NBER Research Associate Edward C. Prescott of the University of Arizona and Finn Kydland of Carnegie Mellon University shared the 2004 Nobel Prize in Economics.
Prescott has been affiliated with the NBER since 1988; Kydland, who is now at the University of California, Santa Barbera, became an affiliate in 2008. Both are members of the Program on Economic Fluctuations and Growth. They were awarded the prize for their research on central banking and on the causes of business cycles.
Many NBER researchers have received the prize, including: Robert F. Engle, 2003; George Akerlof, Michael Spence, and Joseph E. Stiglitz in 2001; James J. Heckman and Daniel L. McFadden, 2000; Robert C. Merton and Myron S. Scholes, 1997; Robert E. Lucas, Jr., 1995; and Robert W. Fogel, 1993. Other NBER researchers who have won the Nobel Prize in Economics are Simon S. Kuznets, Milton Friedman, Theodore W. Schultz, George J. Stigler, and Gary S. Becker.
*This article was updated Oct. 17, 2018
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