Finn E. Kydland

Last updated
Finn Erling Kydland
Finn E Kydland 2015.jpg
Kydland in 2015
Born (1943-12-01) 1 December 1943 (age 77)
Nationality Norway
Field Macroeconomics
School or
tradition
New classical economics
Alma mater Norwegian School of Economics (BSc)
Carnegie Mellon University (PhD)
Doctoral
advisor
Edward C. Prescott
David Cass
Influences Robert S. Kaplan
Contributions Real Business Cycle Theory
Time consistency in economic policy
Information at IDEAS / RePEc

Finn Erling Kydland (born 1 December 1943) is a Norwegian economist known for his contributions to business cycle theory. [1] He is the Henley Professor of Economics [2] at the University of California, Santa Barbara. He also holds the Richard P. Simmons Distinguished Professorship at the Tepper School of Business of Carnegie Mellon University, where he earned his Ph.D., and a part-time position at the Norwegian School of Economics (NHH). Kydland was a co-recipient of the 2004 Nobel Memorial Prize in Economics, [3] with Edward C. Prescott, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles." [4]

Contents

Biography

Early years

Kydland grew up as the eldest of six siblings at the family farm in Søyland, Gjesdal, which is located in the Jæren farming region in Rogaland county, southwestern Norway. He recalls having had a liberal upbringing, his parents not imposing many limitations on their children. Finn Kydland became interested in mathematics and economics as a young adult, after he did some bookkeeping at a friend's mink farm.

With a freshly awakened interest in theoretical economics, Kydland earned a BSc from NHH in 1968 and a Ph.D. in economics from Carnegie Mellon in 1973, dissertation: Decentralized Macroeconomic Planning, supervised by Edward C. Prescott. [5] After his Ph.D. he returned to NHH as an assistant professor. In 1978 he moved back to Carnegie Mellon as an associate professor. He has been living in the United States since then.

Scholarship

Kydland's areas of expertise are economics in general and political economy. His main areas of teaching and interest are business cycles, monetary and fiscal policy and labor economics. He joined the faculty of Carnegie Mellon University in 1977, where he served as a Professor of Economics until 2004, when he became a faculty member of the University of California, Santa Barbara [6] and founded the Laboratory for Aggregate Economics and Finance (LAEF) at this same institution. [7] [8] He is a Research Associate for the Federal Reserve Banks of Dallas, Cleveland and St. Louis, and a Fellow at the IC² Institute at the University of Texas at Austin. He is also an Adjunct Professor at the NHH, and has held visiting scholar and professor positions at, among other places, the Hoover Institution and the Universidad Torcuato di Tella in Buenos Aires, Argentina.

Personal life

Kydland was married to Liv Kjellevold in 1968 with whom he had four children; sons, Eirik, Jon Martin, and daughters, Camilla and Kari. He is now married to Tonya Schooler.

Honours and awards

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References

  1. De Vroey, Michel (2016). "Real Business Cycle Modelling: Kydland and Prescott's Contribution". A History of Macroeconomics from Keynes to Lucas and Beyond. Cambridge University Press. pp. 261–281. ISBN   978-1-107-58494-5.
  2. "Archived copy". Archived from the original on 2009-11-29. Retrieved 2013-04-29.CS1 maint: archived copy as title (link)
  3. Frängsmyr, Tore (ed.). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2004 - Finn E. Kydland". www.nobelprize.org. Retrieved 2018-03-28.
  4. Solow, R. (2015-12-30). Economics for the Curious: Inside the Minds of 12 Nobel Laureates. Springer. ISBN   9781137383594.
  5. Nobel Faces , p. 240, at Google Books
  6. "The Cost of Health". The UCSB Current. Retrieved 2018-03-28.
  7. http://www.laef.ucsb.edu/
  8. "Faculty - Finn Kydland". econ.ucsb.edu. Retrieved 2018-03-28.
  9. "Gruppe 7: Samfunnsfag (herunder sosiologi, statsvitenskap og økonomi)" (in Norwegian). Norwegian Academy of Science and Letters. Archived from the original on 27 September 2011. Retrieved 26 October 2009.
  10. "ICC applauds 2018 Business for Peace Award winners - ICC - International Chamber of Commerce". ICC - International Chamber of Commerce. 2018-03-20. Retrieved 2018-03-28.
Awards
Preceded by
Robert F. Engle III
Clive W.J. Granger
Laureate of the Nobel Memorial Prize in Economics
2004
Served alongside: Edward C. Prescott
Succeeded by
Robert J. Aumann
Thomas C. Schelling