Mellon University, and a colleague, Edward C. Prescott, for their contributions to dynamic macroeconomics and the time consistency of economic policy and the driving forces behind business cycles.
Kydland, 60, will share the $1.3 million prize with Prescott, 63, who, as the Maxwell Pellish Endowed Chair for Visiting Professors, taught the winter quarter at UC Santa Barbara. Last year, the economic sciences prize went to two UC San Diego researchers, Robert F. Engle and Clive W.J. Granger.
It was the second time in less than a week that a UCSB faculty had won a Nobel, the pinnacle of scientific achievement. Last Tuesday (Oct. 5), David J. Gross, director of the Kavli Institute for Theoretical Physics at UC Santa Barbara, was among three researchers who were awarded the 2004 Nobel for physics.
Additionally, a third UC researcher received a Nobel Prize this year. The Royal Swedish Academy of Sciences announced last Wednesday (Oct. 6) that Irwin Rose, a researcher in the UC Irvine College of Medicine, and two other scientists had won the chemistry prize.
“The research in the 1970s by Professor Kydland and his colleague Edward Prescott has made a fundamental contribution to the practice of monetary and fiscal policy, which other researchers have used as a foundation for their own work,” said UC President Robert C. Dynes. “The work of professors Kydland and Prescott again illustrates the importance of our research universities and I am heartened that our UC students are being taught by economists of such renown.”
With today's award to Kydland, 49 researchers affiliated with the University of California have won Nobel Prizes.
Since 1995, 17 University of California researchers have been awarded Nobel Prizes.
A complete list of the University of California's Nobel laureates: