Finn Kydland and Edward Prescott's Contribution to the Theory of Macroeconomic Policy

Guido Tabellini

19 citations0/0 files storedScandinavian Journal of Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Finn Kydland and Ed Prescott have transformed the field of macroeconomics with two path-breaking contributions. One is the idea of time inconsistency of optimal policy rules. The second is their analysis of business fluctuations. Both contributions have profoundly changed the way we think about macro-

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1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 2002Political Economics: Explaining Economic Policy 1985The Optimal Degree of Commitment to an Intermediate Monetary Target 1983Rules, discretion and reputation in a model of monetary policy 1983A Positive Theory of Monetary Policy in a Natural Rate Model 1981A Positive Theory of Monetary Policy in a Natural-Rate Model 1977Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule 1983Optimal fiscal and monetary policy in an economy without capital

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