Kydland, Finn Erling

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Finn Erling Kydland, 1943–, Norwegian economist, Ph.D Carnegie Mellon Univ., 1973. He has taught at the Norwegian School of Economics and Business Administration (since 1973), Carnegie Mellon Univ. (since 1978), and the Univ. of California, Santa Barbara (since 2004). Kydland received the 2004 Nobel Memorial Prize in Economic Sciences with Edward C. Prescott, who had been his doctoral adviser and with whom Kydland had subsequently collaborated, for their contributions to dynamic microeconomics. Their study of government economic policy showed why, due to expectations and reactions to them, the best policies are often not implemented consistently over time. They also demonstrated microeconomic, supply-side influences on the business cycle, integrating theories of business cycles and of long-term economic growth.