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Press Release

Contact:
Mike Laffin
412-268-3486

For immediate release:
October 11, 2004

Carnegie Mellon's Tepper School of Business Professor Finn Kydland Wins 2004 Nobel Prize in Economic Sciences

Shares prize with Carnegie Mellon alumnus and former professor Edward Prescott

PITTSBURGH—The 2004 Nobel Prize in Economic Sciences has been awarded to Finn Kydland, professor and Ph.D. alumnus of Carnegie Mellon University's business school. Kydland was recognized for his achievements and contributions to macroeconomics. He shares the prize with Edward Prescott of Arizona State University, also a Ph.D. alumnus and former faculty member from Carnegie Mellon.

In today's announcement, the Royal Swedish Academy of Sciences in Stockholm congratulated Kydland and Prescott for "their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."

"I am delighted to congratulate Finn and our alumnus and former faculty member Ed Prescott on behalf of the university. They continue a long tradition of path-breaking research in economics at Carnegie Mellon," said Jared L. Cohon, president of Carnegie Mellon.

Kydland is currently on a teaching leave of absence at University of California, Santa Barbara. The prize, including a check for approximately $1.36 million, will be shared by the two men. Additionally, each will receive a gold medal and diploma at the formal ceremony on December 10, the anniversary of Alfred Nobel's death in 1896.

Both Kydland and Prescott received their doctoral degrees in economics from Carnegie Mellon's business school in 1973 and 1967, respectively. Prescott served as Kydland's doctoral faculty advisor during Prescott's tenure as a professor at Carnegie Mellon's business school (1971-1980).

Kydland is the sixth business school faculty member to receive this prestigious distinction. Other Carnegie Mellon business school faculty Nobel laureates include: Herbert Simon (awarded 1978), Franco Modigliani (awarded 1985), Merton Miller (awarded 1990), Robert Lucas (awarded 1995) and Edward Prescott (awarded 2004).

"Professors Kydland and Prescott reshaped the way all economists think," said Tepper School of Business Dean Kenneth Dunn. "In true Carnegie Mellon style, they applied an analytical, quantitative and interdisciplinary approach to profound economic questions. I congratulate them both on this well-deserved recognition."

Kydland joined the Tepper School of Business at Carnegie Mellon in 1978. Prior teaching positions include The University of Texas at Austin and the Norwegian School of Economics and Business Administration. Kydland's current professional affiliates include the Federal Reserve Bank of Dallas, IC-2 Institute at The University of Texas at Austin, Federal Reserve Bank of Cleveland and the Econometric Society. He has authored more than 70 principal articles.

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